News blog
Acta
- BY: Andrew Hore |
- POSTED: 06/09/2008 |
- COMMENTS: Add yours
Catalysts developer Acta says that progress is slower than it hoped.
The company’s partners have not been spending as much as expected on research and development. This has a knock on effect on Acta and it expects that its 2008 revenues will be half of earlier expectations.
Back in July, Acta said that its first half revenues had increased substantially so the shortfall has happened in the second half.
Major shareholder Sumitomo has delayed spending but the money it invested in Acta shares means that the catalysts developer has enough cash to last until mid-2010. Cost cutting will help to preserve the cash.
It appears that the spending shortfall will continue for the foreseeable future and Acta believes that commercialisation of its products may take an extra one or two years.
Acta shares fell 0.75p to 17.75p, valuing the company at £7.28m. The share price has fallen by four-fifths over the past year.
Interim figures will be released on 24 September.
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