Regenerative medical devices company Tissue Regenix Group said it expected to move closer to its goal of generating 'sustainable profitability' in 2019 after it more than doubled its annual revenue.
Revenue for the year through December, 2018 was seen rising to £11.6m, up from £5.2m in 2017 and in line with the company's expectations.
Cash of £7.8m was better than anticipated and was driven by efficiency programmes and improved working capital management, Tissue Regenix said.
'The preliminary results for the year ended 31 December 2018 demonstrate growing commercial momentum across all of the group's operating divisions,' chairman John Samuel said.
'The group is now well-placed to deliver further organic growth and expand our commercial footprint, both with new partnerships and into new territories.'
'The board is confident that during 2019 we will continue to deliver top line revenue growth, moving closer to our goal of sustainable profitability.'
At 2:17pm: (LON:TRX) Tissue Regenix Group PLC share price was +0.33p at 6.08p