29th Nov 2019 09:21
(Alliance News) - AorTech International PLC said Friday its interim loss widened slightly on higher administrative costs despite growth in revenue from its polymer business.
For the six months to the end of September, the biomaterials and medical devices firm said its pretax loss widened to GBP239,000 from GBP225,000 the year before.
This was due to administrative expenses rising by 29% to GBP451,000 from GBP350,000, as a result of research & development activities.
However revenue, which comes from the licensing of AorTech's polymer technology, grew by 27% to GBP299,000 from GBP236,000 the prior year.
Looking ahead, AorTech said progress over the period has been "very positive", as the polymer business performs well and plans to developer it further come into place.
"The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations. Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials. We look forward to 2020 with both excitement and confidence," said Executive Chair Bill Brown.
Shares in AorTech International - which is headquartered in Dundee - were down 1.6% at 90.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
AOR.L