Demand for Collagen Solutions PLC’s (LON:COS) regenerative medicines and biomaterials surged in the first half of its current financial year.
The AIM company won nine new contracts in the six months ended September 30 (H1 17: eight) and began to supply to sixteen new customers (H1 17: eight).
READ: Collagen looks to have put last year’s difficulties behind it
That helped to push revenue up by 13% year-on-year to £2.10mln (H1 17: £1.86mln). When adjusted for the loss of a key Korean customer, revenue grew by 55%.
The new contracts were typically higher value than those that had been signed in the past as well, narrowing the half-year pre-tax loss to £1.06mln (H1 17: £1.64mln).
“We remain on track to meet our key initiatives for the year including achieving our commercial execution plans and financial performance objectives in line with market expectation,” said chief executive Jamal Rushdy.
“Financially, we are performing well. The variation of the Bond Subscription Agreement with Norgine Ventures will allow us greater flexibility to exploit growth opportunities for future years.”
New Zealand restructuring; ChondroMimetic CE Mark
Collagen believes its ChondroMimetic knee cartilage scaffold is on track to receive a CE Mark by the end of March, with final data submission to be completed before the end of the year.
The company has struck deals with new European and Asian distributors, while discussions with “several more” are ongoing.
Earlier this year, Collagen announced it was restructuring its New Zealand business designed to see the division focus on tissue collection and processing.
As part of that, existing collagen production has been consolidated into the Glasgow headquarters, with much of that already completed.