Alliance Pharma PLC FCA Moratorium on Publication of Results (2596H)
March 23 2020 - 10:52AM
UK Regulatory
TIDMAPH
RNS Number : 2596H
Alliance Pharma PLC
23 March 2020
23 March 2020
ALLIANCE PHARMA PLC
("Alliance" or the "Group")
FCA moratorium on publication of results
Alliance Pharma plc (AIM: APH), the international healthcare
group, announces that, further to the request by the Financial
Conduct Authority ("FCA") that listed companies postpone
publication of their preliminary results, the Group will delay
announcement of its audited preliminary results for the year ended
31 December 2019, which were scheduled for release tomorrow, 24
March 2020.
In a statement issued at the weekend and announced on RNS this
morning, the FCA requested that listed companies "observe a
moratorium on the publication of preliminary financial statements
for at least two weeks" owing to the impact of the Covid-19
coronavirus on companies and auditors.
Alliance confirms that the audit of its financial results for
the year ended 31 December 2019 was substantially complete and that
the Group intended to announce its audited results tomorrow, as
planned. However, the Group's auditor, KPMG, has been strongly
advised by its regulator, the Financial Reporting Council, to
withhold opining on all audits at the present time. The audited
results will be announced once the situation becomes clearer and
the FCA's moratorium has been lifted.
Alliance confirms that the financial results for the year ended
31 December 2019 are in line with the Group's Full Year Trading
Update issued on 22 January 2020.
Covid-19 Update
Given the fast-moving nature of the pandemic, the impact of the
Covid-19 coronavirus on the Group's trading in the current year is
difficult to forecast but we anticipate that trading will be
weighted to the second half.
In the UK and mainland Europe, our staff are now working from
home in line with local government guidelines. Our investment in IT
has ensured a high level of connectivity throughout the world which
means we can operate remotely with minimal disruption to the
business. In Asia, we are pleased that our Shanghai office has now
fully reopened.
Our supply chain is holding up well and we do not anticipate any
material supply impact in the current year. For those products we
sell directly, we hold typically a minimum of 3 months of inventory
and, in some cases more, depending on the level of clinical need.
Most of our international sales are generated via distributors, who
typically hold 3-6 months of inventory.
Although the Covid-19 situation in China and across Asia Pacific
looks to be improving, we anticipate that demand in the Asia
Pacific region, including China, will be lower in the first half of
2020 and then, depending on the speed with which this region
returns to normality, begin to recover in H2. Sales in our UK and
mainland Europe businesses are expected to be impacted, but to a
lesser extent, due to the higher proportion of prescription
medicines sold in this region.
We have conducted a number of stress tests on potential trading
scenarios in the year ahead and remain confident of the financial
strength and resilience of the Group.
We will seek to ensure that the notification of the date for the
audited preliminary results for the year ended 31 December 2019,
will be issued as soon as practicable.
For further information:
Alliance Pharma plc + 44 (0)1249 466966
Peter Butterfield, Chief Executive
Officer
Andrew Franklin, Chief Financial Officer
www.alliancepharma.co.uk
Buchanan + 44 (0)20 7466 5000
Mark Court / Hannah Ratcliff
alliancepharma@buchanan.uk.com
Numis Securities Limited + 44 (0)20 7260 1000
Nominated Adviser: Freddie Barnfield
/ Huw Jeremy
Corporate Broking: James Black
Investec Bank plc + 44 (0)20 7597 5970
Corporate Finance: Daniel Adams /
Ed Thomas
Corporate Broking: Patrick Robb /
Tejas Padalkar
About Alliance
Alliance Pharma plc (AIM: APH) is an international healthcare
group, headquartered in the UK with subsidiaries in Europe, the Far
East and the US and wide international reach through an extensive
network of distributors, generating revenues in more than 100
countries.
We currently own or license the rights to around 90 consumer
healthcare products and pharmaceuticals, which are managed on a
portfolio basis according to their growth potential. Promotional
investment is focused on a small number of brands with significant
international or multi-territory reach. The remainder of the
portfolio comprises products which are sold in a limited number of
local markets and require little or no promotional investment.
Our strategy allows us to deliver good organic growth and to
enhance our growth rate through carefully selected
acquisitions.
For more information on Alliance, please visit our website :
www.alliancepharmaceuticals.com
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END
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