Alliance Pharma plc provided earnings guidance for the first half of 2018. The company's revenues for the period are expected to be 10% higher than the same period last year at approximately £54.5 million against £49.4 million a year ago, restated following the adoption of IFRS 15. Revenues were adversely impacted by currency movements in the period by approximately £0.9 million, due mainly to the strengthening of GBP, primarily against the USD. On a constant currency basis, sales would have increased by 12% and, excluding acquisitions, sales would have increased 4%. The effect of currency on operating profits will be smaller due to the reductions in cost of goods and the hedging impact of operating costs denominated in these currencies. Underlying free cash flow in the first half of 2018 is expected to be approximately £10.1 million against £11.1 million a year ago. The reduction on the prior year is driven by a planned increase in total inventory holding of £2.1 million, following the acquisition of Vamousse and Ametop™ at the end of 2017, and the timing of certain tax payments in the period. Net debt increased by approximately £14.0 million to £86.3 million as at 30 June 2018 against £72.3 million as at 31 December 2017, due to additional debt drawn of £28.0 million to fund the acquisition (completed on 21 June 2018) of Nizoral, a medicated anti-dandruff shampoo, for the Asia-Pacific markets. This additional debt is partially offset by the Group's underlying cash generation in the period, a £2.4 million cash receipt following the disposal of the Group's interest in Unigreg Limited announced in April 2018 and the final £1.0 million compensation received from Sinclair Pharma plc.