Provexis, which develops, licenses and markets scientifically-proven functional food and sports nutrition technologies, has reported a period of 'significant change' in the last 16 months, during which time it has acquired Science in Sport and implemented a substantial cost reduction programme.

Speaking at its annual general meeting, the firm said its SiS business continues to show good revenue growth, despite the very poor weather in the summer months which affected the whole sector.

"We remain optimistic about delivering our growth and margin improvement targets for the year," it said.

"To underpin growth we have invested substantially in marketing and sales, and in recent days have launched our new e-commerce platform. Our scientific team are highly active working with key opinion leaders in endurance sports, as well as developing both new products for launch and scientifically-substantiating performance claims for existing and future products."

The firm has now completed the milestone of the first industrial scale run of its Fruitflow tablet grade powder, with a second and larger production run to take place later this month. It is now working to further consumer understanding and satisfy regulatory matters in major global markets.

The company added: "During the coming year we expect the economic climate to remain challenging, affecting brand owner attitudes to innovation in all global markets, as well as consumer spending. We will continue to execute our strategy of focusing on the twin revenue opportunities of SiS and Fruitflow, while reducing costs at every opportunity."

The share price rose 3.12% to 1.65p by 13:43.

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