14th May 2014 10:54
LONDON (Alliance News) - PuriCore PLC said Wednesday that revenue declined 2.9% to USD10.9 million in the first quarter to end-March, as higher recurring revenues were offset by delayed orders in the company's health sciences business.
In a statement, the company that produces technology to prevent the spread of infectious pathogens said it had cash and cash equivalents of USD3.9 million at the end of March, up from USD3.4 million at the end of December.
The company's food and agriculture division saw supermarket retail revenue rise 17.8% to USD4.3 million, from USD3.6 million, driven by the company's concentrate products. PuriCore said it had completed the installation of all remaining orders of its Sterliox Fresh System with a US supermarket retailer, and continued shipments of its FloraFresh and ProduceFresh antibacterial products with other US retailers.
It said it will invest in sales and marketing in its supermarket retail business, to drive the growth of the FloraFresh and ProduceFresh products.
PuriCore's health sciences business saw endoscopy revenue decline 6.0% to EUR5.9 million, from EUR6.2 million, due to delayed orders and planned weighting towards the second half as it launched a new endoscope washer disinfector.
Revenue in Puricore's wound care and dermatology business declined 56% to EUR500,000, from EUR1.1 million, after the previous year was boosted by milestone payments.
Shares in PuriCore were trading up 0.5% at 33.66 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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