Graft Polymer (UK) PLC’s first half-year earnings call following admission to the London Stock Exchange underscored a number of key milestones for the polymer modification and bio supplements company.
The group went public in January, netting £4.15mln in the process, thus ending the period in an enviable net cash position with £2mln in the bank post capital expenditure, with no outstanding debt.
Following the IPO, Graft Polymer won its first large commercial purchase order for 50,000 units of supplement product ArtemiC Rescue from MGC Pharmaceuticals.
Revenues increased 46% year on year to £331,000, while operating losses came to £815,000, predominantly due to administrative expenses, the company said in its earnings statement.
The outlook remains positive despite supply-chain issues caused by the Russian invasion of Ukraine, buoyed by a “strong client pipeline” and strong organic growth in the Slovenian facility, it added.
Chairman Roby Zomer stated: “The team at Graft Polymer have been working tirelessly to carry forward the strong progress made following its successful raise of £4.15mln, achieving a number of key objectives that we set out to do at the time of the listing.”