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(Alliance News) - Physiomics PLC shares fell on Tuesday, after it lowered its full-year outlook by more than 10%.
Physiomics is a London-based oncology consultancy, which uses mathematical models to support the development of cancer treatment regimens and personalised medicine solutions.
Its shares were down 17% to 2.24 pence each in London on Tuesday around midday.
Physiomics said it now expects total income for the financial year ending June 30 to be more than 10% lower than the GBP750,000 given in its previous guidance. It now expects total income to be about GBP660,000. This is 27% lower than the total income of GBP900,707 reported in financial 2022.
It explained that this is due to unforeseen delays in data delivery to Physiomics for contracted projects and the signing of a project with a potential new client.
The company said the delayed contracted projects are still expected to completed in and contribute to its income for the next financial year ending 30 June 2024. It also expects the potential new client project to be signed this calendar year, although it cannot be guaranteed.
Chair & Chief Executive Officer Jim Millen said: "Despite a significant and unanticipated reduction in demand from one large client this financial year, the progress we've made in diversifying our portfolio of clients has partially offset the effects.
"There remains a strong interest in modelling and simulation services driven by the expectations of regulators and I believe that we are well positioned to take advantage of interest generated by recent activities, such as our project Optimus webinar and podium presentation at AACR which could add significant value from FY24 onwards."
By Sophie Rose, Alliance News reporter
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