(Sharecast News) – Housing fire safety and heat management specialist Zenova Group reported significant financial growth in its first-half results on Friday, with sales rising to £0.11m from £0.08m year-on-year.
The AIM-traded firm said the gross margin for the period increased to 52% for the six months ended 31 May, up from the 49% it recorded in the same period a year earlier.
It made an operating loss of £0.71m, narrowing from £1.04m year-on-year.
The loss was attributed to heightened expenses in research and development, testing, and marketing.
Looking ahead, Zenova said it was optimistic for the upcoming half-year, with its directors expecting a rise in orders from both new and existing customers.
The execution of new and existing contracts was predicted to significantly boost Zenova’s performance.
Given these advancements, the company said it was confident about presenting even stronger results in the foreseeable future.
“Zenova has made significant progress in completing key product development, testing and certification milestones as well as building up global production and manufacturing capabilities whilst expanding the distribution network,” said interim chief executive officer Thomas Melchior.
“As a result of achieving these milestones, the group is now in a position to transition from research and development, testing and certification into leveraging the distribution channels to accelerate sales revenues and customer deliveries.
“We are looking forward to developing our business globally during our next stage of growth, and anticipate announcing further positive news flow in the coming months.”
Reporting by Josh White for Sharecast.com.
