10th Sep 2019 11:26
(Alliance News) - Tissue Regenix Group PLC on Tuesday said it narrowed its first-half losses as sales rose and expenses were trimmed.
In the six months to June 30, group sales, essentially revenue, rose by 8.9% year-on-year to GBP6.1 million from GBP5.6 million.
The regenerative medical devices company said its pretax loss was slimmed to GBP4.4 million from GBP4.8 million. This was helped by administrative expenses falling by 10% to GBP7.1 million from GBP7.9 million.
Loss before interest, taxes, depreciation and amortisation, widened to GBP3.6 million from GBP3.5 million however.
There was a rise in sales from both US operations, by 8.8% to GBP5.0 million from GBP4.6 million, and the Rest of World unit, by 9.2% to GBP1.1 million from GBP1.0 million.
Tissue Regenix said it has entered "investigational" discussions with regards to a potential geographic expansion through licensing or distribution deals.
Looking ahead, it expects its full-year performance to be weighted towards the second half and added that there is "ever growing demand" for its products.
Executive Chair John Samuel said: "We have strong global demand for our products, which allowed us to deliver continued revenue growth, demonstrated by DermaPure, which increased sales by 33%. We streamlined our supply chain activities and enhanced our operational procedures. These initiatives have enabled us to increase production capabilities within the San Antonio facility, the benefits of which will come to fruition in the second half of the year."
Shares in the company were 12% lower at 3.22 pence each in London on Tuesday morning.
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Tissue Regenix Group