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Collagen Solutions reported wider first-half losses as capacity constraints and a fall in margins weighed on performance.
For the six months ended 30 September 2019, pre-tax losses widen to £1.19m from £1.06m on-year and revenue grew 14.4% to £2.23m.
Growth was limited by capacity constraints within its collagen manufacturing operation and the timing of delivery of development contract milestones, the company said.
Gross margin reduced to 71.2% from 73.0%, as activity in the first half leaned more toward the lower-margin tissue business.
'With the creation of additional manufacturing capacity and delivery of development contract milestones in the back half, we remain on track to deliver against our key objectives this year,' Collagen Solution said.
At 9:02am: (LON:COS) Collagen Solutions Plc share price was -0.15p at 3.4p