Allergy Therapeutics PLC on Wednesday said it narrowed its loss during its most recent financial year despite a decline in revenue, as it reduced administrative expenses.

The Sussex, England-based biotechnology company said its pretax loss for its financial year that ended June 30 narrowed to £39.2 million from £41.8 million the year before.

Revenue fell 7.4% to £55.2 million from £59.6 million, but administrative expenses were cut by 13% to £42.4 million from £48.9 million. Allergy Therapeutics did however increase its research & development investment by 14% to £22.9 million from £20.1 million the year before.

Allergy Therapeutics said revenue was hurt by ‘supply constraints’ in Germany and Spain, both of which were ‘key markets’ for the company.

Chief Executive Officer Manuel Llobet said: ‘This year has been one of continued resilience, progress, and commitment. While navigating our challenges, we’ve remained laser-focused on what matters most - advancing our critical research & development programmes and strengthening our core operations.

‘On the operational side, we’ve made significant strides in enhancing our manufacturing capabilities and implementing effective cost controls across the business. Meanwhile, our commercial performance has shown encouraging signs, with revenue growth in the second half - our first such growth since 2021.’

Llobet said Allergy Therapeutics has a strong financial foundation to advance its advance its research and development programmes.

‘Looking ahead, Allergy Therapeutics is in its strongest strategic position in years, and I’m excited about what we can achieve,’ he said.

Shares in Allergy Therapeutics were up 1.5% at 5.50 pence each in London on Wednesday morning.

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