Avacta quadruples sales
YORKSHIRE university science spin-out company Avacta today revealed that it has quadrupled sales in the last six months.
The York-based Leeds University spin-out biophysics company develops detection and analysis technology and services aimed at the pharmaceutical, healthcare, security and industrial sectors.
Avacta announced strong growth in group revenues, increasing more than fourfold to £890,000 from £200,000 in 2009.
The firm’s operating loss before non-recurring items and share based payment was £1.05m compared to £1.04m last year.
Loss per share reduced to 0.10p from 0.12p in 2009.
Avacta said that it raised £1.9m of net cash last November to sustain the forward product development pipeline alongside the commercialisation of products and
services.
The company said that its acquisition of Reactivlab in March provides the group with a world-leading position in acute phase protein testing in the veterinary market.
Chief executive Alastair Smith said: “I am very pleased with Avacta’s progress in the last six months with excellent growth in our analytical and animal health services businesses.”
He added: “I am delighted to have brought Reactivlab into the group – the complementary range of tests gives Avacta Animal Health a world class capability in the area of acute phase protein testing which would generate a huge market in veterinary healthcare if their widespread use in human healthcare is replicated. We are developing routes to market through Avacta Animal Health and partners for these tests.”
