Growing order book and robust sales at life sciences business
OptiBiotix Health, which develops compounds to tackle obesity, high cholesterol, diabetes and skincare, has highlighted a significantly increased order book and solid sales performance in its half year report today.
The York-headquartered business says its reported revenues declined by 21.3% to £276,000 (H1 2023: £351,000), although it adds that sales orders received during the period were substantially higher than in half one 2023.
It also made a £2.7m pre-tax loss (H1 2023: £1.9m loss) and a healthy balance sheet with gross assets of £8m (30 June 2023: £9.9m), no debt and cash of £1.3m (30 June 2023: £893,000).
Stephen O’Hara, CEO, said: “The fundamentals of our marketplace remain very exciting, with a range of recent market reports highlighting that products across our portfolio have the potential to meet growing demand as solutions to a wide and increasing range of lifestyle-related health challenges.
“The commercial traction we are now enjoying in our first-generation products with large partners in key markets, and the interest shown by other partners in our potentially industry-changing second-generation products, allows us to look to the future with a high degree of confidence.
“In the shorter term, based on orders already placed, we are also confident full year revenues will be well ahead of those reported in 2023.
“With appetite suppression, gut health, sugar alternatives and modulation of the human microbiome all attracting ever-increasing interest, we believe the company is strongly placed to achieve profitability through growing sales of its now proven first-generation products, while progressing towards the commercialisation of our even more exciting second-generation products, SweetBiotix® and human microbiome modulators.”
