Avacta Group bullish on outlook

Diagnostic technology provider Avacta Group posted a jump in 12-month revenues and predicted substantial progress over the coming financial year.

Group revenue grew 28% to £3.13m, but saw its operating loss widen to £1.64m, from £1.13m the year before.

This amounted to a loss per share of 0.04p, unchanged from the previous year.

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Total revenue included £1.64m from Avacta Analytical assisted by the contribution of the 21 Optim installations and associated consumables and £1.49m from Avacta Animal Health.

However, the firm said it was disappointed in the delay to the commercial launch of its AX.1 point-of-care immunoassay system.

"The group has clear visibility on its short and long term commercial, technical and financial objectives and has a solid platform from which to achieve them," said Chairman Gwyn Humphreys.

"The board anticipates substantial progress across its operations in the current financial year."

MM