14th Jun 2016 08:24
LONDON (Alliance News) - Life sciences group Abzena PLC Tuesday reported a widened pretax loss for its most recent year, as a rise in revenue was hit by higher research and development investment and exceptional costs related to acquisitions.
For the year to end-March the company reported a pretax loss of GBP10.7 million, more than double the pretax loss of GBP5.2 million it reported the previous year, as a rise in revenue to GBP9.9 million from GBP5.7 million was offset by a step up in research and development costs, and administrative expenses.
It incurred exceptional costs of GBP2.5 million during the year, related to acquisitions, a write off of intangible assets associated to its rebranding, and the closure of its Warwick Effect Polymers business.
Abzena acquired two US businesses towards the end of 2015, PacificGMP in San Diego in September and The Chemistry Research Solution, near Philadelphia in December. These acquisitions have broadened its offering and have provided more opportunities for cross-selling, and have added to revenue, Abzena said.
"We continue to focus on our growth strategy, investing in internal research & development to provide next generation technologies and enhancing our Good Manufacturing Practice manufacturing capabilities. Abzena Inside partners and service customers alike are reacting very positively to our enlarged offering and we expect the number of opportunities to work on programmes across the group to increase in the next financial year," said Chief Executive Officer John Burt in a statement.
Shares in Abzena were untraded Tuesday morning, having last closed at 47.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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