Glasgow-based Collagen Solutions, a manufacturer of medical grade collagen biomaterials, said group revenue and other income increased to £3.24 million in the year to March 31 compared to £1.04 million in the previous year and ahead of the £2.8 million guidance the firm gave in January 2016.
Losses before interest, tax, depreciation and amortisation (LBITDA) before separately identifiable costs decreased to £410,016 from £689,816 and loss per share was 0.57p compared to 1.17p the previous year.
Collagen Solutions shares rose about 14% to give it a current stock market value of around £10.7 million.
“The past year was transformational for the company in terms of a step change in scale, product and technology breadth, and organisational development,” said Collagen Solutions chief executive Jamal Rushdy.
“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.”
The company said it has added scale from a broad base of customers in North America and Asia.
Revenue in North America grew by £1.262 million to £1.808 million, an increase of 231% driven by a full year of contribution from the acquisition of Southern Lights Biomaterials as well as organic growth.
Revenue in Asia, its fastest-growing region, grew by £889,000 to £1.175 million, an increase of 311%, driven by customer growth from the existing Southern Lights Biomaterials base.