(Alliance News) - Concepta PLC on Friday reported improved results for 2019 as it highlighted a focus on expansion for 2020.
Shares in the pregnancy testing kit developer were trading 10% lower at 1.30 pence each on Friday afternoon in London.
For 2019, Concepta posted revenue of GBP31,970, up from GBP4,838 in 2018 and therefore representing a fourfold boost. Pretax loss narrowed to GBP2.5 million from GBP2.9 million, with the improvement attributed to lower costs during the year. Total administrative expenses were GBP2.0 million, down from GBP2.3 million.
Looking ahead, the company said that while it expects shirt-term reductions in revenue due to the Covid-19 pandemic, it will continue to focus on cutting costs in order to reduce its financial position. Cash at the end of December was GBP620,000.
Other areas of focus include increasing its digital marketing and education effort from mid-2020 and working towards geographical expansion.
"We will commence a focused strategic planning programme. This will allow us to identify the key growth drivers, and carry out targeted commercial feasibility on new territories, portfolios, vertical and horizontal expansion opportunities in the medium and longer-term. Following a small pilot testing programme in Germany in 2019, we will commence a broader rollout in late 2020 and early 2021. The key to a successful roll out will be building upon a proven, UK footprint, which is our primary commercial target for 2020," said Chief Executive Penny McCormick.
By Ife Taiwo; ifetaiwo@alliancenews.com
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