Revenues rise at healthcare group

AVACTA has seen revenues rise as it announces an “exciting” time for the group, which it said is poised for growth.

In the healthcare business’s interim results for the period ended January 31 2014, revenues increased by 40% to £1.61m. Underlying operating loss reduced to £0.65m from £0.96m and pre-tax loss reduced to £0.77m from £0.96m.

The AIM-listed Wetherby-based company, which provides innovative diagnostic tools, consumables and reagents aimed at reducing the cost of human and animal healthcare said it is in an exciting transition having spent several years developing multiple products, consumables and reagents for the life sciences.

Chief executive officer, Alastair Smith, said: “I am pleased with the performance across the group overall and in particular with the excellent progress in Avacta Life Sciences. The technical performance of Affimers which demonstrates their competitive advantage against antibodies is now established with good supporting data and it is particularly pleasing to see first revenues.
 
“It is an exciting time for the group which is poised for growth not only through its existing businesses in Avacta Animal Health and Avacta Analytical, which are both growing and now contributing positively, but also through the enormous potential for the commercial exploitation of our Affimer platform and I look forward to reporting on progress in all areas in the coming months.”

Earlier this month, Avacta  announced it had launched a new test for pancreatitis in dogs in what it said was an “exciting development” for the group as it continues to push into new markets.

 

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