Candian krill ingredients firm Neptune Technologies today reported a jump in sales during the year to end of May, helped by a marketing campaign to strengthen its presence in American and Asian markets.
Sales grew 123 per cent to $5.04 million compared to $2.26m in the previous year.
Neptune extracts value-added natural products like krill oil rich in omega fatty acids from marine biomasses.
Neptune had been making progress in Asia last year and has significantly boosted this market with a new agreement with multi-level marketing firm Pharmanex, a division of NuSkin, earlier this year. It gives it access to most of the US firm's 39 markets.
EBITDA for the year has grown by $2m to $401,000, compared to a negative EBITDA of $1.66m in the previous year, after four consecutive quarters with positive earnings.
Neptune reduced its net loss by 50 per cent to $1,768,000 or $0.069 per share for the year ended May 31, 2005, as compared to $3,534,000 or $0.161 per share in the previous year.
André Godin, vice-president of administration and finance for Neptune Technologies said the results were proof that Neptune has both the right business plan and right people in place to propel the company forward.
"Our substantial increase in revenues is an unequivocal illustration of our market acceptance and we fully intend to capitalize on this momentum as we aggressively pursue market share in the United States," he said.
He said it was expecting "even better results in the year ahead".
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