Tissue Regenix Group PLC on Tuesday said it was aiming for longer-term growth as it reported a sharp reduction in its annual losses.

The Leeds, England-based medical devices company said pretax loss narrowed 41% to $1.7 million in 2023 from $2.8 million a year prior.

Revenue climbed 20% to $29.5 million from $24.5 million.

Cost of sales increased by 17% to $15.5 million from $13.2 million. Administrative expenses increased 8.8% to $14.4 million from $13.3 million.

Tissue Regenix proposed no dividend, unchanged from a year ago.

Looking ahead, Chief Executive Officer Daniel Lee said: ‘In 2024, we will begin some of the preliminary planning activities to build our phase 2 capacity expansion. In addition to our organic growth plans, we will continue to examine acquisition opportunities that would allow us to scale the business for additional longer-term growth.’

Tissue Regenix shares fell 2.5% to 66.80 pence each on Tuesday afternoon in London.

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