10th Feb 2025 10:43
(Alliance News) - Oncimmune Holdings PLC on Monday said its revenue more than doubled in financial 2024, and it expects further growth in financial 2025, with revenue forecast to rise to GBP4 million.
The Leeds, England-based autoantibody profiling research services to pharmaceutical and biotechnology industry to enable delivery of precision medicine said revenue for the year ended August 31 more than doubled to GBP2.7 million from GBP1.2 million the previous year. The firm attributed the strong performance to repeat business, with 81% of revenue coming from existing customers.
Oncimmune also narrowed its pretax loss to GBP4.0 million from GBP5.9 million in financial 2023, benefiting from improved cost controls and a higher volume of contracts.
Oncimmune said it signed 16 contracts in the financial year, more than half with global pharmaceutical and biotech firms. It also secured one of its largest-ever commercial contracts worth USD1.5 million.
The company said that in order to support growth, it raised GBP2.3 million in an equity fundraise in November and restructured its debt, converting EUR4.0 million into equity, leaving EUR2.0 million in principal debt outstanding.
Looking ahead, Oncimmune forecasts financial 2025 revenue to grow 33% to around GBP4 million. The company expects to reach break-even by financial 2026, driven by its ImmunoINSIGHTS platform and increasing demand for autoantibody profiling in precision medicine.
Chair and Chief Executive Officer Martin Gouldstone said: "Financial 2024 has seen us grow the business at an unprecedented rate with some pleasing positive indicators for larger contracts at the year end. Being able to equitise a substantial portion of our debt shortly after the year end has significantly improved the capital profile of the business and we thank our debt provider IPF for their flexibility and support."
Shares in Oncimmune were up 0.1% at 9.11 pence in London on Monday morning.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights reserved.