COS.L Share News (COS)

(ShareCast News) - Collagen components manufacturer Collagen Solutions reported a wider annual loss on the back of the expansion of its operations.The London-listed company said its pre-tax loss for the year to 31 March widened from £0.48m to £1.1m, as a sharp jump in revenue was offset by growing costs across the board.Collagen said the increase in revenue, which grew from £0.02m to £0.9m, was driven by a number of biomaterial orders from a host of clients, including Globus Medical Inc, Desu Medical, Kyeron Medical Innovations and Novabone Products LLC.The group, which secured a new patent for processing of pericardium to provide benefits to heart surgery patients, said it plans to continue expanding next year, as it seeks to develop commercial partnerships with major names of the regenerative medicine sector."I believe the Collagen Solutions Group is now an industry-recognised global force in the provision of value-added medical-grade collagen biomaterials," said group chief executive Stewart White."The group now has a significant number of commercial opportunities to add to its already de-risked business model."Collagen shares were up 6.19% to 9.82p at 11:09 on Monday.