LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC on Friday said it swung to a loss for the first half of its financial year, as research costs increased.
For the first half to September 30, the company reported a GBP523,000 pretax loss compared to a GBP1.3 million profit a year prior.
The loss was partly due to an increase in research & development costs to GBP1.3 million from GBP920,000.
Revenue dipped to GBP18.5 million from GBP18.7 million year-on-year.
Looking ahead, the company said it is concerned by the "increasing likelihood" of a no-deal Brexit.
"In common with most UK businesses, we view the impending Brexit deadline and increasing likelihood of a deal not being approved by the UK parliament with increasing concern. Our key area of focus in the event of "no deal" is on ensuring that we will be able to continue to service our customers through the Brexit date of March 2019," the firm said.
Furthermore, the company is focused to returning to profitability.
"Our target for financial 2019 continues to be returning the business to revenue growth on a like-for-like basis, for the first time since financial 2014," the firm said.
Immunodiagnostic Systems shares closed 2.2% lower on Friday at 205.44 pence each.
