Fair assesment31 Dec 2018 15:38
food additive, reported little movement in half-year losses despite a 56% increase in revenues.
The AIM-listed company said sales via its partnership with distributor DSM Nutritional Products grew 34% to £120,000 in the six months ended 30 September, with more than 90 regional consumer healthcare brands launching products using the Fruitflow functional food ingredient.
There was 36% sales growth from Holland & Barrett in the UK grew to £47,000 in the period, which should be boosted in the second half of the year after September saw the signing of a contract with to list the Fruitflow+ Omega-3 two-in-one supplement with the health food store chain.
Provexis, which also received £26,000 for marketing support, reported an underlying operating loss of £154,000 due to increased patent costs.
Cash stood at £556,000 at 30 September, including the funds received in advance of a £395,000 share placing completed in October.
As it developed a "strong, long lasting and wide ranging patent portfolio for Fruitflow", executive chairman Dawson Buck said the company is "well placed" to maximise "numerous commercial opportunities".
This includes the planned collaboration in China with By-Health, a £3bn listed Chinese dietary supplement business.