AGM Statement

RNS Number : 9007M

Provexis PLC

24 August 2011

 



24 August 2011

Provexis plc

AGM Statement

Provexis plc ("Provexis" or the "Company"), the life-science business that develops, licenses and markets scientifically-proven functional food, sports nutrition and medical food technologies, will hold its Annual General Meeting in Reading later today.

At the meeting Dawson Buck, the non-executive Chairman of the Company, will give the following update on developments:

 "The Company has made major progress over the past 18 months, specifically with the commercialisation of its lead technology Fruitflow and the recent acquisition of Science in Sport ("SiS").

Following the announcement of the long-term Alliance with DSM Nutritional Products ("DSM") in June 2010, DSM has made good progress in marketing Fruitflow to a broad range of global markets, attracting positive interest from a wide range of global, multinational and national brand owners in the functional food and dietary supplement sectors. The Alliance expects to see initial revenues from Fruitflow commence in the coming months and the Company looks forward to updating shareholders on this matter as and when appropriate.

The Company acquired SiS in June 2011. The Board are very pleased with the business and the opportunities it presents to the enlarged group. The Board strongly believe that through targeted investment SiS will achieve significant like for like revenue growth and margin improvement. As part of this investment the Directors expect to transfer production and distribution to a larger facility later in the year, in line with growth plans for the business. Defined marketing and selling strategies, together with new product launches and efficiencies from the supply chain, will underpin sales and profit growth in the business during 2012.

The SiS business presents the Company with a number of opportunities to bring new products to market to support 2012 growth; consequently the Board is currently reviewing the overall project pipeline for the Company in order to allocate resource and capital in the most effective way, in line with our growth targets.

We have a busy year ahead of us, with the main focus of the executive team being on delivering revenues from Fruitflow and growing the sales and profitability of the SiS business. We have sufficient resources to hand to deliver our targets and I look forward to a year of strong progress."

-ends-

For further information please contact:

Stephen Moon, Chief Executive

Provexis plc                                                     Tel:      [phone]

Bobbie Hilliam                                                 Tel:      [phone]

Evolution Securities

Haggie Financial LLP:                                      Tel:      [phone]

Matthew Longbottom/Peter Rigby                             [e-mail]

 

END

 

 

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