Provexis reported that total sales surged by 148% year-on-year to £228,000 in the year to 31 March 2017, up from £92,000 in 2016.
The company and its commercial partner DSM saw an encouraging increase in brand awareness and customer interest in Fruitflow in recent months.
The total projected annual sales value of the prospective sales pipeline for Fruitflow now stands at a new all-time high level.
- Strategic collaboration agreement announced in November 2016 for Fruitflow between DSM and BY-HEALTH, a £2bn listed Chinese dietary supplement business.
- MOU for a research and collaboration agreement announced in April 2017 for Fruitflow between the company and BY-HEALTH, focusing on BY-HEALTH's research programme into the development of new products that contribute to cardiovascular health; BY-HEALTH plans to launch a number of Fruitflow based products in the Chinese market, first launch envisaged in the second half of 2017
- Launch and encouraging initial progress of the Company's Fruitflow + Omega-3 dietary supplement product, which is expected to provide the Company with an additional long term income and profit stream. Listing with Amazon.co.uk secured in June 2017, further UK sales channel opportunities are currently being progressed to include listings with some major UK retailers; international sales channel opportunities in North America and elsewhere are being explored
- Planned formulation and launch of a Fruitflow + nitrates dietary supplement product which will be supported by the Company's strong patent position in this area
- Second stage of the company's blood pressure pilot study for Fruitflow announced, indicating that Fruitflow significantly lowered blood pressure in waking subjects; encouraging blood pressure results will be published in a scientific study which is expected to have a positive effect on current and future commercial negotiations for Fruitflow
- Fruitflow comparison study with aspirin published in the European Journal of Clinical Nutrition, providing strong support for the use of Fruitflow in the primary prevention of cardiovascular disease
- Further detailed scientific study for Fruitflow published in the European Journal of Nutrition, further study publications are envisaged
- Company raised £249,000 through two placings in August and September 2016, and it raised a further £672,000 through two placings in May and August 2017
KEY FINANCIAL RESULTS:
- Total revenue for the year £228,000, a 148% increase relative to the prior year (2016: £92,000)
- Underlying operating loss reduced to £382,000 (2016: £385,000), a record low for the group, reflecting increasing revenues set against the group's low overhead licensing business model
- Statutory operating loss from operations £426,000 (2016: £455,000); statutory loss attributable to owners of the parent £380,000 (2016: £410,000). These results are after charging a £44,000 (2016: £70,000) non-cash share based payment charge
- Cash balance at 31 March 2017 £12,000 (2016: £190,000), cash of £672,000 raised in May and August 2017, after the year end, via a two stage placing
- Basic loss per share from continuing operations 0.02p (2016: 0.03p)