(Alliance News) - Physiomics PLC on Thursday kept its outlook upbeat, despite reporting a drop in revenue in what it called a "difficult year."
Physiomics is a mathematical modelling company that supports oncology drug development. Its shares were down 14% to 1.84 pence each in London on Thursday around midday.
In the year ended June 30, revenue fell 28% to GBP597,354 from GBP830,266 a year earlier.
Its pretax loss widened to GBP572,009 from GBP358,972.
Physiomics said it was a "difficult year" for the company, with its income impacted by cost reduction measures carried out by a "major" unnamed client. It explained that the proportion of revenue derived from its largest customer fell to 35% in financial 2023 from 85% in financial 2019.
Looking forward, the company is hoping for a successful financial 2024 during which it aims to achieve a new "best-ever level" of total income, generated from its current core business and emerging biostatistics consulting offering.
It added that it has an order pipeline of potential projects that could start in its current financial year of over GBP1 million.
By Sophie Rose, Alliance News reporter
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Physiomics (PYC)