DATA Globaldata Plc

RNS Number:6678C
Provalis PLC
18 October 2002


For Immediate Release                                            18 October 2002



                     ANNUAL GENERAL MEETING OF PROVALIS PLC


At the Annual General Meeting of Provalis plc (LSE: PRO, NASDAQ: PVLS) which was
held today, Frank Harding, Chairman, made the following statement.


"Our results to 30 June 2002 were presented in the first week of September.  The
Company reported good progress in both the Healthcare and Medical Diagnostics
Divisions with some key regulatory and commercial milestones being achieved.
Importantly, we made the transforming acquisition of Diclomax for our Healthcare
Division and appointed a new 'point of care' distributor, Cholestech
Corporation, for Glycosal particularly to focus on the key USA diagnostics
market.  Our objective for this current year is for our financial results to
mirror this operational success.



The important first quarter of this financial year (2003) has started well for
the Company. Unaudited Group sales in this 3 month period were at a level of
#3.5m - approximately the same as in the first 6 months of last year -
reflecting the impact of Diclomax sales and the penetration and growth of
Glycosal in the USA market. The distribution agreement with Cholestech has
already resulted in significant success aided by the supply to Abbott
Laboratories of over 1300 instruments and associated tests in this first
quarter, thereby accelerating the penetration of the product into the USA
market.



Sales by Medical Diagnostics in the 1st quarter grew appreciably over the level
in the previous financial year. Sales of #0.7m were achieved - just below those
for the whole of 2002 - with the value of firm orders for delivery in the 2nd
quarter being greater than #1m. Sales of Glycosal instruments were just over
1800 units in the first quarter, with 1300 due to be shipped against orders in
the 2nd quarter. Cartridge sales continue to build steadily, with 170,000 being
sold in the first quarter and 500,000 due for delivery in the 2nd quarter.  This
reflects the progress of the launch of the product in the USA and the impact of
the Abbott programme.



The Board remains encouraged by this rapid progress in the USA and prospective
forecasts for product sales, but believes it is still too early to predict how
these early stocking orders will translate into repeat product sales in the 2nd
half of the year.



Sales of pharmaceuticals by the Healthcare division in the 1st quarter were
#2.8m, again significantly up on the same period last year and, indeed, greater
than the last quarter of the previous financial year. This growth was led by
Diclomax which had sales of #1.7m, with our other pharmaceutical products also
showing sales growth.



To meet growing demand for product supply from its businesses, the Group has now
centred the Diagnostics manufacturing into a single building at Deeside, and
will relocate the warehousing and distribution and supply for its Healthcare
business to a new 6000 sq ft facility at a location near Deeside in November
2002.



In a further development for our Healthcare business, Dr Falk Pharma, for whom
Provalis Healthcare distributes a range of gastroenterology products in the UK,
has agreed to appoint Provalis Healthcare as its distributor in the Republic of
Ireland from November 2002.  Provalis Healthcare is expected to start trading in
Ireland shortly.  As well as Provalis taking over the existing sales of Dr Falk
products in Ireland, this facilitates the creation of a sales platform from
which to launch Diclomax and other Provalis products onto the Irish market in
early 2003.



Discussions regarding the disposal process of the vaccine R&D programmes
continue. Progress is being hampered by the current adverse market conditions.
Importantly however, project activities have now been curtailed and the cash
burn on the R&D activity has been reduced substantially, strengthening the
Company's progress towards financial self sufficiency.



With growing sales in both the Medical Diagnostics and Healthcare Divisions, the
important acquisition of Diclomax beginning to bear fruit and the penetration of
Glycosal in the key USA market with a healthy order book, the Board believes
that firm foundations have been laid by Provalis in 2002 and continues to be
excited by the prospects for the year ahead.



A further update to the sales progress for the Group is expected at the interims
results due early March 2003".



All resolutions proposed at the AGM were duly passed.



END



Provalis' Internet Website ; http://www.provalis.com



"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of
1995: Statements in this announcement that relate to future plans, expectations,
events, performances and the like are forward-looking statements as defined in
the US Private Securities Litigation Reform Act of 1995. Actual results of
events could differ materially from those described in the forward-looking
statements due to a variety of factors. Such factors include, among others: the
success of the Group's research and development strategy; uncertainties related
to future trial results and the regulatory process; the execution and success of
collaborative agreements with third parties; the impact of future laws,
regulations and policies; the Group's intellectual property position and the
success of patent applications for its products and technologies; stock market
trends in the Group's sector; the Group's dependence on key personnel; general
business and economic conditions; and other factors beyond the Group's control
that may cause the Group's available capital resources to be used more quickly
than expected. These and other factors that could affect the Company's future
results are more fully described in its filings with the US Securities and
Exchange Commission, in particular the latest 20-F filing, copies of which are
available from the Company Secretary at the Company's registered address.



For further information:-


Dr Phil Gould, Provalis plc, Tel:  01244 833463


Mr Lee Greenbury, Provalis plc, Tel:  01244 833402


Lisa Baderoon, Buchanan Communications, Tel:  020 7466 5000



Notes to Editors


Provalis plc (LSE.PRO and NASDAQ.PVLS) is a healthcare company with three
separate divisions:-



*   Medical Diagnostics - develops and sells to world markets
medical diagnostic products for chronic disease management.  The division's
principle products are Glycosal and Osteosal in the areas of diabetes and
osteoporosis respectively.


*   Healthcare - sells and markets its own, and third party,
branded, prescription medicines in the UK to GPs and hospitals through its own
regionally managed sales force.  The division sells products in the areas of
muscular-skeletal disorders, gastroenterology, osteoporosis, migraine and
dermatology.


*   Therapeutics R&D - develops a range of vaccine candidates for
the prevention of infectious diseases through a network of research
collaborators.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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