20th Jul 2018 09:58
LONDON (Alliance News) - Medical devices intellectual property firm AorTech International PLC said Tuesday its full-year loss narrowed as one-off gains surged and as it prepares to pursue a new strategy after a "transformational" year.
For the financial year ended March, pretax loss shallowed to USD44,000 from USD237,000 the year prior. This was despite revenue falling 12% to USD538,000 from USD614,000 the year before.
Profit performance was helped by a sharp rise in one-off gains to USD339,000 from USD12,000 the year prior. No further details were provided as to what caused the jump in exceptional gains in the period.
Underlying pretax loss deepened to USD383,000 from USD249,000 the year prior after administrative costs rose in the period.
"The past year has been transformational," Executive Chairman Bill Brown said. "Historic disputes having been resolved has enabled a new strategy and business model to be adopted and a successful fundraising completed."
In June, Aortech raised GBP2.6 million through an oversubscribed open offer and placing. The funds were in order to develop its textile substrate products - including patches and grafts - along with a synthetic heart valve and investment in capital equipment.
"A re-invigorated board is now in place and world class business partners working to develop exciting new medical devices," Brown added. "The current year will be one of investment in product development and closely managing each project to ensure the best return on that investment."
Shares in AorTech were trading flat at 72.50 pence on Friday.
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