Revolymer's annual revenues boosted by nicotine gum sales

31st Mar 2014 15:15

Revolymer's annual revenue surged, driven by sales of nicotine gum in Canada. The company, which develops novel polymers to improve the performance of consumer products, said revenue came to £528,000 in the year ended December 31st 2013, up from £176,000 in 2012.Revolymer's proprietary nicotine gum made net sales of £495,000, compared to £16,000 in 2012,on the back of distribution deals in Canada and Poland. Management is working on further distribution deals and is seeking regulatory approvals in Europe and the US.Reported loss for the year narrowed to £5.3m from £10.1m a year earlier. The loss reflected non-cash charges in respect of stock write downs, legal costs and share based payments amounting to £1m, down from £5.2m costs in the prior year. However, net cash outflow from operating activities was flat year-on-year at £4.3m. Operating income for the period fell to £194,000 from £340,000, as a result of work on developing products that are yet to progress to licences or deals. In January, the company announced the departure of Chief Executive Roger Pettman, who has been in the role since 2005 and led the flotation on AIM in July 2012. "He has played a significant role in driving the development of a broad portfolio of polymer-based IP which is now being applied to improve the performance of a variety of consumer products within the fast moving consumer goods (FMCG) industry and other industrial markets," said Chairman John Keenan. Chief Financial Officer Rob Cridland will step in until a successor is found. Shares fell 5.69% to 58p at 15:42 on Monday.RD