22nd Nov 2018 11:42
LONDON (Alliance News) - AorTech International PLC on Thursday said its loss narrowed in the first half of its current financial year as it transitions into a medical device development business.
The firm said it has changed its reporting currency from dollars to sterling with effect from first half results. AorTech continues to generate revenue in dollars, but its product development work is being undertaken in the UK. Therefore, the company said the switch to reporting in sterling better reflects the currency of the primary economic environment in which it operates.
The biomedical polymer technology company said its pretax loss widened in the six months to September-end to GBP219,000 from GBP89,000 reported for the same period a year ago.
Administrative expenses grew to GBP344,000 from GBP184,000, in order to implement the strategy of turning AorTech into a medical device development business.
Revenue, which comes from licensing of AorTech's polymer technology, rose 13% to GBP236,000 from GBP209,000.
"We have made considerable progress over the first half of the year against our strategic goals," said Chairman Bill Brown.
"We look to the future with confidence reinforced by the quality of the team assembled, the quality of the core platform technology, the market opportunities in our chosen product areas and the potential to bring these ground breaking products to market," added Brown.
AorTech shares were trading 5.4% lower on Thursday at 53.00 pence each.
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