(Alliance News) - Provexis PLC on Friday said interim revenue dropped due to Covid-19 related market disruptions but its pretax loss narrowed on reduced administrative costs.
The producer of heart-health functional food ingredient Fruitflow reported a narrowed pretax loss of GBP144,539 in the six months to September 30, compared to a GBP202,207 loss the year before.
This can be put down to administrative costs dropping to GBP167,101 from GBP262,104.
Revenue of Reading, England-based Provexis amounted to GBP211,195, down 11% from GBP237,075 a year prior.
The company blames this decline in revenue on short term lockdowns and other Covid-19 disruptions in some of the growing markets for Fruitflow in the Asia Pacific region.
Chair Dawson Buck and Chief Executive Ian Ford said they were "delighted" with Fruitflow's supply and distribution agreement with Chinese dietary supplement business By-Health Co Ltd, signed in November.
By-Health is expected to complete the last of its eight studies in 2022 - which are based on Fruitflow products - and to seeks file regulatory submission for Fruitflow to the State Administration for Market Regulation in China "at the appropriate time".
The firm believes that it is "well placed" to play an important role in the Chinese cardiovascular health market and remains positive about the future outlook for Fruitflow.
Provexis shares were untraded in London on Friday but last closed at 0.78 pence.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Provexis (PXS)