29th May 2015 15:50
LONDON (Alliance News) - Rex Bionics PLC Friday said its loss widened in its recently completed financial year on the back of higher administration costs linked to the reverse takeover of Rex Bionics Ltd by the former Union MedTech PLC.
The company changed its financial year following the acquisition, presenting results for the 16 month period ended March 31 on Friday.
The robotic engineering company reported maiden revenue of GBP176,000 in the period, but its pretax loss significantly widened to GBP5.5 million from a GBP480,000 loss in the year ended November 30, 2013. The loss primarily comes from administrative expenses which arose due to legal and advisory costs relating to the acquisition.
"During 2014 we put in place the fundamentals to bring REX to a global customer base through our initial public offering, the scale-up of our manufacturing facility and the build-out of our sales and marketing infrastructure," said Chairman David Macfarlane.
"Although we did not make the sales in the period that we would like to have done, user feed-back on REX remains overwhelmingly positive. We have a clear commercialisation strategy, and today's and other recent announcements show that we are now making good progress," he added.
Rex shares were untraded on Friday, last trading at 62.80 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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