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LONDON (Alliance News) - NetScientific PLC posted widened pretax losses in its first interim results for the half year ended June 30 following its restructuring and listing on AIM.
For the half year ended June 30, the medical technology company posted a pretax loss of GBP1.0 million, widened from GBP840,000 in the previous year. Administrative expenses increased to GBP1.0 million from GBP787,431 due to legal costs and tax advice as it re-organised ahead of its initial public offering.
The company floated on AIM this month and raised GBP30.0 million in its initial public offering. It says that it will use the net proceeds for working capital and to accelerate its portfolio companies WANDA Inc and Vortex BioSciences Inc.
The company said that trading remained in line with market expectations, and that it was confidence in achieving progress in the second half of the year.
NetScientific shares were untraded early Friday at 159.5 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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