LONDON (Alliance News) - NetScientific PLC on Friday said its loss narrowed in the first half of 2018 following a decline in operating costs.
The healthcare investment company said its pretax loss narrowed to GBP4.6 million in the six months to the end of June from GBP5.1 million reported for the same period a year ago.
Research & development expenses came in lower year-on-year at GBP1.9 million compared to GBP3.1 million, and selling, general & administrative costs reduced to GBP2.3 million from GBP3.0 million.
During 2018, three portfolio companies reached commercial stage, thus reducing research & development costs, NetScientific explained.
Meanwhile, revenue was GBP126,000 compared to GBP164,000 in the first half of 2017.
The Group ended the period with net assets of GBP14.7 million, representing an increase from the position at the end of 2017 of GBP10.8 million. The increase in net assets resulted from unrealised fair value gains of GBP3.8 million, the company said.
"We are pleased with the progress our portfolio companies have made in the first half of this year, and expect several key value inflection points to occur in the next 12 months," said Chief Executive Francois Martelet.
Shares in NetScientific were untraded on Friday, last quoted at 31.25 pence each.