LONDON (Alliance News) - Collagen Solutions PLC on Tuesday said its pretax loss narrowed in the first half thanks to a surge in its revenue and other income in the period.
The collagen components manufacturer said its pretax loss for the six months to the end of June was GBP356,537, compared to a GBP560,831 loss a year earlier.
Revenue rose to GBP1.5 million, substantially higher than the GBP143,213 it made a year earlier, driven by a good performance for its material supply and contract manufacturing units, along with a contribution from Southern Lights Biomaterials, the New Zealand-based company it acquired in November 2014.
The company was also confident on the outlook for ChondroMimetic, the collagen based implant for small cartilage and underlying bone defects it acquired in September.
The remainder of its financial year will be focused on building a new facility in New Zealand, establishing a joint venture in the Chinese market and commercialising the intellectual property acquired in the ChrondoMimetic deal.
Collagen Solutions shares were untraded on Tuesday morning, having last traded at 9.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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