OptiBiotix Health PLC (LON:OPTI) said the first half of 2020 saw all of its divisions make progress towards its goal of being profitable this year.
The functional fibres division reported a profit during this period, the ProBiotix division was profitable in three of the six months, and the consumer health division was profitable in one of the six months, OptioBiotix told investors.
Total invoiced sales of LPLDL and SlimBiome as an ingredient or final product shot up by 398% to £741,504 from £148,818 in the first half of last year.
The life sciences business, which is focused on developing compounds to tackle obesity, heart disease and diabetes, also received £747,500 of investment income in the first half of the year from the disposal of shares in SkinBioTherapeutics.
“There is now a trend showing an acceleration in year-on-year revenue growth as more agreements generate revenues, existing partners grow sales and more retail partners launch products. We anticipate further revenue growth in 2020 as interest in the microbiome and products for health and wellbeing grows,” Stephen O’Hara, the chief executive officer of OptiBiotix said in the trading and commercial update.
"Whilst uncertainty within the global economic environment will create challenges we believe our strategy of working with multiple partners, across different application areas and geographies within the healthcare sector, will limit the risk related to any individual deal, product, or geography," he added.