(Alliance News) - Agronomics Ltd on Thursday said its annual loss widened significantly mainly due to a rise in operating expenses.
Shares in the company were down 14% at 9.25 pence each on Thursday afternoon in London.
The investment company - which focuses on opportunities within the industry of cellular agriculture - said pretax loss for 2019 widened to GBP493,493 from GBP17,357 loss a year ago.
Agronomics said that although income increased to GBP84,262 from GBP53,307 in 2018, operating expenses jumped to GBP577,782 from GBP82,740 in 2018.
The increase in operating expenses was attributed to professional fees relating to the investments acquired and fundraises completed during the year. Following the fundraises, commissions of GBP239,940 were paid, considered to be a one-off cost.
Looking ahead, Agronomics said it would continue to invest in new opportunities within the life sciences sector.
"There have been seven new additions to our portfolio in the first half of the financial year, as well as follow-on investments into BlueNalu. Our current investment portfolio shows considerable promise for future growth given the scale of opportunity to invest in the nascent alternative foods sector, and we will continue to seek new opportunities," said Agronomics Chair Richard Reed.
BlueNalu is a food company producing seafood directly from fish cells, and it "offers a wide array of sustainable seafood", said Agronomics.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Agronomics (ANIC)