Provexis cuts losses on sales growth
SPORTS nutrition group Provexis has cut operating losses and doubled sales.
The AIM company, which has its manufacturing facility in Nelson, Lancashire, said turnover was up to £3.26m from £1.53m in the six months to September 30.
The underlying operating loss, which does not include impairments and exceptionals, was £500,000, down from £1m last time. The pre-tax loss was £774,000, down from £1.5m.
The group said it had seen progress in its two main products – Science in Sport, which generated revenues of £3.25m, up 7%, and Fruitflow, which is now on sale around the world.
Chief executive Stephen Moon said Stephen Moon said: “We are very pleased with the progress made with our Science in Sport business, which has continued to grow despite some very tough trading conditions across the sector, including the effect of the extremely poor weather in June and July.
“With broadened distribution, margin improvements feeding into increased marketing and sales investment, and a healthy innovation pipeline, we are confident of continued progress in the second half.”
He added: “Fruitflow continues to progress, with nine regional consumer products now on the market around the globe and more to follow in the second half of the year.”
