Collagen Solutions PLC (LON:COS) has reported that its year-to-date sales plus its confirmed order book are now over £4mln following the signing of two supply agreements in its first quarter.
In an update on current trading accompanying results for the year ended March 31, 2020, the biomaterials and regenerative medicines firm also reported revenue of £900,000 for its first quarter, helped by a reduction in the impact of coronavirus experienced in the fourth quarter of the prior year, as well as a cash balance at the end of the period of £1.6mln.
READ: Collagen Solutions in "a strong position to deliver a successful financial year”
For the prior year, Collagen reported revenues of £4.46mln, down 1% year-on-year, alongside a pre-tax loss of £2.06mln compared to £1.79mln in the prior year.
Post-year-end, the company reiterated the launch of its strategic review and a formal sale process, saying discussions were ongoing, adding that it has also implemented a number of initiatives to navigate the coronavirus pandemic including the successful restructure of the Norgine Ventures Bond Subscription Agreement that provides for a reduction in capital repayments and a delay to the final repayments, which will improve its financial position.
"We are pleased with the performance and resilience of our business last year, having achieved double-digit growth through the first 11 months up until the [coronavirus] shock in March, and quickly rebounding with a strong first quarter with a full order book on track to deliver growth in the current year", Collagen chief executive Jamal Rushdy said in the statement.
Shares in Collagen Solutions were 3.8% higher at 2.8p in early trading on Friday.