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LONDON (Alliance News) - Scientific Digital Imaging PLC saw its shares fall Monday, after it said it swung to a loss in its last financial year, on the back of lower revenue and higher costs.
The AIM-listed provider of digital imaging equipment to the scientific community reported a pretax loss of GBP38,000 for the year ended April 30, compared with a pretax profit of GBP213,000 a year earlier.
The company said its pretax profit was hit by a number of reorganisation and acquisition costs, as well as a hit from foreign exchange movements, but said it has continued to implement a number of on-going cost efficiencies in the new financial year.
Revenue in the year fell by 9.1% to GBP7.0 million, down from GBP7.7 million a year earlier, mainly due to weaker sales of its Syngene instrumentation on the back of increased pricing competition in the scientific market place.
"The board expects to make steady progress over the coming financial year as we continue to pursue our strategy of organic and acquisitive growth," said Chairman Ken Ford in a statement.
The company spent GBP687,000 on research and development in its last financial year or 9.8% of sales, up from the GBP600,000 it spent a year earlier.
The company's stock was down 7.7% at 12.00 pence late morning Monday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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