(Alliance News) - Chill Brands Group PLC on Wednesday said first half loss had narrowed, as it focuses on cash management.
The Grand Junction, Colorado-based CBD products company said pretax loss for the first half ended September 30 was GBP2.2 million, narrowing from GBP2.5 million a year ago.
The company said first half revenue had plummeted 98% to GBP19,610 from GBP1.1 million a year ago. Chill Brands said the revenue drop was a result of the sale of its entire inventory of CBD chew pouches and combustible smokes to Ox Distributing LLC, and recorded in financial 2022.
The company said it continues to focus on cash management and the reduction of its operating expenses. Chill Brands also said it is confident of significantly improving revenue generation through the launch of vapour products and expanding its retail distribution network.
Chief Executive Officer Callum Sommerton said: "During this transitionary period, we have taken steps to stabilise and improve the Company's business model while reducing costs. We have also acted to correct past arrangements that have complicated the Company's path to revenue."
Chill Brands shares were down 1.6% trading at 1.90 pence per share on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Chill Brands (CHLL)