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Alliance Pharma more than doubled its sales last year, after the AIM-listed pharmaceuticals group benefited from snapping up rival Sinclair Pharma.

Pre-tax profit rose 103 per cent to £22.2m in the year to December, on revenues up 102 per cent to £97.5m.

The group is now looking to three products for growth: scar treatment Kelo-cote, MacuShield, an eye supplement, and Diclectin, a medication for morning sickness.

Alliance said it was “broadly naturally hedged” against currency moves in Europe, but that it was keeping “a close eye on the possible implications of the UK leaving the EU.”

“The balance of our business in both the UK and EU spreads our exposure, and it is important to note that our licences to trade are local to each member state,” it said. Chairman Andrew Smith added:

2016 has been transformational for Alliance following the acquisition of the Sinclair healthcare products business. Sales and profits have broadly doubled and our geographic reach extends to more than 100 countries.

The full-year dividend increased 10 per cent to 1.21 pence per share.

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