CBD company Sativa Wellness has posted positive financial results following a pandemic pivot to Covid-19 testing.
The Aquis-listed business became a senior Department of Health and Social Care partner earlier in the pandemic, providing antibody, antigen and PCR tests for travellers and at borders.
According to a statement, the company’s revenues have ballooned by 377%, up by £1.02m to £1.37m compared to the previous year, the best in its history.
That translates to a 234% rise in gross profits, up from £212k to £707k year on year.
Loss in adjusted earnings before tax and adjustments was reduced by 50% from £807k to £404k and loss per share was reduced by 63%, 0.30 pence compared to 0.82 pence.
Geremy Thomas, executive chairman, said: “These numbers and announcements are very satisfying and are a result of the changes made on my return.
“The direction of travel is clear. We have a new team and a clear focus on revenue growth. Q2 has started very strongly.”
Sativa Wellness has also confirmed it submitted its novel food application to the Food Standards Agency ahead of the March 31 deadline.
CBD products already on sale in the UK pre-February were told by the regulator to apply for authorisation after the the post-Brexit adoption of EU regulatory classification of CBD.
The results come days after the company announced it had closed the final tranche of its private placement, raising more than £3.2m in private equity for the company.