22nd Sep 2016 09:57
LONDON (Alliance News) - Revolymer PLC Thursday said it had cleared significant milestones in the development of its business towards being a speciality chemicals business, as it reported a widened pretax loss for its first half.
During the period the company acquired Itaconix Corp and agreed the sale of its nicotine gum business, as it shifted its focus towards chemicals.
Revolymer said these were "significant milestones" in its development, and it is now focused on getting its products to market as quickly as possible with "finite cash resources", in order to progress towards sustainable profitability in the medium term.
For the half year to the end of June the company reported a pretax loss of GBP2.0 million, widened from a pretax loss of GBP1.6 million the prior year, on higher administrative expenses, as revenue declined slightly to GBP578,000 from GBP594,000.
The rise in administrative expenses was as a result of an increase in a non-cash share based payment charge.
Shares in Revolymer were up 0.5% at 38.20 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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