- Allergy Therapeutics' operating profits - pre-research and development - rose by 72% to £7.4m in the year to the end of June.

Including R&D expense of £9.3m (2016: £16.2m), the group reported an operating loss of £1.9m (2016: loss £12.0m).

The group said: 'Helped by a stronger weighted average euro exchange rate against sterling during the year compared to the prior year, revenue increased by 32% to £64.1 million (2016: £48.5 million).

'The weighted average euro exchange rate in the year was €1.16 to £1 compared to €1.36 in the previous year; the impact of the stronger euro on revenue was £8.6 million.

'Although the vaccine markets in Europe did not grow significantly, revenue at constant currency was 14.5% higher at £55.545 million (2016: £48.509 million).'

Pre-tax losses fell to £1.97m - down from £12.1m last time.

Chief executive Manuel Llobet said:'This has been another strong year of growth with constant currency growth of 15% increasing our market share and, together with a favourable sterling/euro exchange rate, boosting operating profit pre R&D by £3.1m.

'Our continuing growth and progress on our pipeline reflects the quality of the products and the committed team that works at Allergy Therapeutics.

'We expect further good progress in the coming year.'

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