LONDON (Alliance News) - Collagen Solutions PLC on Tuesday reported a narrowed loss for the first six months of its financial year on the back of increased revenue.
For the six months ended September 30, the bio-material manufacturer posted a pretax loss of GBP1.1 million compared to GBP1.4 million a year ago.
Revenue increased 12% year-on-year to GBP1.9 million from GBP1.7 million due to the company securing nine new customers in the period and starting to supply 16 new clients.
Looking ahead, the company said it remains on track to meet its initiatives for the full-year, of which products commercialisation remains a "key focus".
Chief Executive Officer Jamal Rushdy said: "We remain on track to meet our key initiatives for the year including achieving our commercial execution plans and financial performance objectives in line with market expectations.
Collagen Solutions shares were trading down 0.4% at 3.24 pence each.