The French are not buying as many breathalyser kits as Akers Biosciences Inc hoped because the government is not imposing the proposed fines.
In the six months to June 2014, revenues dipped from $2.66m to $2.53m, while the loss jumped from $201,000 to $1.09m due to trebled admin expenses.
Sales of the PIFA Heparin/PF4 Rapid Assay edged up from $611,000 to $643,000 and there were initial revenues of $864,000. Revenues from breathalyser kits halved. Drivers are still required to carry the kits but the fact that the fine is not imposed had hit demand. Growth in this market will have to wait until the fines are properly imposed.
The $15m ($13.1m net) raised in January’s Nasdaq flotation, which has been behind some of the increase in admin costs, means that there was net cash of $11.8m at the end of June 2014.
At 232.5p a share, up 2.5p, Akers is valued at £11.4m.
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