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Collagen Solutions reported narrower losses as annual revenues topped expectations driven by a 'substantial' increase in its contract product development business.
For the year ended 31 March 2019, pre-tax losses narrowed to £1.8m from £2.7m as revenue increased by 22% to £4.51m. That was ahead of the company's expectations given in April for revenues of £4.15m.
The results were boosted by a 'substantial' increase in its contract product development business, with the company securing 29 customers and signing 16 new customer agreements.
The company saw its North American business grow 72% and its development business globally by 76%
'Going into the current year with the fundraise under our belt I believe we are in a strong position; the challenge for us being about continued delivery and unlocking the embedded value in the business to return our shareholders' investments for them,' the company said.
At 8:24am: (LON:COS) Collagen Solutions Plc share price was 0p at 3.8p