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Alliance Pharma rises as consumer confidence returns to Chinese market

Published: 17:32 18 May 2020 AEST

Alliance Pharma PLC - Alliance Pharma rises as it highlights return of consumer confidence in Chinese market

Alliance Pharma PLC (LON:APH) shares rose on Monday as the company highlighted “a return in consumer confidence” in its Chinese market as the world begins to recover from the coronavirus (COVID-19) pandemic.

In a statement to be made at the company’s annual general meeting on Monday, Alliance Pharma chief executive Peter Butterfield said while the company had seen “some impact on year to date revenues” due to the coronavirus crisis, it had been encouraged by the robustness of its product portfolio and anticipated that trading will be weighted to the second half of the year.

READ: Alliance Pharma delivers strong set of prelims

The CEO also said that the firm’s supply chain remained “robust” and that it had not experienced “any significant supply disruption” due to the outbreak.

“With a strong balance sheet and significant covenant headroom, the board is confident that the group is well placed to respond to increasing demand as local lockdown measures are eased”, Butterfield said.

He added that the firm will provide another update on its first-half trading performance and outlook in mid-July.

Alliance Pharma shares were 1.8% higher at 74.3p in early trading on Monday.

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