(Alliance News) - Zoetic International PLC on Monday said it is set for profitable growth following a double-digit revenue increase in the first half of its current financial year.
The cannabidiol and natural resources company reported a pretax loss of GBP4.0 million for the six months to the end of September compared to a GBP4.4 million loss a year ago, as revenue more than doubled to GBP1.2 million from GBP522,405.
At the end of the period, Zoetic had 89 stores in the US, stocking 25 product lines across the Zoetic and Chill brands. The company growth was achieved through increased advertising, with a campaign appearing in airline easyJet PLC's magazine in the first quarter next year.
"Our task now is to deliver on the business lines we have created," said Chief Executive Nick Tulloch.
"We have a great deal of work to do but the efforts from the entire Zoetic team this year have presented us with a platform from which we have every opportunity to develop our revenue streams and, from there, profitable growth," added Tulloch.
The stock was trading 7.0% lower in London on Monday morning at 5.95 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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