LONDON (Alliance News) - Provexis PLC reported Thursday that a big rise in share-based payments led to a slightly widened loss for the 2018 financial year.
However, Provexis said it has made a strong start to the new financial year, with first-quarter revenue ahead of the first half of the recently ended year.
The company, which develops and sells the Fruitflow heart-health functional food ingredient, recorded a pretax loss of GBP467,428 in the year that ended March 31, compared with a loss of GBP411,086 the year before, on a revenue of GBP235,804 and GBP227,618, respectively.
Administrative costs, including share-based payment charges, amounted to GBP489,777 versus GBP446,010. Share-based payments for the financial year totalled GBP106,307 versus GBP44,134 previously.
The company said it is well placed to maximise the numerous commercial opportunities which it has been pursuing for Fruitflow, to include its collaboration with BY-HEALTH in the Chinese market.
Separately, Provexis said it has raised GBP395,000 by placing 98.8 million new ordinary shares at a price of 0.40 pence per share. The placing price represents a premium of 5.3% to the stock's closing price on Wednesday.
Shares in Provexis were trading 5.1% lower at 0.36 pence each on Thursday.
Provexis (PXS)