Business
AGM Statement and Trading Update
AGM Statement and Trading Update.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n\nRUA LIFE SCIENCES PLC\n(\"RUA\", the \"Company\" or the \"Group\")\nAGM Statement and Trading Update\n \n \nRUA Life Sciences (AIM: RUA), the medical device businesses focused on implantable textiles and the leading biostable polymer (Elast-Eon™), provides the following update for the four months to 31 July 2024 (the 'Period') to coincide with the Company's Annual General Meeting (\"AGM\") taking place later today.\n \nTrading in the Period has started ahead of management expectations with total revenue of c.£800,000 and with firm orders on hand likely to result in total revenues for the half year to 30 September exceeding £1.2 million, compared to the £794,000 achieved for the same period last year. The Period benefited from a small part of the £400,000 project announced on 24 July 2024 and it is pleasing that this contract has now expanded to around £700,000 for the current financial year.\nCosts remain tightly controlled and were significantly down on budget for the Period and the Board expects this, together with increased revenues, to lead to a much-reduced loss in comparison to the first half of last year. The Company remains confident in achieving the market expectations for this financial year.\nAll the above-mentioned growth has been achieved within the Contract Manufacture business and growing the scale of this business remains of strategic importance. RUA is currently engaged in a number of potential developments which would add to growth in the short term.\nThe other two targets for the year: seeking a partner to finance the regulatory pathway for the vascular graft business and licensing AurTex™, our heart valve leaflet composite, are both ongoing. As previously announced, the AurTex™ leaflet material has been tested by a potential partner and having concluded this initial stage further data is now being shared. RUA will continue to update shareholders on progress made toward achieving the Company's targets for each business unit at the appropriate time.\nBill Brown, Group CEO commented \"The exciting developments within the Group and Contract Manufacture in particular have been achieved through our reputation amongst customers of delivering quality product on time. We treat our customers as true partners and seek to react to their needs with agility. Growth is being driven ...