Provexis, the functional food and sports nutrition company with a manufacturing base in Nelson, has reported strong revenue growth but pre-tax losses have almost doubled to £4.3m.

Revenues grew to £3.48m (2011: £50,000) for the year ended March 31, 2012 but pre-tax losses rose to £4.28m (2011: £2.34m).

The company implemented a cost reduction plan in the second half of the financial year, the full effect of which will be seen in the current year ending March 2013, it said.

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