30th Sep 2019 16:06
(Alliance News) - Physiomics PLC on Monday said full-year loss narrowed as revenue jumped during a "record year" for the company.
In the year ended June 30, revenue rose by 68% year-on-year to GBP718,965 from GBP428,277. Total income, which comprises of revenue and government grants grew by 53% to GBP783,101, the highest level ever, from GBP512,899.
Physiomics, which provides technology to predict the effects of cancer treatment, narrowed its pretax loss to GBP200,749 from GBP260,401.
The company secured a GBP435,000 agreement to provide German pharmaceutical firm Merck KGaA with consulting services.
It also added Belgium-based Convert Pharmaceuticals SA and New York-listed Bicycle Therapeutics PLC to its list of biotechnology clients.
Physiomics said: "With another record year behind us, we continue our journey to becoming a sustainably profitable business. In the next twelve months we're aiming to execute more projects than ever before and to add further new clients both in the UK, Europe and North America. We expect and indeed welcome a balance between larger and small clients and target a further diversification of our client base."
Shares in the company were 5.5% lower at 2.60 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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