- Collagen Solutions expects first half revenue and other income to be slightly lower than last time at £1.86m, (H1 2016: £1.89m).

It said that while the quality and scale of the sales pipeline were both at their highest levels to date, its first half revenues had been impacted by revenue recognition issues (£150k) and anticipated orders which, for various reasons, had either not materialised or had been delayed by customers' own internal issues (2016 equivalent £341k).

It said: 'Those revenues affected by revenue recognition will flow through positively during the second-half of the financial year.

'As already highlighted in our August AGM statement, revenue growth this year is expected to occur in the second-half of the financial year and the Directors believe that the strength and quality of our sales pipeline continues to have the potential to deliver in line with these expectations.'

Chief executive Jamal Rushdy said: 'We remain positive on the long-term prospects of Collagen Solutions and current pipeline of opportunities and new products.

'During the first half of the financial year, we added eight new early-stage customer deals compared with nine in the entirety of last year.

'Additionally, a key milestone was met in September when we completed patient assessments in our ongoing eight-year extension clinical study of ChondroMimetic osteochondral scaffold.

'The resulting data is due to be reported in Q1 2018, followed by a CE mark submission later in 2018, whilst now engaging in partnering discussions.

'We look forward to providing more detail of progress within the business when we report our Interim results.'

At 8:04am: [LON:COS] Collagen Solutions Plc share price was -0.75p at 3.5p

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