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BioProgress says revenue up 75% in 2005, expects to end 2006 in black
By Angela McDaniels
Seattle, April 12 - BioProgress plc said preliminary results show a 76% increase in its total revenue to £4.429 million for the year ended Dec. 31 from £2.508 million for the year ended Dec. 31, 2004.
Gross profit increased by 121% to £1.771 million for 2005 from £802,000 for 2004, according to a company news release.
The increases follow the commercial launch of Tabwarp and Waftertab in 2005, and the company estimated that restructuring of operations reduced costs and cash burn in the second half of 2005 by £3.4 million.
The increased revenue and reduced costs failed to offset expenses, however, and net loss increased by 22% to £8.67 million, or 7.2 p per basic and diluted share, for 2005 from £7.131 million, or 6.3 p per basic and diluted share, for 2004.
Cash was £6.517 million at Dec. 31.
Chief executive officer Richard Trevillion described 2005 as "a year of two halves."
"It commenced with spiraling costs, worsening trading conditions, partnership difficulties and operational confusion. However, as a result of rapid action taken during the second half of the year by the new management team, we have entered 2006 a very different company," he said in the release.
"All key partnerships are progressing rapidly to full commercialization and the company is also launching its own products with its own platforms. BioProgress is well positioned to end the year for the first time in its history trading profitably at an EBITDA level."
In addition, the company submitted an application to FTSE to be re-classified as a pharmaceutical company within the health care industry. Bioprogress is currently classified as a specialty chemicals company.
BioProgress is based in Cambridge, England, and develops oral delivery products for the pharmaceuticals industry.
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