20th Sep 2018 09:35
LONDON (Alliance News) - hVIVO PLC said Thursday that increased revenue generation and ongoing costs savings led to a narrowed loss for the first half.
The clinical development services business also said that Chief Financial & Business Officer Graham Yeatman has decided to step down from his position and will leave the board at the end of 2018. Shelley Fraser, currently vice president, finance, has been appointed as finance director with immediate effect.
For the six months to the end of June, the company recorded a pretax loss of GBP5.3 million, compared with a pretax loss of GBP9.1 million in the same period a year ago, on a revenue of GBP4.9 million and GBP3.9 million, respectively.
Administrative costs fell to GBP4.9 million from GBP6.1 million. The reduction was attributed to ongoing process efficiencies and cost savings initiatives, and the company expects a further reduction in full-year administrative expenses as more savings are realised.
hVIVO has retained its expectations for the full-year and expects to have a higher level of sales for the second half of the year compared to the first. It also estimates lower research and development spend in 2019 due to changes in its business structure.
Research and development costs for the first half were unchanged at GBP2.8 million.
Shares in the company were trading 6.3% higher at 68.00 pence each on Thursday morning.
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