11th Apr 2019 10:59
LONDON (Alliance News) - hVIVO PLC on Thursday described 2018 as a "transitional" year as it posted a widened annual loss on impairment charges.
For 2018, the drug discovery company posted a pretax loss of GBP18.9 million, widened from GBP14.8 million a year ago. Revenue meanwhile rose to GBP11.0 million from GBP10.8 million.
The widened loss was due to a series of impairment charges amounting to GBP7.3 million, relating to intangible assets and investments.
Meanwhile, administrative expenses reduced to GBP9.5 million from GBP11.4 million, while research & development costs fell 21% to GBP4.8 million from GBP6.1 million.
"I am proud of all that the team has achieved in 2018 and in particular the progress made turning around the business following the management changes instigated in April 2018. As a result, we have been able to quickly re-focus the business and make the necessary operational decisions to ensure we are positioned to run an efficient business that can become sustainably profitable in the medium term," Chair Trevor Phillips said.
"Based on the contracted work and the potential contract opportunities currently under discussion, I believe 2019 will be a positive and progressive year for hVIVO," he added.
hVIVO shares were trading down 5.6% at 26.90 pence each.
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