31st Mar 2014 12:26
LONDON (Alliance News) - Polymer technology company Revolymer PLC said it narrowed its losses and increased its revenues in its last financial year, boosted by sales of its nicotine gum in Canada, but said it missed company targets after failing to secure a major Consumer Specialties commercialisation deal.
Revolymer is a technology company, which designs, develops and formulates polymers for fast moving consumer goods and other industrial markets.
For the 12 month period ended December 31, 2013, the group reported a pretax loss of GBP5.3 million, compared with a loss of GBP10.1 million in 2012.
It said that its losses for the year included non-cash charges in respect of stock write downs, legal costs and share based payments.
Revenues for the year increased significantly to GBP528,000, up from only GBP176,000 a year earlier, driven by sales of nicotine gum in Canada.
During the year, the group concluded a deal to market nicotine gum into Canada and Poland. It said that it is working on further distribution deals, while it is seeking marketing approval of its nicotine gum in Europe and the US.
"However we were unable to close a significant deal within Consumer Specialties by the end of the financial year. As a consequence, the targets for short term incentives for management and staff set by the board were not met," said Chairman John Keenan in a statement.
The group said that the outlook for the business remains promising and sees the ongoing developments in its Consumer Specialties division contributing to the growing revenue stream from its nicotine gum business in the near to medium term.
Shares in Revolymer were down 2.4% Monday afternoon, at 60.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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