COLLAGEN Solutions, the manufacturer of biomaterials and regenerative medicines, has reported a 22 per cent rise in revenue amid strong growth in North America and its global development businesses.
The firm also paid tribute as its chairman David Evans stepped down for health reasons.
Group revenue and other income increased to £4.51 million against £3.71m in 2018.
The company secured 29 customers and 16 new customer agreements, it said, and grew its North American business by 72%.
READ MORE: Fifth biggest beef processor in US buys into Scots biomaterials firm
The biomaterials manufacturer, initially formed as part of Glasgow sausage skin maker Devro in 2008, said it grew its development business globally by 76%, and that it now accounted for 33% of total revenue
In addition, it signed two blue chip development customers.
Jamal Rushdy, chief executive of Collagen Solutions, said: “On behalf of the board and management team, we are pleased to report a successful year, delivering on the priorities we set out to accomplish.
“With a substantial increase in our contract product development business, which will lead to higher value contract manufacturing, we have demonstrated progress moving up the value chain."
READ MORE: Glasgow biomaterial firm's loss cut as North America sales up
He added: “We also successfully consolidated our collagen operations into Scotland and enabled our New Zealand team to focus on a new, exciting tissue business opportunity.
“Finally, we are pleased to welcome our newest strategic investor, Rosen’s Diversified Inc, anchoring our successful £6m fundraise last month.” Chris Brinsmead, currently a non-executive director, will succeed Mr Evans.
Mr Rushdy said: “I would like to thank David Evans for his trust, support and guidance over the last several years. On behalf of the company we wish him well and will miss him greatly.”
Mr Evans thanked “shareholders, staff and partners for their support”.
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