(Alliance News) - Hellenic Dynamics SA on Thursday reported a widened half-year loss, though it hailed

a period of "significant strategic progress".

In the six months to September 30, its pretax loss widened to GBP956,782 from GBP167,768 year-on-year, the cultivator and supplier of medical cannabis products said. Hellenic operates a facility in northern Greece.

Hellenic posted no revenue for the six month period, unchanged from a year prior.

However, over the six months, Hellenic signed a number of partnerships which may strengthen its position as one of Europe's leading medical cannabis suppliers.

Hellenic received a European Union grant of EUR304,425 through the EU's Horizon Europe research funding project.

The company also entered into a five-year pact with Elgo-Dimitra, a public sector entity of the Greek Ministry of Agriculture, Development & Food. The deal sets out the intention to collaborate on research and registration of medical cannabis genetics for European intellectual property ownership.

Hellenic entered into another five-year deal with the University of Patras in Greece to develop joint scientific research projects, with the intention to focus on cannabis-based molecules for use in clinical trials.

The company signed a pact with Demecan Holdings, a German medical cannabis producer, for the cultivation and supply of medical cannabis flowers.

Chief Executive Officer Davinder Rai said: "The interim period and post period has been one of significant strategic progress, culminating in the completion of what I truly believe to be one of the most sophisticated cultivation facilities in Europe or even further."

Hellenic shares were up 9.9% at 3.76 pence each in London on Thursday afternoon.

By Hugh Cameron, Alliance News reporter

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