26th Jul 2023 11:52
(Alliance News) - RUA Life Sciences PLC on Wednesday said full-year revenue grew by double digits on strong performance across its businesses.
Shares in Rua Life Sciences were down 15% to 25.00 pence each in London on Wednesday morning.
RUA is a Glasgow-based medical technology holding company focused on exploiting long-term implantable biostable polyurethane Elast-Eon.
The company said for the year ended March 31, revenue grew by 34% to GBP2.2 million from GBP1.6 million the year before. This was partly driven by a 14% growth in revenue in its Biomaterials business to GBP554,000 from GBP487,000. Additionally, the Contract Manufacture business delivered growth of 78% in operating profit to GBP794,000 from GBP447,000.
Pre-tax loss narrowed to GBP2.3 million from GBP2.4 million a year prior.
RUA did not declare an interim for financial 2023, unchanged from the previous year.
Looking ahead, the company said it will focus on maximising its revenues and continue carrying out project development.
Chair Bill Brown said: "RUA has a portfolio of four businesses, all of which have made good progress during the period. The mature businesses of Biomaterials and Contract Manufacture are growing revenue and generating attractive net margins, and the development business segments of Vascular and Structural Heart have made good regulatory and technological progress respectively on relatively low levels of investment".
By Sabrina Penty, Alliance News reporter
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