Alltracel, the AIM-listed pharmaceuticals company, said its losses narrowed last year, while 2006 had got off to a strong start.

The company, which benefited from a first-time contribution from the recently acquired specialist oral care business Westone, said its revenues recorded a more than threefold increase, rising to €19.2 million from €4.6 million.

Alltracel's loss before interest, tax, depreciation and amortisation (EBITDA) was cut to €1.1 million from €4.3 million in 2004, ahead of market expectations.

Alltracel also said it became EBITDA-positive to the tune of €200,000 in the second half of 2005, ahead of schedule.

"2005 has been a strong year for Alltracel, with group revenue continuing its significant growth and with profitability now clearly in sight following the achievement of positive trading in the second half of the year," chief executive Tony Richardson said.

He added that the improvement in profitability was expected to continue throughout 2006 after a strong start to the current year.

At €4.4 million, first-quarter revenues were 7 per cent higher than they were in the year-ago period.

The company has also successfully raised €1.1 million before expenses to fund an expanded cardiovascular health trials programme.

In London, shares in the company added 7 per cent to close at 11 pence yesterday.