Collagen Solutions PLC Trading Update and Notice of Results (8141E)
October 23 2018 - 2:00AM
UK Regulatory
TIDMCOS
RNS Number : 8141E
Collagen Solutions PLC
23 October 2018
Collagen Solutions plc
("Collagen Solutions", the "Company" or the "Group")
Trading Update and Notice of Results
Delivering on our growth strategy
Collagen Solutions plc (AIM: COS), the developer and
manufacturer of medical grade collagen-based biomaterials for use
in research, diagnostics, medical devices, and regenerative
medicine, provides an update on trading for the six months to 30
September 2018.
Revenue and other income is expected to be GBP2.10m (H1 2017:
GBP1.86m), representing a 13% increase on the prior year. Revenue
performance has been buoyed by new development agreements closed in
the first quarter of this financial year, more than offsetting
previously announced delays in customer projects and inventory
adjustments. As anticipated, our development business will comprise
nearly half of our overall business this financial year.
New customer acquisition continues with nine new customer deals,
representing an increase in the number of new customers over the
same period last year (H1 2017: eight). The average expected value
of those customer acquisitions also increased. In addition, the
tissue business unit has several pending agreements. These
agreements typically take three to six months to negotiate, with
supply agreements expected to follow within a further twelve to
eighteen months.
Commenting on outlook, Jamal Rushdy, CEO says: "We remain on
track to meet our key initiatives for the year including achieving
our commercial execution plans and financial performance objectives
in line with market expectations. We are also continuing our
planned rolling submission of data to support our goal of obtaining
the CE Mark for ChondroMimetic(R) this financial year. We are in
negotiations with multiple distributors which we expect to conclude
ahead of the limited user release planned to follow the
ChondroMimetic(R) CE Mark.
"Operationally, our New Zealand restructuring initiative is
delivering the expected synergies and benefits according to plan
and the New Zealand team is now fully focused on the tissue
business and we are pleased with our progress so far. Finally, we
will continue to deliver more visibility and metrics to our
investors relating to the value and progress within our core
business."
The Company will announce its interim results for the six months
to 30 September 2018 on Tuesday, 4 December 2018.
Enquiries:
Collagen Solutions Plc
Jamal Rushdy, CEO Via Walbrook
Hilary Spence, CFO
Cenkos Securities Plc (Nominated
Adviser and Broker)
Steve Cox (Corporate Finance) Tel: 0207 397 8900
Stephen Keys
Walbrook PR Ltd Tel: 020 7933 8780 or collagen@walbrookpr.com
Anna Dunphy Mob: 07876 741 001
Helen Cresswell Mob: 07841 917 679
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of Article 7 of Regulation (EU) 596/2014.
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END
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