21st Sep 2015 09:32
LONDON (Alliance News) - Revolymer PLC Monday reported a narrowed pretax loss for the first half of 2015, due to lower administrative costs, and revenue growth driven by nicotine gum sales.
Revolymer reported a pretax loss of GBP1.6 million for the half year to end-June, narrowed from a pretax loss of GBP2.7 million a year before, as revenue rose to GBP594,000 from GBP366,000 a year before, and administrative costs fell. Revenue growth was driven primarily by sales of nicotine gum in Canada, the company said.
The company designs and develops polymers for consumer product applications, although in recent months it has been refining its focus towards a revised aim of becoming a speciality chemicals business.
Revolymer's Chairman John Keenan stepped down from the board last Friday, and has been succeeded by Bryan Dobson. Kennan will remain on the board as an independent non-executive director until a replacement is recruited.
"The business has continued to make commercial progress in the period, and also retains significant cash resources on hand to fund future developments. Accordingly we look forward to achieving further milestones as we pursue our focus on improving the functional performance of our customers' products," Chief Executive Officer Kevin Matthews said in a statement.
Shares in Revolymer were up 1.1% at 88.98 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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