Weight loss firm sees huge increase in demand
SlimBiome is an ingredient to support weight loss and weight management.
The group saw revenue growth of £745,000 in the six months to June 30, a five times increase in revenues.
There was a 50 per cent reduction in losses as the group scales up to become profit making.
Stephen O’Hara, CEO of OptiBiotix, said: “This has been another period of exciting progress for OptiBiotix with a 400 per cent increase in sales and a large reduction in costs compared to the same period last year.
"Our divisions are now making strong progress towards profitability with more agreements generating revenues, existing partners increasing sales, and more retail partners launching successful new products."
He said the group's products are now being commercialised with large retail and pharmaceutical partners, boosting consumer awareness and confidence in its brands, with OptiBiotix now being identified as a key player in the microbiome space.
“The company is now in a pivotal position of having a scalable business model growing sales from proven products with partners in multiple international territories in the human microbiome market, which is expected to grow at a compound annual growth rate (CAGR) of 23 per cent between 2020 and 2025," he added.
"This presents us with a large and expanding market opportunity on which we are well placed to capitalise by increasing our range of applications, products and territories.
“Whilst uncertainty within the global economic environment will create challenges, we believe that our proven strategy of working with multiple partners, across different application areas and geographies within the healthcare sector, will limit the risk related to any individual deal, product, or geography, and we look forward to continued further progress over the year as a whole.”