(Alliance News) - Polarean Imaging PLC on Friday said its loss widened only slightly in 2020, despite a sharp fall in revenue.
The AIM-listed medical-imaging technology company said its pretax loss widened to USD6.5 million from USD6.1 million in 2019, as revenue dropped to USD1.1 million from USD2.3 million.
Polaren noted that revenue was slightly below plan, but expenses also were managed to below plan.
Administrative expenses were reduced to USD5.1 million in 2020 from USD6.0 million in 2019, though selling & distribution expenses rose to USD917,783 from USD324,791.
The company noted that it has continued to invest in its intellectual property portfolio during the year, making progress on its software and image display projects, which will come into play in the near future.
"It has been a strong year for Polarean, and we have achieved some significant milestones during the period," said Chief Executive Richard Hullihen. "We look forward to further positive updates throughout the rest of the year."
Polarean Imaging shares were trading 2.0% higher in London on Friday at 94.90 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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