30th Apr 2014 13:58
LONDON (Alliance News) - Microsaic Systems PLC expressed confidence in its outlook for "the coming years" despite posting a widened loss for 2013, as rising revenue was offset by higher operating expenses.
Microsaic develops chip-based scientific instruments.
The company posted a pretax loss of GBP2.4 million, widened from GBP2.0 million, as revenue rose to GBP1.2 million from GBP606,281, but this was offset by higher sales costs and operating expenses, weighed by increasing development and marketing costs.
The company said it had achieved a number of key milestones during the year, including its launch of its 4000 Molecular ion detector chip, and the launch by an original equipment manufacturer of the first product containing the new chip.
Microsaic said that the markets response to the new chip had been enthusiastic, helping boost revenues for the year.
In May the company raised GBP4.3 million through a share placing. As a result, the company's cash at the end of the year was GBP3.2 million.
Microsaic said that in 2014 it would focus on developing original equipment manufacturer partnerships, stepping up marketing and promotion and outsourcing the manufacture of the main product.
Shares in Microsaic were trading up 1.86% at 48.00 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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