LONDON (Alliance News) - MedaPhor Group PLC on Wednesday set out plans to reach breakeven by the end of 2019 despite a widened loss in the first half of 2018.
The software company reported a pretax loss of GBP1.9 million for the six months to the end of June, widened from GBP1.3 million loss delivered in the same period a year earlier, as administrative expenses jumped year-on-year to GBP3.5 million from GBP2.6 million.
Revenue, however, grew 23% to GBP2.5 million from GBP2.1 million.
Sales in the UK improved by 65% during the period to GBP550,000 from GBP330,000 a year before, demonstrating recovery from a challenging 2017, MedaPhor said.
Rest of World sales also grew by 22% to GBP1.3 million from GBP1.1 million generated in a year before, following an office opening in Hong Kong. The company said it now has 18 active reseller partners in this region.
Meanwhile, sales in North America were broadly flat year-on-year at GBP660,000, but the company said it expects to see an improvement in the second half of the year, helped by a good pipeline of expected sales for its simulator products.
During the period, MedaPhor said it integrated the ScanNav artificial intelligence business, which it acquired in October last year from Intelligent Ultrasound Ltd. The company said it is progressing on plans to form a new Clinical division around the assets acquired, as the first pilots of the ScanNav software have started at two UK hospitals.
Looking forward, MedaPhor said it aims to reach breakeven by the end of 2019.
"We look forward to continuing to grow and develop the business in both our current ultrasound simulation market and the new and exciting artificial intelligence-based clinical ultrasound software market," said Chairman Riccardo Pigliucci.
Shares in MedaPhor were untraded on Wednesday, last quoted at 12.44 pence each.