REG - Allergy Therapeutics - Publication of Annual Report and Accounts 2023

Allergy TherapeuticsAnnouncement

30/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240130:nRSd2853Ba&default-theme=true

RNS Number : 2853B  Allergy Therapeutics PLC  30 January 2024

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company")

 

Publication of Annual Report and Accounts 2023

 

30 January 2024 Allergy Therapeutics plc (AIM: AGY), the fully integrated
commercial biotechnology company specialising in allergy vaccines, announces
that it has today published its Annual Report and Accounts for the year ended
30 June 2023 (the "2023 Accounts").

 

The 2023 Accounts have been posted to Shareholders and are available to view
on, and download from, the Company's website
at https://www.allergytherapeutics.com/investors/results-reports-and-presentations/
(https://www.allergytherapeutics.com/investors/results-reports-and-presentations/)
.

 

Lifting of Suspension and Resumption of Trading

 

As a result of publication of the 2023 Annual Report and Accounts, trading in
the Company's ordinary shares on AIM is expected to be restored with effect
from 07.30 a.m. today.

 

Post-Publication Updates and Financial Adjustments

 

Subsequent to the Company's publication of the unaudited preliminary results
for the year ended 30 June 2023 on 27 September 2023 ("Preliminary Results"),
the Company sets out below a number of key amendments to the final results.

 

Following the amendments below, the Company's audited revenue for the year to
30 June 2023 was £59.6 million (2022: £72.8 million) which is £1.4 million
lower than stated in the Preliminary Results. The audited operating loss
pre-research and development costs and exceptional costs was £14.8 million
(2022: profit of £3.4m) and full year net loss was £43.1 million (2022: net
loss of £13.8 million). Year on year changes reflect the reduction in revenue
as a result of the temporary pause in manufacturing in late 2022, increase in
research and development costs and exceptional funding costs. Further detail
is set out in the Preliminary Results. The key amendments to the audited
results are as follows:

 

1)   Statutory Rebates

Discussions with the German Health Insurance Association have reached an
advanced stage and indicate that a settlement of the historic rebates, in
relation to amounts paid to the German government as contributions to the cost
of medicines paid for by the state and private health funds, is possible at a
level lower than the maximum rebate. Accordingly, the best estimate of the
amount required to settle relating to revenue recognised up to and including
30 June 2023 has been provided. This has been recognised as a reduction in
current year revenue of £1.4 million and an increase in exceptional costs for
the element relating to prior years. Accordingly, the contingent liability
disclosed in the Preliminary Results has been reduced. Note 26 in the 2023
Accounts provides further details.

 

2)   Contingent Payment

The unaudited preliminary results included an exceptional charge of £11.3
million in relation to the non-cash fair value accounting for the G306
Contingent Payment. As planned, the equity financing which occurred in October
2023 repaid all amounts outstanding under the loan facility, therefore the
G306 Contingent Payment did not become payable. In accordance with IFRS 9 the
charge has been removed from the audited results reducing exceptional finance
expenses in the Income Statement by £11.3 million.

 

3)   Retirement Benefit

The Company has in place an insurance policy designed to contribute towards
its obligations in respect of the German defined benefit pension scheme. At 30
June 2022, the Company recognised this insurance policy as a 'retirement
benefit asset' within investments at £6.0 million, this value was provided by
the Company's insurer. In 2023, the Company engaged an independent actuary to
value the insurance policy in accordance with accounting standards at both 30
June 2023 and 30 June 2022. The actuary's valuation as at 30 June 2022 was
£5.3 million, indicating the insurance policy's value was previously
overstated. A prior year adjustment has been recorded to correct this, note 34
of the 2023 Accounts provides further details.

 

-  ENDS -

 

For further information, please contact:

 

Allergy Therapeutics

+44 (0) 1903 845 820

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

 

Panmure Gordon (Nominated Adviser and Broker)

+44 (0) 20 7886 2500

Freddy Crossley, Emma Earl, Corporate Finance

Rupert Dearden, Corporate Broking

 

ICR Consilium

+44 20 3709 5700

Mary-Jane Elliott / David Daley / Davide Salvi

allergytherapeutics@consilium-comms.com
(mailto:allergytherapeutics@consilium-comms.com)

 

 

Notes for editors:

 

About Allergy Therapeutics

 

Allergy Therapeutics is an international commercial biotechnology company,
headquartered in the UK, focussed on the treatment and diagnosis of allergic
disorders, including aluminium free immunotherapy vaccines that have the
potential to cure disease. The Group sells proprietary and third-party
products from its subsidiaries in nine major European countries and via
distribution agreements in an additional ten countries. Its broad pipeline of
products in clinical development includes vaccines for grass, tree, house dust
mite and peanut. For more information, please see www.allergytherapeutics.com
(http://www.allergytherapeutics.com) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACSMZGZMLLZGDZM