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09 Apr 2019 | 09:08

Collagen Solutions expects revenue to top market expectations as new deals will drive growth

Collagen Solutions said revenue for the full year was expected to top market expectations as agreements to develop its products for third parties would 'significantly' boost growth in the second half. Revenue for the full year is expected to be ahead of market expectations at £4.15m, up from £3.50m in 2018, reflecting growth for the full year of 18%. The company said it anticipated reporting a lower than expected loss before tax for the year due to the improved top line as well as the sale of the company's stake in Jellagen. 'Revenue from agreements to develop collagen products on behalf of third parties continued to contribute significantly to the business in the second half and will make up approximately 33% of our revenue for the year,' the company said. Group cash balances at the year-end were also better than expected at approximately £1.7m, down from £5.0m in 2018. 'We are pleased with our delivery of high double-digit growth within our core business representing a substantial turn-around of performance from our prior financial year,' said Jamal Rushdy, CEO of Collagen Solutions. 'In addition, our increased mix of development services is a positive leading indicator of success in our strategy to move up the value chain. We look forward to providing a further update when we announce our preliminary results in July.'

At 9:08am: (LON:COS) Collagen Solutions Plc share price was +0.3p at 3.7p

Story provided by StockMarketWire.com
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