LONDON (Alliance News) - Provexis PLC Tuesday said it expects to report "another strong year of progress" for its year to end-March, with revenue more than doubled from the previous year.
The company, which develops and licences a heart-health food ingredient called Fruitflow, said its revenue for the year was GBP92,000, more than double the GBP38,000 it reported the year before, helped by its agreement with DSM Nutritional Products, part of DSM NV.
Provexis said DSM has continued to develop the market for Fruitflow, with more than 50 regional consumer healthcare brands launched by customers of DSM. DSM has also agreed a number of further commercial projects with prospective customers.
"Interest in the technology exists in all major global markets and the total value of the prospective sales pipeline continues to increase," said Chairman Dawson Buck in a statement.
"In June 2016 the company expects to launch a high quality dietary supplement product containing Fruitflow and Omega-3 which is expected to provide the company with an additional income and profit stream, and help to increase the brand awareness of Fruitflow more widely," Buck added.
Shares in Provexis were untraded Tuesday. They last closed at 0.312 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Provexis (PXS)