(Alliance News) - Oxford BioDynamics PLC on Tuesday reported a widened loss for the first half of financial 2020, but expressed confidence in its financial position amid the Covid-19 pandemic.
Shares in the epigenetic biomarker developer were trading 1.1% lower at 62.84 pence each on Tuesday afternoon in London. Year-to-date the stock is down 46%.
For the six months ended March 31, the Oxford-based company posted revenue of GBP188,000, down significantly from GBP574,000 the year prior. Pretax loss was GBP2.3 million, widened from GBP1.6 million.
The widened interim loss was attributed to a rise in costs.
Operating expenses were GBP2.5 million, up from GBP2.1 million in the comparative period. Staff costs increased to GBP1.2 million from GBP1.1 million due to a number of senior appointments since March 2019, as well as salary increases for existing staff. Research and development costs were GBP279,000, up from GBP203,000.
Looking ahead, Chief Executive Jon Burrows said that while the pandemic and related restrictions has resulted in delays to certain existing projects, he remains positive of the company's future prospects.
"Notwithstanding these issues, the group is in a strong position to navigate the current crisis, with cash and fixed-term deposits at March 31 of GBP13.9 million, sufficient to fund planned activity for several years. In the remainder of the year, we expect to emerge from the immediate effects of the pandemic with renewed organizational focus, building on the group's progress to date for significant growth in 2021 and beyond," Burrows said.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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Oxford Biodyn (OBD)