30th Aug 2018 12:43
LONDON (Alliance News) - Life sciences company OptiBiotix Health PLC said Thursday it sunk to a loss in the first half of its financial year due to a one-time gain from substantially profitable disposal a year before.
In the six months to May 31, the company recorded a GBP1.2 million loss. This represents a significant change from its GBP3.1 million profit the year before. However the year-earlier profit had resulted from the sale of an OptiBiotix subsidiary.
Excluding the disposal, Optibiox's pretax loss in the first half of 2017 was GBP980,749, more than a fifth narrower than in 2018.
The company's revenue increased 7.6% to GBP80,560 from GBP74,868 but administrative expenses held flat year-on-year at GBP1.0 million. Moreover, OptiBiotix's share of a loss from an associate came to GBP209,229 while no such loss was recorded the prior year.
The company used its outlook statement to outline its strategy going forward, which is focused on making deals throughout its value chain in order to limit risk.
"The focus now is on translating interest into deal flow and working with our partners to ensure we maximise the commercial opportunity to generate revenue growth against a continued lean cost base," said the company.
"This is all part of a commercial strategy of closing out deals across multiple levels of the value chain, starting with manufacturing agreement...Whilst this strategy takes longer to develop than single license deals and requires close collaboration with partners, this multi-channel approach enables OptiBiotix to maximize the income potential of each product, whilst limiting the risk related to any individual deal," OptiBiotix added.
Shares in Optibiotix were up 1.1% at 101.60 pence on Thursday.
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