Revolymer’s maiden results show £10m loss
REVOLYMER, the Deeside polymer company which is behind a degradable chewing gum sold in the US, has announced its maiden results with a pre-tax loss of £10m, but is bullish about its prospects following its IPO, which raised just shy of £25m in July.
The company, which was spun out of the University of Bristol and now employs 30 staff in Deeside, posted revenues of £176,000 for the 12 months to December 31, 2012. This was from sales of its Rev7 removable and degradable confectionery gum in the US and nicotine gum in Canada.
Revolymer is using the cash raised through its IPO to fund the development of a number of products for fast moving consumer goods markets. As well as its chewing gum brand it is targeting the coatings and adhesives, household products and personal care sectors.
Dr Roger Pettman, chief executive of Revolymer, said: “We are pleased to have listed the company and raised net proceeds of £23.2m to invest in delivering shareholder value. We fully appreciate that our stakeholders are looking to management to deliver significant commercial milestones in the near term, and acknowledge that the current share price reflects that there has not been deal related news flow to date.
“Given recent progress, we are confident that commercialisation licences (or equivalent transactions) will be forthcoming from one or more projects and look forward to announcing significant milestones as and when they are achieved.
“We expect our portfolio of projects will lead to the commercialisation of our high value polymer technologies to improve the performance of existing consumer products within the FMCG and other industrial markets.”
