- Collagen Solutions expects revenue for the year to the end of March of approximately GBP£2.8 million compared with previous market consensus forecasts of GBP3.6 million.

The group says the loss before interest, tax depreciation and amortisation is now expected to be approximately GBP750,000 compared with a consensus of GBP602,000.

The company says that in the period since 1 October it has announced successful customer agreements, asset acquisitions and outlined potential revenue upside. However, there is a degree of uncertainty around timing of contracts and attaining critical mass of manufactured products. The Board believes that the uncertainties around revenue recognition are likely to impact on revenue for the year ending 31 March.

Non-executive chairman David Evans said: "Whilst I understand there will be a significant level of frustration with today's announcement and whilst I share that sense of frustration, I am of the view that while the overall direction of travel is positive - we clearly need to move up a gear and fill the hopper with sufficient opportunities such that single customer delays do not have such a material impact upon the year-end out-turn. "I remain very confident about the future based on the recent strengthening of our Commercial Team in the US and Europe and this will be strengthened further in Asia in this quarter. Additionally, our pipeline is the strongest it has been during my tenure as Chairman. I am prepared to back this sense of confidence by increasing my holding in the Company over the coming days."

Story provided by