31st Jul 2020 14:30
Collagen Solutions PLC - London-based biomaterials and regenerative medicines maker - Says pretax loss said for financial year ended March 31 widened to GBP3.7 million from GBP1.8 million the year prior. Revenue was down 3% year-on-year to GBP4.0 million from GBP4.2 million. Administrative costs increased to GBP4.8 million from GBP3.3 million. Collagen Solutions said that while revenue in its first half increased 14%, the second half was hurt by capacity constraints in its Glasgow plant and the Covid-19 pandemic. Looking ahead, it said Covid-19 challenges have decreased, its first quarter trading is ahead of expectations and improvements in its Glasgow operations are showing positive results. Cash held as at March end was GBP2.1 million.
"Our order book and sales through the first quarter are currently worth in excess of GBP4 million, which provides added confidence for the next nine months. Additionally, our customer's surgical product end-markets appear to be recovering from the decline in non-emergency or elective procedure volumes, and our customer's demand for our services and biomaterials products have not declined. We continue to believe the underlying clinical demand for our products will remain strong in the medium-to-long term, and the Company is well positioned in these markets," said Non-Executive Chair Chris Brinsmead.
Current stock price: 2.80 pence
Year-to-date change: down 18%
By Ife Taiwo; [email protected]
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