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Provexis sees good growth in the new financial year

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Provexis (LON:PXS) expects to report good growth in the year ahead as it reported good progress in the year just ended.

The comment came alongside a pre-close trading update for the twelve months to March 31 2012 which saw, among other milestones, a major restructuring of its business.

The functional food and sports nutrition group completed and integrated the acquisition of Science in Sport (SiS) and made progress with its alliance partner DSM Nutritional Products (DSM) in developing and commercialising its novel Fruitflow heart-health technology.

The restructuring saw the company reduce cash burn and focus on the two major commercial opportunities of SiS and Fruitflow.

Regarding Fruitflow, DSM has received a commitment by a significant dietary supplement marketer in Europe to launch Fruitflow in the second quarter this year, this in addition to existing regional consumer healthcare customers in Europe, the US and Asia-Pacific markets.

The SiS business has performed strongly in March and Provexis expects to finish the year with sales meeting its expectations.

Growth for the year has been strong across all key accounts in major multiple retailers including Tesco.

The SiS brand will be relaunched during April and key elements include new branding and packaging, a new website with e-commerce capability, and two new product launches. In parallel, long-term sponsorship and ambassador arrangements have been signed with major Olympic and professional sports teams.

Details of its Crohn's disease human trial data and subsequent analysis will be complete by the end of April and this will inform whether value can be extracted from the intellectual property through a sale to, or partnering arrangement with, a large healthcare business, the company said.

Chief executive Stephen Moon said: “The business has undergone a major transformation in order to focus on our two major commercial opportunities and we believe that the coming year will deliver good growth."

Quick facts: Provexis

Price: 0.8025 GBX

AIM:PXS
Market: AIM
Market Cap: £16.53 m
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