LONDON (Alliance News) - MedaPhor Group PLC posted a widened loss for the half-year to the end of June as it invested in establishing a US subsidiary and bolstered its UK and US operations, in its first results since listing on AIM in August.
The medical simulation company posted a pretax loss of GBP756,411, widened from a loss of GBP134,072 a year before, as revenue rose to GBP662,242 from GBP601,891, and it saw higher administrative expenses.
Higher costs were related to its investment in its US operations, research and development sales, marketing costs, legal and professional costs and the strengthening of its management team ahead of its listing.
Medaphor said its focus for the first-half of the year has been expanding and developing its range of ScanTrainer simulation products, bolstering its sales teams, and establishing a trained distributor network outside of the UK and US. In January it established its US subsidiary, MedaPhor North America Inc.
In January it also launched its first radiology-based training modules for its ScanTrainer TAS system, which it said had expanded its product range into the large general medical scanning market.
The company raised GBP4.7 million in its initial public offering, and said that it would use these funds to increase the reach of its global sales and distribution network, as well as continuing to develop its ultrasound simulator systems.
Shares in Medaphor were trading 1.7% higher at 59.00 pence per shareWednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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