LONDON (Alliance News) - ViaLogy PLC Monday said it is going to seek new funding to push ahead with an expansion through new partnerships and a restructuring of the business, as it reported narrower loss for its last financial year but warned it also needs money to support its current business.
The company, which raised GBP1.4 million through a placing in February, said it is evaluating a number of initiatives to provide a firm financial future for the company, without giving any details, and warned that there would be uncertainty about it continuing as a business if it can't raise new funds.
"The directors are agreed that for ViaLogy to maximise its full commercial potential the way forward now is to establish strong partnerships with companies already well established and respected in their fields," Chairman Terry Bond said in a statement.
"It is now vital that, to cope with the anticipated increase in demand for our services, we ensure that our company has the right operational organisation and that it is supported by a firm financial base," he added.
In its earnings report, ViaLogy reported a net loss of GBP4.7 million for the year to March 31, compared with a loss of GBP4.9 million a year earlier, as revenues rose to GBP257,681, from GBP51,256.
The company's shares were down 21% at 0.75 pence early Monday, one of the biggest declines on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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