Group News
Unaudited Preliminary Results for the year to 31 July 2009
Nov 26, 2009Avacta Group plc
Unaudited Preliminary Results for the year to 31 July 2009
A year of solid commercial progress
Avacta Group plc (“Avacta”, the “Group” or the “Company”) which develops detection and analysis technology and services aimed at the pharmaceutical, healthcare, security and industrial sectors, is pleased to announce its unaudited preliminary results for the year to 31 July 2009.
Highlights:
- Flagship product Optim launched and initial orders secured
- MIDAS diagnostic platform on track to launch early in 2010
- Avacta Animal Health division established following strategic acquisition
- Revenue growth of 100% to £0.94m (2008: £0.47m)
- Underlying operating loss £1.82m (2008: £1.53m)
- Reported operating loss (including non-recurring expenses and share based payment charges) of £2.86m (2008: loss £1.65m)
- Year end cash at bank of £0.88m (2008: £1.10m)
- Current cash £2.1m following successful placing of £2.0m completed during November 2009
Alastair Smith, CEO, commented:
“Since coming to AIM in late 2006 Avacta has established two business units vertically aligned in each of their markets; being biotech support and diagnostics. Our first product, Optim, aimed at reducing risk in drug development is in the marketplace and is generating considerable interest and our first diagnostic device, MIDAS, is expected to launch in the veterinary market shortly.
“Both of these devices combine one-off hardware sales with two recurring revenue streams; consumable cartridges and support and maintenance contracts. Avacta has recently raised additional funds to maintain an element of its development resources to bring further devices and diagnostic tests to market in the near future.
“Avacta sits at a transitional point as it shifts from early stage product development to the commercialisation of innovative, high value technologies to complement our expert services. The opportunity for Avacta Group is substantial and tangible and we anticipate continuing strong newsflow in the coming year.”
26 November 2009
Enquiries:
|
Avacta Group plc |
084 4414 0452 |
|
Alastair Smith, Chief Executive Officer |
|
|
|
|
|
Daniel Stewart & Company plc |
020 7776 6550 |
|
Simon Leathers / Stewart Dickson |
|
|
|
|
|
Haggie Financial LLP |
020 7417 8989 |
|
Nicholas Nelson / Kathy Boate |
|
The Company’s Unaudited Preliminary Results are available here.