25th Sep 2013 10:10
LONDON (Alliance News) - Advanced Oncotherapy PLC Wednesday said it narrowed pretax losses and increased revenues in its recent half year, due to increased take-up of its breast cancer treatment service. The health-care real-estate developer also completed its acquisition of ADAM S.A.
In the half year ended June 30 the company had a pretax loss of GBP777,023, narrowed from a pretax loss of GBP1.1 million in the previous year. It posted revenues of GBP18,790, up from GBP9,433.
Advanced Oncotherapy also said it completed the acquisition of ADAM, a CERN spin-off based in Geneva which provides three-room cancer treatment centres using proton beam therapy. Advance Oncotherapy said it had accelerated the acquisition due to the momentum in the market for affordable proton beam therapy equipment over the past six months. It said that during the period, agreements have been signed to provide eight Linac Image Guided Hadron Technology machines for proton therapy to locations in the UK and USA. The LIGHT machines have an order pipeline in excess of GBP200 million with an anticipated net profit margin of 10%, Advance Oncotherapy said.
As part of the acceleration of the acquisition current owner of ADAM, BRAHMA AG, has waived the financing condition of the acquisition contract. Advanced Oncotherapy will issue shares to BRAHMA, giving it a 29.9% holding in Advanced Oncotherapy, which will be diluted to a maximum of 25.1% following planned further financing by Advanced Oncotherapy.
The company said that it had seen a slower-than-expected start in establishing a sales pipeline for its Oncotherapy Resources Limited cancer treatment business. However treatment for breast cancer had now commended in a number of hospitals in the UK including BMI Healthcare and Spire Healthcare.
Shares in Advanced Oncotherapy were trading down 12% at 3.04 Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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