AGM Statement

RNS Number : 4293O

Provexis PLC

11 October 2012

 



11 October 2012

Provexis plc

AGM Statement

Provexis plc ("Provexis" or the "Company"), the business that develops, licenses and markets scientifically-proven functional food and sports nutrition 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 seen significant change in the last sixteen months, with the acquisition of Science in Sport ("SiS®"), continued drive to commercialise our Fruitflow® heart health technology, and the implementation of a substantial cost reduction programme.

The SiS® business continues to show good revenue growth, despite the very poor weather in the summer months which affected the whole sector, and we remain optimistic about delivering our growth and margin improvement targets for the year. To underpin growth we have invested substantially in marketing and sales, and in recent days have launched our new e-commerce platform. Our scientific team are highly active working with key opinion leaders in endurance sports, as well as developing both new products for launch and scientifically-substantiating performance claims for existing and future products.

DSM has now completed the first industrial scale run of Fruitflow® tablet grade powder, with a second and larger production run to take place later this month. We see this as a major milestone in the commercialisation of the technology. We are working very closely with our colleagues at DSM in areas including further consumer understanding and regulatory matters in major global markets. As mentioned at the full year, seven regional healthcare products containing Fruitflow® are now on the market, with more expected in the second half of the year.

During the coming year we expect the economic climate to remain challenging, affecting brand owner attitudes to innovation in all global markets, as well as consumer spending. We will continue to execute our strategy of focusing on the twin revenue opportunities of SiS® and Fruitflow®, while reducing costs at every opportunity."

-ends-

For further information please contact:

Stephen Moon, Chief Executive

Provexis plc                                                     Tel:      [phone]

Cenkos Securities plc                                      Tel:      [phone]

Max Hartley / Bobbie Hilliam

Haggie Financial LLP:                                      Tel:      [phone]

Matthew Longbottom / Peter Rigby               [e-mail]

 

END

 

 

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