16th Mar 2020 14:41
(Alliance News) - Diaceutics PLC on Monday said profit in 2019 was lower due to an increase in expenses.
The stock was trading 21% lower at 107.24 pence each on Monday afternoon in London.
The pharmaceuticals-focused data analytics firm said revenue rose 30% to GBP13.4 million from GBP10.4 million. However, profit for the period stood at GBP497,324 from GBP877,264, reflecting a fall of 43%.
Diaceutics said administration costs totalled GBP8.4 million from GBP5.5 million the year prior. Exceptional costs in relation to its initial public offering in March 2019 stood at GBP1.3 million from GBP200,000.
The company paid off GBP3.3 million of debt, resulting in a cash balance of GBP11.7 million as at the end of 2019. Gross margin increased to 77% from 66% in 2018.
No dividend was declared for the period.
Looking ahead, Chair Julie Goonewardene said: "Diaceutics is well placed to provide its pharma clients with a global diagnostic commercialisation capability at a time when the marketplace is entering a growth phase. In particular, 2020 anticipates the launch of its software-as-a-service Nexus platform which is designed to support multi-year engagements with an increasing number of therapy brands to support their diagnostic needs."
Stage one of the Nexus launch is expected to occur by the fourth quarter of 2020.
By Ife Taiwo; [email protected]
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