Zenova Group PLC reported a narrowed loss for the six months to May 31, as revenue rose and administrative expenses decreased.
The London-based fire safety and heat management technology firm said pretax loss in the first financial half of 2023 narrowed 32% to £709,000 from £1.0 million a year prior. Revenue jumped 44% to £108,000 from £75,000.
Administrative expenses decreased 29% to £765,000 from £1.1 million.
Looking ahead, Zenova expects a promising next half year with large orders from new key customers and an increased uptake from existing customers and distributors. ‘Executing on new and existing contracts should result in stronger top-line performance and the directors are confident that this will allow Zenova to show stronger results in the near future,’ the company said.
Noting progress in completing key product development, Interim Chief Executive Officer Thomas Melchior said: ‘The group is now in a position to transition from research & development, testing and certification into leveraging the distribution channels to accelerate sales revenues and customer deliveries. We are looking forward to developing our business globally during our next stage of growth, and anticipate announcing further positive news flow in the coming months.’
Last month, Zenova said it received a first order from online coatings provider Rawlins Paints Ltd, which it has also appointed a sub-distributor for Zenova.
Zenova shares were flat at 5.50 pence each on Friday morning in London.
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