(Alliance News) - Microsaic Systems PLC announced on Monday it had returned to its pre-pandemic revenue level but noted that its order backlog will be shipped early this year.
Shares in Microsaic were down 14% at 0.168 pence on Monday in London.
The Surrey-based mass spectrometry equipment company said it expects to report revenue of GBP900,000 for 2021, reflecting a significant increase from GBP200,000 the year before and a 3.4% increase from its pre-pandemic 2019 revenue figure of GBP870,000.
Microsaic said that orders for the year exceeded GBP1 million, explaining that the second half of the year saw a strong intake of fresh orders which was driven, in part, by a newly secured instrument and service business in the environmental and human health sector.
The company added its order backlog remaining from 2021 will be shipped early this year. Microsaic explained the delay was due to global supply chain pressures resulting from Covid-19. It said that it is working hard to mitigate any further disruption to its key supply chains.
Microsaic did not state in what year revenue from these shipped orders would be recognised.
By Heather Rydings; heatherrydings@alliancenews.com
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Microsaic (MSYS)