Collagen Solutions revenue trebles to £3.24m

Collagen Solutions CEO Jamal Rushdy

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.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.