Shares in pharmaceutical firm Alliance Pharma (LON:APH) jumped at market open on Tuesday, after reporting an 8 percent increase in first half sales.
Sales rose to £50.3 million during the period, up from £46.4 million in the first half of 2016.
The group saw a solid performance across all its international growth brands, with scar-reduction product Kelo-Cote, our achieving a 52 percent increase in sales at £6.2 million. Sales of MacuShield rose 67 percent to £3.4 million.
In a statement, Alliance attributed the strong results to favourable currency movements:
“Currency movements benefited sales in the period by approximately £2.6 million due to the weakening of Sterling when compared against the rates for the same period last year primarily of the Euro and US Dollar.
“However, the impact on operating profits will be much smaller due to the increases in cost of goods and operating costs denominated in these currencies.”
Shares in Alliance are currently up 1.50 percent at 53.29 (0927GMT).
