Cambridge Nutritional Sciences PLC on Thursday said its loss narrowed in the first half of its current financial year amid reduced expenses, and the group expects its full-year results to be second-half weighted.

The London-based medical diagnostics firm offering health and nutrition products said it narrowed its pretax loss to £196,000 during the six months that ended September 30, from a loss of £698,000 the year before.

Revenue fell 16% to £4.1 million from £4.9 million last year, due to some customers reducing their stock holdings.

Cost of sales reduced by 22% to £1.4 million from £1.8 million, administration costs decreased by 15% to £2.3 million from £2.7 million, and selling & marketing costs were down 22% to £617,000 from £790,000. Exceptional items expenses also reduced by 60% to £117,000 from £294,000.

Adjusted earnings before interest, tax, depreciation and amortisation grew to £200,000 from nothing last year.

Interim Chief Executive Officer James Cooper said: ‘The results of the first half have shown that the operational improvements are now hitting the bottom line, with an improved margin and an uplift in adjusted Ebitda. This is particularly encouraging as we did not have the benefit of a sizeable order backlog that boosted last year’s first-half revenue. This puts us in a strong position as we continue to invest in growing the sales team whilst being confident in our ability to deliver on time and in full to all our customers.’

Broker Cavendish forecast full-year revenue of £8.8 million for Cambridge Nutritional Sciences, which would be a 10% fall from £9.8 million last year, and adjusted Ebitda of £400,000, doubled from £200,000.

Shares in Cambridge Nutritional Sciences were down 7.1% at 3.25 pence each in London on Thursday afternoon.

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