OptiBiotix Health PLC (AIM:OPTI) saw big profit gains this year in line with market expectations.
The company, which tackles obesity, cardiovascular disease and diabetes, grew gross profits by 36% in 2021 to £1.2mln.
The group invoiced sales of £2.2mln last year, 46.7% growth as the company’s prebiotic and probiotic subsidiaries added commercial agreements to the group’s balance sheet.
"This has been another year of progress for OptiBiotix with its probiotic and prebiotic businesses growing sales and profitability in a challenging and uncertain global economic environment,” CEO of OptiBiotix Stephen O’Hara commented.
“The Company has made good progress against its stated aims of focusing on a smaller number of large partners in key strategic markets and expects to see the benefits of these in 2022 and beyond.”
The company holds a 20.7% stake in SkinBioTherapeutics PLC (AIM:SBTX), which was valued in December at £13.7mln.
Administrative expenses for the group rose 31.3% on 2020, which the company said was mostly due to one-off recruitment and consultancy costs, while R&D and travel costs fell as patents were granted.
The company increase its cash reserves in 2021 to £2.04mln, up from £865,000 in 2020.
OptiBiotix’s share price was down 2.56% at 08:10 GMT this morning to 38p.