- Biotechnology company Allergy Therapeutics said it now expected earnings for the full year 2020 to be ahead of market expectations.

For the year ended 30 June 2020, revenue was expected to be £78.2m, up from £73.7m on-year, representing 6% annual growth.

Operating efficiencies and timing of the research and development spend had led to 'strong overall performance with the group likely to report a significant, positive net income for the year,' the company said.

'Due to the group's strong performance, the executive management has taken the decision to repay all UK furlough monies claimed back to the government,' it added.

'Our plans to develop a strong R&D pipeline remains on track and our two recently signed agreements with partners provides exciting new opportunities for our VLP technology and our oral treatment offerings for allergy patients,' Allergy Therapeutics said.

The company is set to report its preliminary results on 23 September 2020.

At 8:46am: [LON:AGY] Allergy Therapeutics PLC share price was +1.5p at 15.5p

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