Global market opportunities beckon for life sciences company
ProBiotix Health, a life sciences business developing probiotics to support cardiometabolic health, says it continues to target reaching a revenue of £10m by 2028.
The Wakefield-based company has released its unaudited interim results to 30 June 2024, in which its turnover has climbed 84% to £1.01m (2023: £0.55m). It also recorded a pre tax loss of £268,000 (2023: £512,000 pre tax loss).
Steen Andersen, CEO, said: “We are pleased with the performance of the company for the first six months of the year, and the increasing market opportunity allows the Board to remain confident for our future growth strategy.
“With the anticipated addition of a local sales manager for North America, we will then have the core team in place which will help us drive forward our commercial efforts.
“Our focus remains on creating long-term sustainable revenue growth through building the sales project pipeline and extending the product portfolio with existing customers, focusing on expanding the commercial platform in Europe and North America.
“With a typical sell-in cycle of 18-24 months in the dietary supplement industry, the company began to see the first commercial return of the strategic investment materialising in a substantial expansion of the sales project pipeline, new customers being onboarded and a high success rate progressing line extensions with existing customers.”
ProBiotix Health confirms its current trading shows continued good momentum, noting that it has progressed distribution activities in Australia and New Zealand and conducted partnership negotiations with a leading South Korean brand.
It says a number of new promising agreements with European partners have progressed to late-stage negotiations holding the potential for completion by the end 2024 or early 2025.
Post period end, the firm signed an agreement with Chinese consumer brand, DanCare, focusing on import and cross-border sales of European manufactured supplements into China. This agreement successfully progressed to last phase negotiations with an anticipated launch in late 2024.
ProBiotix Health adds: “This will be the first launch of our new direct dose InstaMelt stick which has an extraordinarily high appeal to Chinese consumers. The project presents a key milestone in opening the opportunities within the vast Chinese market.”
