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Revenue rises

Collagen chairman Evans steps down due to illness

David Evans CollagenStem cell company Collagen Solutions has announced that chairman David Evans has retired from the board due to illness.  

Chris Brinsmead, currently a non-executive director, will succeed Mr Evans, pictured, and will be responsible for taking the company, based at the Nova Business Park, Glasgow, to the next level of its development.

The company announced the change with its annual figures showing a 22% rise in group revenue. Jamal Rushdy, chief executive, said the company had delivered on its priorities and had made progress moving up the value chain.

“We also successfully consolidated our collagen operations into Scotland and enabled our New Zealand team to focus on a new, exciting tissue business opportunity,” he said.

Regarding Mr Evans’ departure, he said: “I would like to thank David Evans for his trust, support and guidance over the last several years. On behalf of the company we wish him well and will miss him greatly.”

Financial Highlights

  • Group revenue and other income increased by 22% to £4.51 million (2018: £3.71 million)
  • Revenue excluding other income grew 18% to £4.15 million (2018: £3.50 million)
  • Adjusted LBITDA (before separately identifiable items): £1.22 million (2018: £1.71 million)*
  • Cash balances at 31 March 2019: £1.68 million (2018: £5.02 million)

Operational Highlights

  • Secured 29 customers and 16 new customer agreements
  • Grew North American business by 72% and development business globally by 76%
  • Development business accounted for 33% of total revenue
  • Signed two blue chip development customers
  • Established tissue business unit in New Zealand and four new tissue customers secured
  • Consolidated New Zealand collagen manufacturing into the plant in Glasgow, realising c.£0.20 million in annualised cash savings
  • Transitioned fully former Chinese JV and established two new channel partners, both of which have commenced first sales

 



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