StockMarketWire.com - Biomaterials company Collagen Solutions warned of wider losses on uncertainty and delays to contracts as the coronavirus spread continued.
'The company expected the loss for the year will be materially greater than anticipated due to increased costs from a development and manufacturing contract which has taken longer than originally anticipated,' the company said. 'The related accounting treatment requires a one-time write-down of c.£900k recognising the full loss over the life of the development portion of the contract only. '
The company also warned it was facing multiple uncertainties on contracts for the delivery of collagen and tissue products, for which orders had already been received and said 'some customers have recently communicated that they are delaying their investment decisions because of economic and business uncertainty due to the COVID-19 outbreak.'
At 9:40am: [LON:COS] Collagen Solutions Plc share price was -0.8p at 1.15p
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.