Unaudited Full Year Results and Notice of AGM

Collagen Solutions plc (AIM: COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, announces its full unaudited results for the year ended 31 March 2020. As announced on 15 June 2020, the Company has been granted an extension to the deadline for filing its audited consolidated accounts for the 31 March 2020 year end to 31 December 2020, based on regulatory guidance solely in relation to the ongoing COVID-19 pandemic.

Key Financials

  • Group revenue and other income decreased by 1% to £4.46 million (2019: £4.51 million)
  • Revenue excluding other income declined by 3% to £4.01 million (2019: £4.15 million)
  • Adjusted LBITDA (before separately identifiable items): £1.51 million (2019: £1.22 million)
  • Pre-tax losses (before separately identifiable items) of £2.06 million (2019: £1.79 million)
  • Cash balances at 31 March 2020: £2.06 million (2019: £1.68 million)
  • Equity raise in June 2019 of £5.96 million, including a £4.18 million strategic investment from Rosen's Diversified Inc.
Operational Highlights
  • Secured 16 additional customers and nine new customer agreements including one additional blue-chip development customer in the field of orthopaedics
  • Performance highlights by sector were 11% growth in total North American revenue, 58% growth in global tissue revenue, 10% growth in global development revenue and 1% growth in global contract manufacturing revenue
  • Completed a £0.5m investment in capacity expansion and operational improvements at its Glasgow collagen production and contract manufacturing facility and the initial implementation of a new ERP system
Post Period End
  • The Company announced a strategic review and formal sale process pursuant to the UK Takeover Code. Discussions are ongoing and the Company will make a further statement when appropriate
  • Management implemented a number of initiatives to navigate through COVID-19 including the successful restructure of the Norgine Ventures Bond Subscription Agreement that provides for a reduction in capital repayments and a delay to the final repayments, which will improve the Company’s financial position
  • Secured approximately c. £0.32 COVID-19 related Government related grants and loans
Q1 and current trading update
  • Revenue for the first quarter of the financial year stood at £0.9 million, helped by a reduction of the impact of COVID-19 experienced in Q4 2020.The Company’s cash balance was £1.6 million at the end of the quarter.
  • Following the signature of two new supply agreements in July, as of 21 July 2020, the Company’s year to date sales plus its confirmed order book stood in excess of £4 million.

Annual General Meeting

The Company’s AGM will be held at 3 Robroyston Oval, Nova Business Park, Glasgow, G33 1AP on 23 September 2020 at 11:00am.  As audited financial statements will not be presented due to the delay in the audit due to COVID-19, the primary objective of this meeting will be to re-elect directors by rotation and to authorise the directors to fix the auditor’s remuneration.

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.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.


Collagen Solutions Plc
Jamal Rushdy, CEO
Hilary Spence, CFO
Via Walbrook

Cenkos Securities Plc (Nominated Adviser and Broker)
Giles Balleny/Stephen Keys

Tel: 0207 397 8900

Walbrook PR Ltd (Financial PR)
Anna Dunphy
Tel: 020 7933 8780 or [email protected]
Mob: 07876 741 001


The full results are available to download in PDF format >