(Alliance News) - Integumen PLC on Thursday expressed confidence for the year ahead after reporting a sharply narrowed loss in 2018.
The Omega-3 and cannabidiol oil supplier said its pretax loss narrowed in 2018 to GBP2.1 million from GBP5.5 million reported a year earlier, as revenue grew to GBP274,000 from GBP93,000.
Administrative costs, meanwhile, were slashed to GBP2.2 million from GBP5.5 million the year before.
Geographically, Integumen said UK and Europe were the greatest contributors to its revenue growth, while the company's operations in the US delivered flat revenue year-on-year.
There were no dividends paid or proposed by the company in either year.
"2018 was a pivotal year for Integumen," said Chair Ross Andrews. "The increase in revenue per client and the current level of pipeline activity significantly higher than the company has experienced in the past, provides the board confidence that the accelerated growth, seen in 2018, will continue throughout the rest of 2019."
Integumen shares were trading 3.8% lower on Thursday in London at 2.19 pence each.
