News blog
Avacta Group
- BY: Andrew Hore |
- POSTED: 03/11/2010 |
Avacta Group has more than doubled its revenue in the year to July 2010 but sales of its Optim analysis equipment are frustratingly hard to come by.
Revenues improved from £944,000 to £2.07m. The majority of revenues still come from animal health, helped by the acquisition of Reactivlab, while most of the loss comes from the biopharmaceutical division, which includes the Optim business. Avacta reduced its loss from £2.84m to £2.03m.
Avacta hopes to appoint a major US distributor for Optim in the near future.
Avacta had £1.43m in the bank at the end of July 2010, which shows how much it needed the £1.38m gross raised at 1p a share during July. There was a £1.75m outflow from operating activities and £1m of capitalised development spending in the year to July 2010.
The Midas point of care diagnostics equipment is being launched later in November.
At 0.89p a share, Avacta is valued at £12.7m.
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