Sports nutrition company Provexis said it narrowed losses during the first half of its financial year and believes it is poised to make further progress.
Underlying operating losses narrowed to £0.51m for the six months ended September 30th 2012 compared to a loss of £1.03m a year earlier. Revenues for the period increased to £3.26m from £1.53m previously.
Provexis, which develops, licenses and markets scientifically-proven functional food and sports nutrition technologies, said cash balance at the end of September was £1.4m compared to £2.8m in 2011.
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Stephen Moon, Chief Executive Officer commented: "We are very pleased with the progress made with our Science in Sport business, which has continued to grow despite some very tough trading conditions across the sector, including the effect of the extremely poor weather in June and July."
"With broadened distribution, margin improvements feeding into increased marketing and sales investment, and a healthy innovation pipeline, we are confident of continued progress in the second half," he added.
Meanwhile Fruitflow continues to make progress, with nine regional consumer products now on the market around the globe and more to follow in the second half of the year, the group explained.
"With a commercially viable tablet grade format now complete, we have reached a major milestone, as this gives us access to the dietary supplement sector. We continue to work very closely with DSM on developing further consumer understanding of Fruitflow and in regulatory matters," Moon said.
Provexis said it is now seeing significantly reduced operating losses after its restructuring programme and it continues to seek further cost savings and efficiency improvements.
"The economic climate remains very challenging, but with our continued commitment to focusing on the twin revenue streams of SiS and Fruitflow, while managing costs carefully, we believe the business is well placed to make further progress."
CJ
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