Graft Polymer (UK) PLC said it is targeting "several key initiatives" to increase product and sales growth this year after a busy and productive 12 months in which it listed on the stock market and doubled its production capacity.
In commentary alongside its prelims, Graft pointed out it also won its first revenue-generating commercial order for 50,000 units of MGC Pharmaceuticals product, ArtemiC Rescue, while at the same time expanding into the cosmetics sector.
Looking at what 2023 promises, chairman Roby Zomer said: “For the year ahead, we have several key initiatives that will contribute to our ambition of continued product and sales growth.
“We plan to expand our global reach by establishing new partnerships and distribution channels in emerging markets. We will also continue to invest in research and development to create innovative products that meet the evolving needs of our customers.
“Finally, we will maintain our commitment to sustainability by adopting eco-friendly practices and reducing our carbon footprint."
He added: “We have built long-term foundations during the past year, enabling us to double our production capacity, positioning us to target larger customers in the industry.
“Our unique and proprietary product offering gives us a competitive edge in the market, and we are confident that we can continue to build on our success in the coming year.”
As would be expected of a business at the formative stage of its commercial journey, and which heavily invested in enhancing production, Graft was loss-making – to the tune of £2.7mln for the 12 months ended 31 December. It exited 2022 with £1.64mln in the bank.