Provexis looks for new space
SPORTS supplements company Provexis has announced that it is to look for new space following its £8m takeover of Science in Sport in June.
The company currently has its research and development base in Liverpool but its registered office is in Berkshire. Science in Sport (SiS) is currently based in Blackburn.
Speaking at Provexis’s AGM this morning, non-executive chairman Dawson Buck said the firm planned to make targeted investments that would help SiS to “achieve significant like-for-like revenue growth and margin improvement”.
“As part of this investment the directors expect to transfer production and distribution to a larger facility later in the year, in line with growth plans for the business,” he said.
Buck argued that Provexis, which recently announced pre-tax losses of £2.3m on revenues of just £50,086 in 2010, has made “major progress” over the past 18 months, both in the commercialisation of its main Fruitflow product and in completing the Science in Sport deal.
“We have a busy year ahead of us, with the main focus of the executive team being on delivering revenues from Fruitflow and growing the sales and profitability of the SiS business. We have sufficient resources to hand to deliver our targets and I look forward to a year of strong progress,” he said.
