7th Apr 2016 08:26
LONDON (Alliance News) - NetScientific PLC Thursday reported a widened pretax loss for 2015 as it invested further in its Vortex and Wanda businesses, and said its prime focus in 2016 will be on execution and delivery under its new management team.
During the year the company appointed Francois Martelet as its new Chief Executive Officer, as well as appointing new chief executives for its lead portfolio companies, US cancer diagnostic firm Vortex and San Francisco based healthcare software company Wanda. Following the year end the company also appointed Ian Postlethwaite as its chief financial officer.
NetScientific reported a pretax loss of GBP11.3 million, widened from GBP6.2 million in 2014, as a result of higher operating costs. Research and development costs rose to GBP7.3 million from GBP3.1 million as the company invested further in Vortex and Wanda, and general and administrative costs increased to GBP3.2 million from GBP2.5 million.
It reported revenue of GBP78,577, compared to no revenue in the prior year.
"NetScientific's management team and portfolio focus has been completely transformed. Under Francois' leadership and with a focussed, close to commercialisation portfolio asset base, we now have an extremely strong healthcare technology group well positioned, not least through its majority shareholdings, to deliver significant value to shareholders," said Chairman Richard Sykes in a statement.
Shares in NetScientific were down 0.2% at 72.38 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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