19th Sep 2019 13:10
(Alliance News) - NetScientific PLC said Thursday its interim loss remained unchanged on a year before, as higher research and development costs offset growth in revenue.
For the six months to the end of June, the healthcare investment firm's pretax loss was flat at GBP2.2 million, as R&D costs more than tripled to GBP859,000 but administrative costs were lowered to GBP1.3 million from GBP1.5 million.
Gross profit more than tripled to GBP144,000 from GBP45,000 the prior year, on revenue that rose by 83% to GBP158,000 from GBP86,000.
Revenue growth was due to increased ProAxsis NEATstik product sales, while the higher costs were a result of the initiation of Glycotest Inc's development program.
Looking ahead, NetScientific said its core portfolio companies have made good progress in the first half of 2019, and the group will focus on realising the value of its investments in an orderly manner during the second half.
"Our portfolio companies continued to make strong progress during the period and we believe they have great potential to create value for our shareholders. As part of our strategy, we continue to explore ways to realise the full value of these Investments over the coming months and into 2020," said Chief Executive Officer Ian Postlethwaite.
Shares in NetScientific were untraded on Thursday, last closing at 6.25 pence in London.
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