posted on interactive investor11 Apr 2011 12:53
Last updated: Mon Apr 11 11:08:19 BST 2011
11 APRIL 2011 Akers Biosciences* AKR (FTSE AIM All Share) 4p BUY (TP-10p)
Company: Daniel Stewart
Preliminary results
Akers’ 2010 preliminary results were in line with our expectations.
Revenue increased 72% to $3.1 million (2009: $1.8 million)
Gross Profit Margin increased to 58% (2009: 40%)
Adj. PAT (DSC; adjusted for non-cash share based compensation andamortisation of non-current assets), at -$0.4m, was in line with our forecast.
The company is debt free with assets in cash and cash equivalents at year end of $423k (2009: $2.6 million), which was subsequently increased by the GBP2.16 million placing in January 2011.
Moreover, the company announced that Q1-2011 revenues have exceeded those of the same period in 2010 by 68%, indicating a strong start to the year.
Also announced this morning, Akers renegotiated the technology transfer and supply agreement it had previously executed with Pulse in 2008.
In this new agreement, Akers purchased all technology relating to noninvasive Breath Condensate Collection Technology which Pulse had previously acquired from Akers.
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