Alliance Pharma, a specialist pharmaceutical firm, reported a decline in half year pre-tax profit after revenue fell on the back of a 10% drop in sales.
Sales for the six month period totalled £22.0m, down from £24.4m during the same period in 2011, dragging half year profit down from £7.0m to £5.3m. Basic earnings per share totalled 1.80p, compared to 2.38p the previous year.
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Sales of the firm's Deltacortril / enteric coated prednisolone product now appear to have stabilised at a run rate of around £2.0m per annum, following the decline seen in early 2011 after the launch of a second generic competitor and changes in clinical preference.
The Hydromol grew particularly well, recording growth of 28% in the first half, while Nu-Seals, its low dose aspirin product, experienced increased competition in Ireland.
The interim dividend was increased by 10% from 0.25p to 0.275p.
The share price fell 3.76% to 25.62p by 13:16.
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