Allergy Therapeutics

Annual report and accounts delayed, shares suspended

Lighthouse | 29 December 2022

Share this note

  • Allergy Therapeutics has announced that it will not be able to publish its annual report and accounts for FY June 2022 by 31 December 2022. This follows delays in completing the audit for the period, although no reason for the delay has been given. Unaudited FY22 results had been presented on 29 September and management states it is not aware of any reasons for there to be material changes to those results.
  • At the beginning of October management announced a short term voluntary pause in manufacturing at a facility within its Worthing (UK) plant. At the end of October it was announced manufacturing would recommence mid-November, and the impact of this would decrease revenues for FY June 2023 by 13% to 18% vs consensus at that time, implying revenues of c £66-70m. The reduced revenues are somewhat offset by anticipated cost savings of c £3m, mostly related to S&M and non-core activities. Based on our last published forecasts, we did not expect Allergy Therapeutics to deliver an operating profit pre-R&D in either FY23 or FY24.
  • Cash resources at end June-2022 of £20.5m were subsequently bolstered by c £17m (gross) through £7m in equity and £10m in debt, with the purchase date for the loan notes not expected until 28 February 2023. However, the temporary pause in production has led to the need for significant additional near-term funding. Management has reiterated that it is actively reviewing all options and is in active discussions on funding. An update will be made in due course.
  • Allergy Therapeutics will be suspended from trading from 7.30am on 3 January 2023. In view of this, we suspend our forecasts and valuation.

Trinity Delta view: The announcement of the suspension of share trading prompts us to suspend our Allergy Therapeutics forecasts and valuation with immediate effect. We intend to reinstate these as soon as practicable pending future regulatory updates on listing status and greater insight from management.


29 December 2022

Market Cap£38.7m
Primary exchangeAIM
Company CodeAGY
Corporate clientYes

Company description

Allergy Therapeutics specialises in the diagnosis and treatment of allergy. The existing European business generates c £80m annual sales. Near-term R&D efforts are focused on the Pollinex Quattro platform, whilst in the medium-term the VLP platform is highly promising.


Lala Gregorek
+44 (0) 20 3637 5043

Philippa Gardner
+44 (0) 20 3637 5042


Trinity Delta Research Limited (“TDRL”; firm reference number: 725161), which trades as Trinity Delta, is an appointed representative of Equity Development Limited (“ED”). The contents of this report, which has been prepared by and is the sole responsibility of TDRL, have been reviewed, but not independently verified, by ED which is authorised and regulated by the FCA, and whose reference number is 185325.

ED is acting for TDRL and not for any other person and will not be responsible for providing the protections provided to clients of TDRL nor for advising any other person in connection with the contents of this report and, except to the extent required by applicable law, including the rules of the FCA, owes no duty of care to any other such person. No reliance may be placed on ED for advice or recommendations with respect to the contents of this report and, to the extent it may do so under applicable law, ED makes no representation or warranty to the persons reading this report with regards to the information contained in it.

In the preparation of this report TDRL has used publicly available sources and taken reasonable efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee or warranty as to the accuracy or completeness of the information or opinions contained herein, nor to provide updates should fresh information become available or opinions change.

Any person who is not a relevant person under section of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom should not act or rely on this document or any of its contents. Research on its client companies produced by TDRL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. The report should be considered a marketing communication for purposes of the FCA rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. TDRL does not hold any positions in any of the companies mentioned in the report, although directors, employees or consultants of TDRL may hold positions in the companies mentioned. TDRL does impose restrictions on personal dealings. TDRL might also provide services to companies mentioned or solicit business from them.

This report is being provided to relevant persons to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information that we provide is not intended to be, and should not in any manner whatsoever be, construed as personalised advice. Self-certification by investors can be completed free of charge at TDRL, its affiliates, officers, directors and employees, and ED will not be liable for any loss or damage arising from any use of this document, to the maximum extent that the law permits.

Copyright 2022 Trinity Delta Research Limited. All rights reserved.