LONDON (Alliance News) - LiDCO Group PLC on Tuesday reported a slight reduction in its annual loss despite revenue dipping due to costs associated with the roll out of its High Usage Programme.
For the year ended January 31, the hemodynamic monitoring company posted a pretax loss of GBP2.1 million, narrowed from GBP2.2 million a year ago.
Revenue slipped to GBP7.3 million from GBP8.3 million a year prior, with LiDCO product revenue, excluding third party products, down 10% to GBP6.2 million from GBP6.9 million.
The revenue dent was due to a series of "non-recurring factors", the company explained, including the roll-out of its High Usage Programme, HUP, which "delivered good progress".
HUP deferred revenue rose 28% to GBP770,000 from GBP600,000.
"Whilst this transition has had a short-term impact on revenues, the group is now well-positioned for strong growth in the current financial year," LiDCO added.
Looking ahead, the company said it remains focused on exploiting the "large number of opportunities identified by the introduction of its differentiated HUP model".
The company's board expects "significant" revenue growth in the current financial year, while operating expenses are expected to remain "broadly stable".
LiDCO shares were trading up 6.2% at 4.30 pence each on Monday morning.
