27th Nov 2024 14:41
(Alliance News) - Microsaic Systems PLC on Tuesday announced progress on a project in Qatar.
The Surrey-based developer of real-time mass spectrometers confirmed that all 27 continuous toxic monitoring systems at its project in Doha have been installed, with commissioning underway.
The company's network will constantly monitor the region's potable water and is an early warning system for the presence of any toxic chemicals, enabling fast network shutdown if needed.
Microsaic added that there was no material change in its current cash position.
Chair Bob Moore said: "We are cognisant and appreciative that shareholders have had to be very patient with us over the past year. With a small but highly skilled team we have been busy stabilising the business and unlocking the substantial potential of our company demonstrated by how contracts, such as the one in Qatar, are developing.
"We have been through a period of considerable restructuring and required capital investment in our comprehensive and new product range, and we are very encouraged by the nature of enquiries and rewards that are coming our way. We look forward to providing further updates to the market in due course."
Earlier in November, the company announced that its pretax loss in the first half of the year narrowed to GBP536,000 from GBP1.2 million a year ago.
Revenue climbed 83% to GBP255,000 from GBP139,000.
Looking ahead, Microsaic said: "This revenue progress and financial performance improvement is expected to continue during the second half of this year with a growing order book from existing and new customers. The company is also focused on supply-chain management and as revenues, the board is also targeting an improvement in gross margins through product mix and economies of scale."
Microsaic shares were untraded at 0.84 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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