Physiomics losses widen as major contract awaited
Biology services group Physiomics saw its annual losses widen throughout the year ended 30 June as second-half revenue came in below expectations.
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Physiomics' total income decreased 9% to £270,465 and led to a 20% widening of its operating loss to £530,552.
The group said on Monday the slowdown in second half revenues and profit were principally due to the timing of a major client deal that was still in term sheet discussions at the end of the period and spending on its personalised medicine project.
Physiomics said that its cash position would remain "constrained" as the company awaited the finalisation of the aforementioned contract that would secure a "significant volume of work" for the company over a multi-year period, but noted that its directors had implemented cost control measures to account for the delay.
Basic losses per share were cut back from 1.3p to 0.78p and cash and equivalents on hand rose from £138,910 on 30 June 2016 to £209,752 a year later.
As of 1115 BST, shares had plunged 11.59% to 0.973p.