LONDON - Provexis plc, the developer of the Fruitflow® heart-health functional food ingredient, has announced a 103% increase in total revenue for the six months ending September 30, 2024, reaching £785,000. This growth is attributed to the sales of Fruitflow II SD and the operations of the newly established Provexis Ireland Limited.
The company's interim results show a significant rise from the £388,000 reported in the same period of the previous year, with Fruitflow II SD sales contributing £725,000. Despite a slight decrease in Fruitflow+ Omega-3 sales to £60,000, the company is actively engaging with both existing and potential customers for further sales in 2025.
Provexis Ireland Limited began trading in April 2024 from a fulfillment center within the EU, which has enabled tariff-free and expedited sales to EU customers. A new commercial partnership with dsm-firmenich ('DSM') has shown promise, focusing on a supply agreement for Fruitflow II SD and the use of Fruitflow in gut microbiome modulation.
In April and December of 2024, Provexis issued new shares to DSM Venturing BV, aiding the company's cash resources and funding for new production of Fruitflow II SD. These share issues were valued at £270,742 and £559,885, respectively.
The company's collaboration with BYHEALTH, a Chinese dietary supplement business, is progressing well, with the potential for significant sales volumes in the Chinese market. BYHEALTH has invested 'tens of millions of funds' (RMB) since 2015 in regulatory submissions for Fruitflow, seeking to establish a new permitted health function claim.
Provexis reported an underlying operating loss of £98,000, an improvement compared to £208,000 in the previous year. The cash inflow from operating activities was £17,000, with cash reserves at £478,000 by September 30, 2024.
The company's management expressed satisfaction with the progress and highlighted the impact of structural changes, the DSM partnership, and BYHEALTH's regulatory developments in China on the future prospects of Fruitflow and Provexis. The Board remains optimistic about the company's outlook for the coming year and beyond.
This financial update is based on a press release statement from Provexis plc.
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