Provexis PLC on Tuesday said revenue more than doubled in the six months to September 30, reaching £785,348 compared to £387,534 in 2023.
The Reading, UK-based maker and patent-holder of health food product Fruitflow also saw pretax loss narrow to £146,649 in the half-year, compared to £275,306 the year prior.
The positive results boosted Provexis’s confidence it will deliver its main objectives and 2025 business plan.
The report follows a £564,033 inventory purchase from DSM-firmenich earlier in December. Provexis in June 2022 signed a transfer of business agreement with the health food company, which has dual headquarters in Maastricht, the Netherlands and Kaiseraugst, Switzerland.
Provexis said the partnership, which includes a Fruitflow supply agreement, has made good progress. Provexis in April issued shares worth £270,742 to its partner’s subsidiary, DSM Venturing BV, and in December issued a further £559,885 in shares.
‘The share issues to DSM Venturing BV are of direct benefit to the company’s cash resources and net assets, and they will help the company to fund a wholly new production run of Fruitflow II SD which will be required in the early months of 2025,’ Provexis noted.
Shares in Provexis traded down 11% at 0.65 pence each last Friday in London.
The firm also highlighted the launch in April of Irish subsidiary, Provexis Ireland Ltd. The new business operates from a fulfilment centre in the European Union to avoid tariffs while an outsourced fulfilment centre in the UK continues to serve non-EU customers.
Provexis was optimistic about an expansion into the Chinese market, driven by a contract with Byhealth Co Ltd. In November 2021 Provexis entered a supply agreement with the Guangzhou, China-based dietary supplement company, with which Provexis has been collaborating on product trials.
Byhealth in 2023 requested a health claim permit from the Chinese regulator. If granted, Provexis said: ‘It is expected that this would result in some significant orders for Fruitflow, potentially at a multiple of current total sales values. The Company and Byhealth remain in close and constructive dialogue.’
Provexis said fundraising may be necessary to increase production, subject to order volumes. It has ‘a reasonable expectation’ of raising sufficient equity capital or new loan financing for this purpose. This could involve holding future stock on a consignment basis, Provexis added.
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