23rd Mar 2015 10:52
LONDON (Alliance News) - Microsaic Systems PLC Monday posted a widened pretax loss for 2014 as it continued to invest in its marketing and communications to secure new deals, offsetting a rise in revenue.
The analytical instruments developer posted a pretax loss of GBP3.2 million, widened from a pretax loss of GBP2.4 million in 2013, as a rise in revenue to GBP1.2 million from GBP908,442 was offset by a jump in operating expenses. Microsaic said it invested in building new original equipment manufacturer partnerships, and in its manufacturing process.
Microsaic saw 21% growth in product sales, and a 73% rise in sales of its consumables, which helped offset lower income from European Union grants and from prototype sales. The company is seeking to become less reliant on these lines of revenue, it said.
The company signed two original equipment manufacturer deals during the year, and following the year-end signed a further deal with GE Healthcare, and a distribution agreement with Kinesis Ltd.
"With the progress that the company made in 2014 and the new announcements in 2015, the board remains confident that Microsaic is well-positioned to capitalise on its leadership in its chosen fields and grow the business over the coming years," the company said in a statement.
Shares in Microsaic are untraded Monday. It last closed at 46.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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