6th May 2020 17:18
(Alliance News) - Avacta Group PLC on Wednesday said its loss widened in its most recently ended financial year due to an increase in operating costs.
Avacta has changed its financial year-end to December 31 from July 31.
The biotechnology company said for the 17 months to the end of 2019 its revenue grew to GBP5.5 million from GBP2.8 million reported for the 12 months to the end of July 2018.
Less positively, Avacta said its pretax loss widened to GBP18.1 million from GBP10.4 million reported for financial 2018 due to higher research costs, which rose to GBP7.9 million from GBP2.8 million.
In addition, the company said selling, general & administrative expenses increased to GBP10.1 million from GBP7.2 million reported for financial 2018.
Net assets as at the end of 2019 were GBP25.8 million compared to 21.4 million at the end of financial 2018, of which cash and cash equivalents amounted to GBP8.8 million versus GBP5.2 million.
"We are focused on building long term, sustainable growth in shareholder value based on the numerous therapeutic and diagnostic opportunities that the group has created, including a Covid-19 rapid antigen test. I look forward very much to keeping the market up to date as we progress," said Chief Executive Alastair Smith.
AIM-listed Avacta shares closed 7.8% lower in London on Wednesday at 107.00 pence each.
By Evelina Grecenko; [email protected]
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