(Alliance News) - Provexis PLC said Tuesday its interim loss narrowed on lower costs and stronger revenue growth, driven by a stronger performance from Fruitflow+ and income from its DSM alliance agreement.
For the six months to the end of September, the health food ingredient maker reported a pretax loss of GBP165,398, narrowed from GBP228,475 the year before, as administrative expenses dropped to GBP223,377 from GBP269,690.
Revenue, meanwhile, increased by 15% to GBP222,262 from GBP193,753 the prior year.
The stronger performance was attributed to higher net income from Provexis's commercial agreement with DSM Nutritional Products, which rose by 35% to GBP162,000 during the period.
There was also higher revenue from the Fruitflow+ Omega-3 business, with increased product sales from Holland & Barrett stores, and online.
Looking ahead, Provexis said it remains positive on its outlook for the second half of its financial year and beyond, as the planned launch of Fruitflow products by Chinese dietary supplement firm By-Health progresses well.
"The five studies which have been completed by By-Health showed excellent results in use for Fruitflow, and provide strong evidence for By-Health in its regulatory submissions for Fruitflow. If a successful blue cap health claim is achieved for Fruitflow in China it would currently be expected to result in some significant recurring orders for Fruitflow, at a multiple of current total sales values," said Chair Dawson Buck.
Shares in Provexis - which is based in Reading - were down 1.2% at 0.67 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Provexis (PXS)