LONDON (Alliance News) - Provexis PLC on Friday reported a narrowed pretax loss in its last financial year as sales grew strongly for its Fruitflow product and its 'low overhead strategy' led to a reduction in the company's running costs.
The nutrition products group said that its pretax loss in the year ended March 31 narrowed to GBP493,160 from GBP1.0 million the year before, as revenue rose to GBP38,224 from GBP3,967.
Provexis said that there was strong interest in its Fruitflow heart-health food ingredient, which is now contained in over 40 regional consumer healthcare brands, with particular success from the power format of the ingredient.
In addition, it said that the low overhead strategy adopted in 2013 resulted in a substantial reduction in the running costs of the business.
Provexis added that it is in the process of launching a dietary supplement product containing Fruitflow and omega-3, which will initially be sold from its website and is expected to provide an additional income and profit stream.
"The past year has seen a number of very positive developments for the business, and with the company's low operational costs we are well positioned to drive value for shareholders. We remain positive about the outlook for the business for the coming year and beyond," Chairman Dawson Buck said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Provexis (PXS)