Collagen Solutions saw revenues for the year ending March 31 2020 decrease slightly after a mixed year for the company.
The Scottish-based biomaterials developer saw revenue decrease by one per cent to £4.46 million, with revenue excluding other income fallings three percent against last year to £4.01 million.
The company started last year strongly, seeing revenues grow 14 per cent in the first half of last year, with year-on-year growth sitting at double digit growth until the last month of the financial year when the impact of COVID-19 struck.
Collagen’s operations for the first quarter of 2020/21 are also above expectations as a strong order book has held the firm through a challenging environment.
Profit before tax for the previous year did rise £1.2 million, although the figure remained in the red at a £2.5 million loss.
Jamal Rushdy, Chief Executive Officer of Collagen Solutions, commented: “We are pleased with the performance and resilience of our business last year, having achieved double-digit growth through the first 11 months up until the COVID-19 shock in March, and quickly rebounding with a strong first quarter with a full order book on track to deliver growth in the current year.”