Provexis half year losses widen on increased patent costs
Source - SMW
Food ingredients play Provexis reported increased revenue in the six months to 30 September but saw wider losses thanks to an increase in patent costs.
The business develops, licenses and sells the proprietary Fruitflow heart-health functional food ingredient.
Total revenue for the period was £194,000, 56% ahead of the prior year (2017: £124,000).
The Company raised a gross £395k through a placing of new ordinary shares at 0.40p per share, completed in October 2018.
It posted an underlying operating loss of £154,000 (2017: £146,000), reflecting increased patent costs in the period.
Cash £556,000 at 30 September 2018 (2017: £483,000), which included £395,000 of funds received in advance of the share placing referred to above.
Provexis executive chairman Dawson Buck commented: 'The company has seen a strong start to the 2018/19 financial year, with total revenues 56% ahead of the prior year.
'The company was pleased to confirm a retail listing in August 2018 for Fruitflow+ Omega-3 in more than 660 Holland & Barrett stores, with further UK and international direct sales channel opportunities for the product being progressed.
'The company is well placed to maximise the numerous commercial opportunities which the company and DSM have been pursuing for Fruitflow, to include the company's planned collaboration with BY-HEALTH in the vast Chinese market.'