StockMarketWire.com - Biotechnology company Allergy Therapeutics said it expected flat sales growth for the next fiscal year on lower patient clinic visits owing to Covid-19 restrictions.

The reduced number of patient clinic visits made in spring and early summer 2020 resulting from COVID-19 restrictions was expected to lead to a decrease in new patients in the autumn, the company said.

The company also reported a jump in profit on higher revenue.

For the year ended 30 June 2020, pre-tax profit rose to £8m from £4m as revenue increased by 6% to £78.2m.

The growth for the year was tempered by the impact of the COVID-19 crisis, with sales in March to May 2020 affected by clinics and hospitals being closed to all non-urgent cases, the company said.

'R&D expenses are anticipated to be approximately 70% higher than in 2020 (excluding the one-off legal settlement of £3.2m) as research continues with Grass MATA MPL and our peanut allergy candidate vaccine,' the company said.





Story provided by StockMarketWire.com