(Alliance News) - Cellular Goods PLC saw its share price drop on Friday after reporting a widened full-year loss, though the firm was upbeat on its prospects.
Shares were down 7.2% at 7.54 pence on Friday in London. However, the stock remains above its IPO price of 5p.
For the year ended 31 August, the London-based cannabinoid product company widened its pretax loss to GBP3.3 million from GBP329,886 the year prior.
Cellular Goods cited "business set-up costs", expenses relating to its IPO and a one-off non-cash charge relating to share-based incentives provided to management and staff for the loss. The firm listed on the London Stock Exchange back in February.
No revenue was generated during the recently ended year, but the firm said it has started generating revenue in the current financial year as it enters its "most important and exciting phase of growth".
Looking ahead, the firm said it is well-placed as the market for cannabinoids such as CBD and CBG grow.
Chair Peter Wall said: "In less than a year since listing, the company has achieved its major operational milestones for developing Cellular Goods' inaugural range. Having launched our first range of wellness consumer products, Cellular Goods is now entering a significant chapter of its long-term business strategy. The environmental advantages of lab-made cannabinoid production are becoming more widely known and we are proud to be an early adopter and champion of this sustainable method."
By Heather Rydings; heatherrydings@alliancenews.com
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