Collagen revenues treble after '˜transformational' year

Collagen Solutions today said its annual revenues had more than trebled following a 'transformational' year for the Glasgow-based life sciences firm.

Revenues at Collagen Solutions more than trebled last year. Picture: Contributed

The Aim-quoted company, which develops collagen components for use in regenerative medicine and medical devices, posted revenues of £3.1 million for the year to the end of March, up from £972,846 a year earlier and ahead of the £2.8m figure it predicted in January.

Chief executive Jamal Rushdy, who succeeded previous boss Stewart White in May, said: “The past year was transformational for the company in terms of a step change in scale, product and technology breadth, and organisational development.”

“This has given us a strong foundation as we continue to make progress in the current financial year, with clear and specific strategic initiatives, an engaged management team and a shared vision: to become the industry’s first choice for regenerative biomaterials.”

Following the jump in sales, underlying losses at Collagen narrowed to £410,016, down from £689,816 in 2015.