Genedrive PLC (LON:GDR) has revealed a 13.7% rise in turnover, for the twelve months ended June 30, thanks to a rise in development income and moderately better services income.
It is the first full financial reporting period since the company, formerly Epistem Holdings, was rebooted last July.
READ: Genedrive advances after signing distribution deal with Sysmex Europe
Principally because of the US Department of Defense (DoD) biohazard programme, the group’s development income amounted to £2.6mln, up from £2mln in the previous year, while services increased to £3.2mln from £3.1mln.
The financial results marked a smaller trading loss at £4.9mln compared to £5.4mln in 2016.
That said, research and development costs increased in the period, and so did general admin expenses. After an impairment charge was recorded and tax credits, the company made a loss of £6.4mln which represents an increase of 8.5% from £5.9mln in 2016.
Operationally there were a number of highlights, however, with progress made for a Genedrive Hepatitis C test and successful field trails were conducted for a Genedrive aquaculture testing programme.
Genedrive also noted continued positive progress with the US DoD biohazard identifier programme, where during the period the programme was extended into the next phase.
"During the year, we have continued to follow a disciplined approach to executing our strategy to become a near patient molecular diagnostics company,” said David Budd, chief executive.
READ: Molecular diagnostics specialist Genedrive has hepatitis landmark in sight
“We achieved significant milestones particularly in HCV where the CE marked Genedrive® HCV ID kit positions the company as first to market with an affordable and cost effective decentralised HCV test.
“With a strong commercial partner now in place for HCV in EMEA, we look forward to beginning commercialisation activities in certain markets for this important new assay.
“Overall, the board is encouraged by the growing momentum in the business and the outlook for Genedrive PLC."
In the current period, indeed just yesterday, the group revealed it had entered into a distribution agreement with Sysmex Europe for its Hepatitis C test.