Provexis boosts revenue and narrows loss

(ShareCast News) - Developer of the proprietary Fruitflow heart-health functional food ingredient Provexis posted its unaudited interim results for the six months to 30 September on Friday, with total revenue for the period of £0.12m.The AIM-traded company said that was a threefold increase from the prior year, with revenue for the half year to September also exceeding revenue for the full year to March 2016.Its underlying operating loss was reduced to £0.13m, from £0.2m, which was a record low for the group.It had cash of £243k at 30 September, down from £0.35m.Based on its current level of cash it is expected that the group will need to raise further equity finance in the coming four months, which will help fund some further sales channel opportunities which are currently being explored for the Fruitflow + Omega-3 dietary supplement product.Revenue from its profit sharing alliance for the period was £0.29m, a 115% year on year increase."We are pleased to be able to report on a period of significant progress for the Company, to include a threefold increase in reported revenue to £123k," said executive chairman Dawson Buck."The company expects that these strongly positive announcements and initiatives will have a beneficial effect on the current and future commercial prospects for Fruitflow."He said Provexis is well placed to maximise the commercial opportunities arising from these developments for Fruitflow and the Provexis business."We remain positive about the outlook for the business for the second half of the year and beyond."