Zoetic International PLC - London-based CBD company - Reports revenue of GBP54,554 for the six months ended September 30, down from GBP1.2 million the prior year. Pretax loss of GBP1.1 million, down from GBP4.0 million in the same period in 2019. Says this is due to limited initial sales of GBP54,000 worth of CBD products, which were only sold online. The physical store roll out began after the period ended. Says following transition to vertically integration CBD firm over the past six months is "substantially complete", with operating expenses reduced by 65% compared to the same period during 2019.
"The six months ended September 30 was hugely significant for the group as we transitioned to focus purely on CBD. As we look to the remainder of 2021, our corporate strategy is very much geared towards growth. With the restructuring complete, we now seek to further extend our international footprint, widen our market share, and broaden the availability of our products across both physical and e-commerce outlets," says Co-Chief Executive Trevor Taylor.
Current stock price: 75.15 pence, down 12% on Thursday
Year-to-date change: up 7.4%
By Zoe Wickens; zoewickens@alliancenews.com
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