Physiomics Share News (PYC)

(Sharecast News) - Oncology consultancy Physiomics said on Tuesday that interim losses had widened despite posting an improvement in revenues.

Physiomics reported revenues of £343,000 for the six months ended 31 December, up 5.8% year-on-year, but operating losses widened to £118,000 from £113,000 as a £48,000 grant received in the tail end of 2018 created tougher comparatives.

The AIM-listed group said second-half revenues for the last two financial years had "significantly exceeded" those seen in the first half and added that its board expects this trend to continue in the current financial year.

Looking forward, Physiomics said it was expecting a "solid" second half, underpinned by significant contracted revenues from Merck, Bicycle Therapeutics and CellCentric, as well as other potential projects with existing and new clients.

Physiomics also said it had been awarded two further contracts of undisclosed value with existing client Bicycle Therapeutics, building on the two projects announced with the company in 2019.

At 1355 GMT, the shares were up 11% at 2.44p.