30th Sep 2014 13:10
LONDON (Alliance News) - Microsaic Systems PLC Tuesday reiterated its commitment to transition from a university spin-out to a "successful commercial enterprise", as it posted a widened pretax loss for the half year to end-June.
Microsaic develops chip-based scientific instruments.
The company posted a pretax loss of GBP1.5 million, widened from GBP1.1 million a year before, as revenue rose to GBP610,985 from GBP365,234, but this was offset by a jump in operating expenses. The step up in costs was primarily a result in building original-equipment-manufacturer (OEM) partnerships overseas, and investment in the company's manufacturing process.
Since the year end, the company signed OEM deals with an unnamed global scientific company, and with Gilson Inc. It also signed an agreement with the Plexus Corp for the outsourcing of the manufacturing of its miniature self-contained mass spectrometer, 4000 MiD. Both Gilson and Plexus are based in the US state of Wisconsin.
The company said that outsourcing the manufacture of 4000 MiD has been a key aim; it is currently undertaking the hand over process, and expects Plexus to ship their first finished products in the first quarter of 2015.
Revenue growth was driven by sales of 4000 MiD as well as growth in sales of its consumable products.
"Based on this progress, the board remains confident that Microsaic is well-positioned to capitalise on its leadership in its field and grow the business over the coming years," said Chief Executive Colin Jump in a statement.
Shares in Microsaic were trading down 3.3% at 44.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Microsaic