11th Mar 2019 10:10
LONDON (Alliance News) - Microsaic Systems PLC on Monday reported a widened loss in 2018, hurt by increased investments, but revenue surged on improved product sales.
The spectrometry instruments developer said its pretax loss widened 3.4% to GBP3.0 million in 2018 from the GBP2.9 million reported a year earlier, despite revenue jumping 69% to GBP578,258 from GBP342,514.
Product revenue more than doubled to GBP467,372, while consumable & spare parts revenue amounted to GBP102,090 and service & support income was GBP8,796.
The increase in the loss was in line with management's expectations, Microsaic said, following targeted investment in research & development and business development goals.
Looking ahead, the company intends to complete its outsourcing programme, leading to greater manufacturing efficiency, flexibility and capacity, to meet the increasing demand it is seeing.
"2018 marks the year of accelerated growth for the business. Microsaic has increased its customer base from one partner to eight and has extended its geographic reach to now include Southeast Asia, Europe and North America, with further growth planned in 2019," said Chief Executive Glenn Tracey.
"Targeted investment will be made in 2019 to further strengthen our capabilities in commercialisation and product development," added Tracey.
Microsaic shares were trading 3.4% lower on Monday at 1.40 pence each.
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