LONDON (Alliance News) - PuriCore PLC Tuesday reported a narrowed pretax loss for 2014 after the previous year was hit by exceptional items, but its revenue fell 45.5% following the sale of its UK based endoscopy business last June and as it shifted sales strategy in its supermarket retail business.
The biotechnology company posted a pretax loss of USD7.0 million, compared with a pretax loss of USD8.6 million in 2013 when it had booked a USD5.8 million loss on the discount of a convertible bond.
Still, revenue fell to USD17.1 million from USD31.5 million, after it sold endoscopy business PuriCore International Ltd to Medivators BV for USD25.6 million last June.
It has undertaken a strategic and operational review of its business to examine investment opportunities, and said it has identified new growth opportunities across the group, particularly in Health Sciences.
The company, which has provides technology to retailers to allow them to keep fruit and vegetables fresher for longer, has been trying to sift the focus of its supermarket retail sales from capital sales to consumables, thereby boosting recurring revenue. However, the rebalancing of its product mix meant supermarket retail business revenue fell to USD15.6 million in 2014, from USD28.9 million in 2013.
The company said that whilst it understood that its shift in strategy has led to a considerable decline in its near-term financial performance, it reiterated confidence this will provider greater value in the long term.
Last October Chief Executive Officer Michael Ashton announced plans to retire. The company is continuing to seek a successor for Ashton, it said.
Shares in PuriCore are untraded Tuesday. It last closed at 30.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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