25th Sep 2013 12:19
LONDON (Alliance News) - Polymer company Revolymer PLC Wednesday said it narrowed its losses for the first-half, as it reduced administrative expenses significantly.
The company, which designs, develops and formulates novel polymers, posted pretax losses of GBP2.9 million for the period ended 30 June, compared with a GBP4.0 million loss a year earlier.
The company reduced its administrative expenses to GBP2.9 million, from GBP3.9 million in 2012.
Revenue, however, declined to GBP22,000 during the period, from GBP135,000 last year, reflecting a discontinuation of direct sales of removable and degradable confectionery gum in the US from the start of 2013.
Cash, cash equivalents and short term investments stood at GBP19.7 million at the end of the period, up from GBP1.4 million a year earlier.
"This reflected the significant resources on hand to advance the firm's development portfolio and to carry out its strategy of commercialising its technology by partnership with larger industry players," the firm said.
Looking ahead, Revolymer said it would continue to focus on progressing a large portfolio of partnered development projects covering applications of the group's polymer technologies.
This would be across a broad range of business areas and primarily in what it called the strategically important "consumer specialities" business area.
Revolymer shares were trading at 55.03 pence Wednesday afternoon, 2.47 pence or 4.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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