Provexis plc
Provexis plc is an AIM-listed (PXS) UK company that discovers, develops and commercialises functional food, medical food and dietary supplement technologies, centred on its patented Fruitflow heart-health ingredient (a natural anti-platelet extract from tomatoes). Fruitflow is sold as an ingredient to brand owners via former DSM customers, direct customers, and a long-term supply and distribution agreement with BYHEALTH Co., Ltd for the Chinese market; the group also sells a direct-to-consumer Fruitflow+ Omega-3 dietary supplement. The group has been loss-making since inception and is funded exclusively by equity capital.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 7 Oct 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
Provexis plc sells Fruitflow, a heart-health ingredient made from tomatoes, to food and supplement brands. In the year to 31 March 2026 revenue was £1.3m, down 2.1% on the previous year's £1.3m, and the loss before tax widened to £507k from £450k. Sales were broadly flat, with record sales of more than £900k in the second half after a new production run. The bigger loss came mainly from a non-cash charge for share awards, which rose to £308,587 from £168,317, while research and patent costs fell. Cash at the year end was £893k, up from £708k, and the company has no borrowings. No new shares were sold during the year and no dividend is proposed. Management expects sales for the six months to 30 September 2026 of more than £1.05m, against £364k a year earlier, and hopes for a new health claim in China. However, the auditor warned of a material uncertainty over the company's future, as it may need to raise more money to keep going, though its audit opinion was not qualified.
From the reportevery line sits on the page it namesWhat drove revenueFruitflow II SD ingredient sales to former DSM customers, direct customers and the BYHEALTH China supply/distribution agreement
Revenue of £1,148,623 (2025: £1,170,939) from Fruitflow II SD ingredient; principal sales channels listed as former DSM customers, DSM Premix/Market-Ready business, new direct customers, and BYHEALTH
page 12AndFruitflow+ Omega-3 direct-to-consumer dietary supplement
Revenue of £115,908 (2025: £121,305) sold via subscription website fruitflowplus.com, Amazon UK, and a Chinese cross-border e-commerce distributor
page 12What moved the margintailwindDSM royalty on gross profits from transferred customers, payable within cost of goods until it ceases on 1 January 2027
Royalty payable to DSM on gross profits generated from Fruitflow sales to customers transferred from DSM over four years from 1 Jan 2023; FY2026 included nine months at the third-year rate and three months at the lower final (fourth) year rate; royalties cease from 1 January 2027
page 13AndtailwindResearch, patent and trade mark cost reduction
Research, patent and trade mark costs fell 28% to £236k (2025: £326k), as the prior year was elevated by the gut microbiome patent entering national stage and additional trade mark expenditure
page 13One-offs in the year£309k charge: Share-based payment charges (added back to derive underlying operating loss)
page 13What management saidThe Company expects that (i) the significant changes to the sales and supply chain structure for Fruitflow from January 2023, (ii) the gut microbiome patent application and related long-term partnership with DSM and (iii) the recent BYHEALTH regulatory developments in China will have a strongly beneficial effect on the current and future commercial prospects for Fruitflow and the business worldwide.
page 10After the year endNo material post balance sheet events occurred after the period end (confirmed in both the Directors' report and note 20 to the consolidated financial statements)
page 22The dividendThe Directors are unable to recommend the payment of a dividend (2025: £Nil), consistent with the Group's continued losses and cash conservation stance.
page 14Going concern and the auditAuditor Zenith Audit Ltd (unmodified opinion, not qualified) drew attention to a material uncertainty related to going concern: the Group incurred a total comprehensive loss of £502,760 (2025: £452,720), and uncertainty exists over the forecast period regarding volume of production, customer demand, and the need for additional debt or equity funding. The Directors cite the success of previous fundraisings and current performance as giving reasonable expectation of raising sufficient additional equity or loan finance. No key audit matters were identified other than the going concern basis of accounting. Group materiality was £38,000 (3% of revenue); Company materiality £5,000 (4% of gross assets). This was the auditor's first year of engagement (appointed 24 September 2026); prior year (FY2025) was audited by a different firm, which gave an unmodified opinion.
page 28The risks it names first- Funding risk: Group has made operating losses from continuing operations every year since inception and relies on existing cash plus further funding rounds until Fruitflow becomes cash generative; timing/amount of future revenues is largely outside Provexis's controlp.15
- Commercialisation risk: historic and ongoing dependence on DSM and now BYHEALTH for development, production, marketing and sale of Fruitflow; no guarantee the market will accept or value Fruitflow or that newer competing food IP/products will not emergep.15
- Limited product offering: Provexis has only one product, Fruitflow, so any problems with its commercial success will impact overall financial performancep.16
- Intellectual property protection risk: no assurance pending patent applications will be granted, that granted patents will be held valid if challenged, or that third parties will not develop equivalent technology; litigation to defend IP could be costlyp.16
Read from C001045-AR-2026-ch.
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