(Alliance News) - Chill Brands Group PLC on Friday said it saw its revenue plunge, but is confident in the fast-growing vapour products market.
The Colorado, US-based CBD products company said for the year that ended March 31, pretax loss narrowed to GBP4.3 million from GBP5.6 million a year prior, as cost of sales declined by 91% to GBP61,798.
Revenue fell by 87% to GBP82,840 from GBP624,187 the year before, which Chill Brands explained reflects the company's transition period.
"They do not demonstrate Chill's growth potential in the rapidly expanding market for e-cigarette style vapour products, (where sales only commenced at the very end of the period covered) nor do they reflect the decisive action we have taken to control costs and improve operational efficiency", the company said.
Chill Brands did not declare a dividend, unchanged from a year prior.
Looking ahead, the company said it is optimistic after pivoting towards the "fast-growing" vapour products market.
Shares in Chill Brands were down 4.3% at 6.08 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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Chill Brands (CHLL)