Alliance Boots has reported a slowing in its growth rate in the past six months in the face of "continuing pressure" on both consumer and government spend.

Revenue at Alliance Boots' health and beauty division grew 0.4 per cent between March and September this year, compared with 1.7 per cent last year. This marked the lowest level of growth in health and beauty since the company was bought out in 2007.

However, Alliance Boots said that dispensing volumes increased 1.8 per cent in the past six months, with "particularly strong" growth in collections from GP surgeries. The group also reported a 20 per cent increase in the number of MURs carried out in England and Wales.

And revenue at Alliance Boots' pharmaceutical wholesale division rose 49.5 per cent following last year's business acquisitions, which the company said were "progressing well".

Alliance Boots confirmed it was still "on track" to deliver its operational and financial targets for 2011-12. "Boots delivered a good performance, taking into account the difficult UK consumer environment and governmental measures to curb healthcare spending," said executive chairman Stefano Pessina. "This was a result of its ongoing focus on value, customer care, innovation and costs."

Alliance Boots added that it would be "well positioned" to start the second half of the financial year and Christmas trading period.

The comments followed a warning from Mr Pessina that the global economy would need "four or five years" to recover from recession. "It seems that the overwhelming opinion among decision-makers, opinion-formers and the general public is of relative denial," he told a private equity summit on October 13.