Business
Trading Update
Trading Update.
About this update from Provexis Plc
[{"type":"text","content":"\n \nRNS Number : 2832H Provexis PLC 31 July 2019 \n\n31 July 2019\n \nProvexis plc\n \n(\"Provexis\" or the \"Company\")\n \nTrading update\n \n \nProvexis, the business that develops, licenses and sells the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, is pleased to provide an update on trading following the end of its financial year on 31 March 2019.\n \nIn its preliminary results statement currently scheduled for early September the Company expects to report on another strong year of progress.\n \nThe Company expects to report revenues for the year ended 31 March 2019 of £322k, a 37% year on year increase (2018: £236k), reflecting:\n \n· An increase in the net income received from the Company's Alliance Agreement with DSM, which grew by 22% to £198k in the year (2018: £163k);\n· An increase in revenue net of sales rebates from the Company's Fruitflow+ Omega-3 business, including Holland & Barrett, the Company's website www.fruitflowplus.com and Amazon UK. This business grew by 34% to £98k, net of sales rebates, in the year (2018: £73k).\n· Amounts in excess of £26k which were received in the year for marketing support, compared to amounts of £Nil which were received in the prior year.\n \nUnderlying operating loss for the year was £385k (2018: £362k), reflecting a £48k year on year increase in research and development costs which was primarily due to Fruitflow blood pressure lowering patents entering the national phase of the patent application process, a one-off event in the process which represents the most significant pre-patent grant costs.\n \nBY-HEALTH Co., Ltd.\nThe Company has previously announced it was working with DSM and BY-HEALTH Co., Ltd ('By-Health'), a £3bn listed Chinese dietary supplement business, to support the planned launch of some Fruitflow based products in the Chinese market.\n \nThe Company stated in its interim results in December 2018 that further potential research projects for Fruitflow between the Company and By-Health were under active discussion, and the Company can now confirm that Provexis and By-Health have been working on a proposed new framework research collaboration agreement for Fruitflow, which is planned to be at By-Health's ...