IN BRIEF: Avacta widens annual loss on research, manufacturing costs

Avacta Group PLC - Cambridge, England-based drug developer and diagnostics company - Posts ...

Alliance News 6 April, 2022 | 9:23AM
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Avacta Group PLC - Cambridge, England-based drug developer and diagnostics company - Posts widened loss in 2021. Pretax loss expands to GBP29.2 million from GBP18.9 million in 2020. However, revenue rises to GBP2.9 million from GBP2.1 million. Like the year before, there will be no dividends.

The increased loss is mostly due to higher costs in research & development. Research costs rise to GBP13.5 million from just GB8.9 million the year before, while manufacturing costs come in at GBP2.1 million, versus nothing a year ago.

Loss per ordinary share amounts to 10.6 pence, widened from a loss of 7.3p in 2020.

"We are now developing a pipeline of in vitro diagnostic products as well as improving the performance of our antigen test for Covid-19 to ensure it can be commercialised as soon as possible.

"We are confident and excited about the immediate and long-term future prospects of the group," comments Chief Executive Officer Alastair Smith.

Current stock price: 70.26p, up 9.8% on Wednesday

12-month change: down 73%

By Tom Budszus; tombudszus@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Avacta Group PLC 49.00 GBX -1.01 -

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