Results round-up
Developer of the proprietary Fruitflow heart-health functional food ingredient Provexis posted its unaudited interim results for the six months to 30 September on Friday, with total revenue for the period of £0.12m.
The AIM-traded company said that was a threefold increase from the prior year, with revenue for the half year to September also exceeding revenue for the full year to March 2016.
Its underlying operating loss was reduced to £0.13m, from £0.2m, which was a record low for the group.
It had cash of £243k at 30 September, down from £0.35m.
Based on its current level of cash it is expected that the group will need to raise further equity finance in the coming four months, which will help fund some further sales channel opportunities which are currently being explored for the Fruitflow + Omega-3 dietary supplement product.
Revenue from its profit sharing alliance for the period was £0.29m, a 115% year on year increase.
“We are pleased to be able to report on a period of significant progress for the Company, to include a threefold increase in reported revenue to £123k,” said executive chairman Dawson Buck.
Inspirit Energy’s losses narrowed as it makes progress developing a micro combined heat and power (mCHP) boiler.
The company is developing a boiler the meets the challenge of reduced carbon energy supply and is run on natural gas, LPG and bio fuels. So far a prototype of the appliance has been independently tested and has shown to be capable of generating up to 15 kilowatts of thermal and up to 3 kilowatts of electrical output.
For the year ended 30 September the company, which is pre-revenue, reported that its loss after tax narrowed by nearly 20% to £458,000, compared to last year.
Net asset value increased 34% to £2.5m, while its market capitalisation rose 6% to £3.55m.
During the year it made an application in the UK and in the EU to trademark the product name Inspirit Charger and tested its first Inspirit Charger microchip appliance for field use.
It said that it recognises the risks and uncertainties with early stage product development and has made investments in opportunities in the renewable energy sector.
The company raised £365,000 through the issue of 77.6m shares at 0.47p each and raised £790,000 through 158m shares at 0.5p each, which it said is sufficient for operating forecasts, but further funding would be needed to expedite the commercialisation of the micro co-generation boiler.