17th Sep 2020 11:54
(Alliance News) - Circassia Group PLC on Thursday posted a widened pretax loss for the first half of 2020 as it outlined a focus on increasing its presence in key markets and growing the NIOX business globally.
Shares in the pharmaceutical company were trading 8.4% lower at 23.21 pence each on Thursday morning in London.
For the six months ended June 30, Circassia posted pretax loss of GBP9.4 million, widened from GBP8.2 million the year prior, as revenue dropped to GBP11.4 million from GBP18.6 million.
The company said sales in its NIOX testing business decreased due to the negative impact of the Covid-19 pandemic. Circassia reported signs of a gradual recovery in NIOX sales in the third quarter.
Looking ahead, Circassia said: "Good progress has been made in aligning the cost base with the requirements of the NIOX business in a way that will support future growth post Covid-19. While it remains difficult to predict revenue in the current Covid pandemic, with this reduced cost base, the board would expect the group to be earnings before interest, tax, depreciation and amortization positive at 2019 revenue levels of GBP34.6 million."
Cash held as at June end was GBP9.6 million.
By Ife Taiwo; [email protected]
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