Physiomics revenue rises, losses narrow in first half
By Josh White
Date: Thursday 07 Mar 2024
(Sharecast News) - Physiomics reported revenue of £0.37m in its interim results on Thursday, up from the £0.34m it recorded a year earlier.
The AIM-traded firm said its total income reached £0.38m for the six months ended 31 December, including other operating income such as grant income, making for a slight elevation from the prior period's £0.35m.
It recorded a lower operating loss of £0.24m compared to £0.29m in the prior period, while cash and cash equivalents decreased to £0.4m from £0.5m, with shareholders' funds amounting to £0.67m as of the end of December, down from £0.76m a year earlier.
The increment in total income was put down to a £36k rise in client revenues and an early contribution from an Innovate UK grant.
It said the operating losses were mitigated by increased revenues and cost efficiencies, including optimised use of permanent staff and the relocation to flexible office space.
Furthermore, the company diversified its client base, reducing reliance on a single large client and expanding consultancy services to various clients.
About 33% of revenue originated from new clients, reflecting a shift towards a more balanced mix of repeat and new business opportunities.
On the operational front, Physiomics won follow-on contracts from existing clients including Bicycle Therapeutics, Merck KGaA, and Numab Therapeutics, along with the appointment of Dr Peter Sargent as its chief operating officer, who subsequently transitioned to chief executive officer.
The company also unveiled plans to establish a biostatistics service line and secured an Innovate UK grant to enhance its personalised dosing tool.
Looking ahead, Physiomics said it was optimistic about meeting market expectations, supported by the expansion of its client base, continuous innovation, and strategic initiatives like the development of a biostatistics service line.
At 0933 GMT, shares in Physiomics were down 2.86% at 1.36p.
Reporting by Josh White for Sharecast.com.
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