(Alliance News) - Genedrive PLC on Thursday reported an improved performance in its most recently ended financial year.
The molecular diagnostics company reported a narrowed pretax loss of GBP4.5 million for the year to the end of June compared to GBP7.8 million loss a year earlier, as revenue grew by 22% to GBP2.4 million from GBP1.9 million.
During the year, the company said its revenue grew on the back of its on-market assays - Hepatitis C and tests for the US Department of Defense - and "good" progress made within its new product development programmes.
Despite the positive progress overall, Genedrive said commercialisation of its Hepatitis C assay has lagged behind expectations, principally owing to a slower than anticipated rate of country registrations and the overall level of funding for Hepatitis C drugs and diagnostics.
Genedrive said it remained focused and positioned to exploit opportunities in low- and middle-income countries with its Global Health assays and in developed markets with its military and hearing assays.
"With two assays now on market and two assays in development, we continue to make good progress on delivering our strategy," said Chief Executive David Budd, "we look forward to an exciting future."
Genedrive shares were trading 9.1% higher in London on Thursday at 18.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Genedrive (GDR)