Revolymer
Revolymer: Interim Results
Interim Results for the 6 month period to 30 June 2012
Continued progression with strategic goals
Revolymer plc (AIM: REVO) (“Revolymer”), the British polymer company, designs, develops and formulates novel polymers to improve the performance of existing consumer products within the high value fast moving consumer goods (“FMCG”) markets. Following its initial public offering (“IPO”) on the AIM Market of the London Stock Exchange in July 2012, it announces its maiden unaudited interim results for the 6 month period to 30 June 2012.
Business Highlights*
· In line with our strategy stated within our Admission document, Revolymer continues to focus on developing licensing opportunities for its unique technologies with well-established players in the global high value FMCG industry
· Good progress with our 6 joint development agreements (“JDAs”) with major international partners in the household products and coatings & adhesives business areas. JDAs have been key to establishing the application of our technologies in specific FMCG markets, ahead of licensing. A number of personal care applications are also being evaluated by potential partners
· Launch of nicotine gum in Canada through two pharmacy businesses of the McKesson group (announced 30 July 2012)
· Further strengthening of the board of directors with the appointments of Julian Heslop, former CFO of GSK and Dr Bryan Dobson, formerly President Global Operations Croda, both as independent non-executive directors
Financial Highlights*
· Successful listing raising £25 million, with £23.2 million net proceeds to invest in progressing the business model
· Revenue for the period of £135,000 (2011: £60,000), reflecting increased early stage sales of Rev7 removable and degradable confectionery gum (“Rev7”) in the US and early sales of nicotine gum in Canada
· Gross loss for the period of £242,000 (2011: gross profit of £34,000), but after charging a non-cash write down of £305,000 (2011: nil) in relation to time expiring US Rev7 gum stock delivered in H1 2011 when US demand was difficult to gauge due to the early stage of the US business. Gross profit for the period before the stock write down was £63,000 (2011: £34,000)
· Other operating income for the period of £88,000 (2011: £294,000), reflecting receipts from potential licensing partners in the consumer specialties business areas. This level of income reflects the advanced status of a number of our JDAs
· Loss for the period of £4.0 million (2011: loss £2.1million), after making non-cash charges in respect of share based payments to employees, board members and consultants (i.e. option grants) of £1.4 million (2011: £99,000), which is a result of all options vesting at Admission and therefore an acceleration in the period of the charge under IFRS2
Dr Roger Pettman CEO of Revolymer said: “We are delighted to have successfully floated the Company and raised £25 million to invest in delivering shareholder value. Since listing in July we have moved forward on a number of business fronts, including continued progress in our JDAs with major international partners. As a result, we remain confident that we are on track to deliver on our strategy of signing licences that will lead to the commercialisation of our high value polymer technologies to improve the performance of existing consumer products within the FMCG markets.”
*: relating to the business of Revolymer (U.K.) Limited prior to its acquisition by Revolymer plc
For further information please contact:
Revolymer plc
+44 (0) 1244 283 500
Roger Pettman / Rob Cridland
Citigate Dewe Rogerson
+44 (0)20 7638 9571
Simon Rigby / David Dible / Ginny Pulbrook
