(Alliance News) - DeepMatter Group PLC said Thursday its loss for the first half of 2019 widened on higher costs, despite the company - which focuses on digitizing chemistry - reported revenue for the interim.
For the six months to the end of June, DeepMatter posted a pretax loss of GBP1.8 million, widened from GBP905,000 the year before, as research & development costs increased by 34% to GBP845,000, and administrative costs more than doubled to GBP781,000.
Meanwhile, the company generated GBP215,000 in revenue, as a result of sales made by cheminformatics firm InfoChem GmbH, which was acquired for GBP2.0 million in February.
Looking ahead, DeepMatter said that 2019 to date has been proceeding to plan, with continued discussions with several industry participants regarding further DigitalGlassware deployments.
"The acquisition of InfoChem and the additions to our team of experts has further enhanced our capabilities. We enter the second half of the year with a rapidly expanding pipeline of opportunities that will enable DeepMatter to further deploy our technology and focus on the continued monetisation of the platform. We remain confident about the future and, with a robust strategy in place, look forward to driving our vision and achieving our long-term objectives," said Chief Executive Officer Mark Warne.
Shares in DeepMatter were up 1.6% at 3.10 pence on Thursday in London.