Scottish life sciences firm Collagen Solutions said it had taken measures to improve its financial performance after posting “disappointing” full-year results.
The Glasgow-based firm yesterday reported an adjusted underlying loss of almost £1.6 million, compared with £1.26m a year earlier. Group revenue and other income fell by 6 per cent to £3.83m in the year to the end of March.
However, the firm pointed to a “number of underlying positive trends that bode well for future financial performance”, including securing 16 new customers and 14 new customer agreements – up from nine new customers the year before. It also highlighted progress in overseas markets including South Korea and China.
The group initiated a restructuring and investment programme to optimise its global manufacturing footprint and kicked off a financial review to bolster cash, improve margins and “solidify trajectory to profitability”.
Chief executive Jamal Rushdy said: “On the one hand, we experienced a difficult year in terms of our sales performance and the necessity to mitigate several unexpected challenges in our core business, which is disappointing both to ourselves and shareholders.
“However, I am pleased that our global team, and highly supportive board, faced these challenges head-on and achieved several positive outcomes during the year.
“I am confident the operational improvements and new organisational appointments we have made has put the company in a much stronger position.”
He added: “As we are better positioned than last year and have set ourselves meaningful yet realistic goals for this year, I believe we will deliver improved execution and results.”