24th Oct 2013 10:54
LONDON (Alliance News) - Avacta Group PLC Thursday posted widened pretax losses as revenues fell due to slow sales in its Avacta Analytical business.
Avacta produces technologies and consumables for the life sciences market.
For the year ended July 31, the company posted revenues of GBP2.7 million, down from GBP3.1 million in the previous year. Falling revenue was due to slow sales in the first half in its Avacta Analytical business. The re-engineering of analytical instrument Optim2 for relaunch, along with the need to train a new sales team at the newly acquired sales arm of its distributor Pall Life Sciences, contributed to this.
Reduced revenues in Avacta Analytical were offset by margin improvements, however, underlying overheads increased to GBP190,000, resulting in a widened pretax loss.
The company saw a pretax loss of GBP1.9 million, widened from GBP1.6 million in the previous year. Administrative expenses increased to GBP3.4 million from GBP3.2 million in the previous year.
Optim Sales picked up in the second half of the year, Avacta said, and has been well received by the market. Avacta expects to see a good performance from this in the coming financial year, it said.
Shares in Avacta were trading down 4.3% at 0.871 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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