Zenova Group PLC on Friday reported a widened annual loss, but remained optimistic looking ahead to the new financial year.

Shares in the fire safety product manufacturer were down 4.5% to 1.50 pence each in London on Friday around midday.

In the financial year that ended November 30, revenue climbed to £278,000 from £175,000 a year earlier.

However, pretax loss widened slightly to £2.1 million from £2.0 million.

Zenova’s cost of sales increased to £216,000 from £67,000.

Looking ahead, Chief Executive Thomas Melchior said: ‘We anticipate that the next twelve months will be focussed on sales order book growth and order execution with a close focus on working capital management.

‘Zenova is already seeing a significant increase in qualified sales leads and quotations and expects conversion to orders will grow at an increasing pace as its sales and distribution channels gear up.’

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