Physiomics Plc (LON:PYC) saw revenues almost double last year, bolstered by the signing of a lucrative contract with German firm Merck KGaA.
The company, whose technology can help to predict the effect of a drug on cancer, saw its total income jump 90% to £513,000 in the year ended June 30 (2017: £270,500).
WATCH: Physiomics reports record year of income with significant contract wins
The growth translated to the bottom line, with the loss after tax more than halving to £183,341 (2017: £400,500).
As part of the multi-year, £440,000 agreement with Merck KGaA (not that Merck), Physiomics will provide various consulting services.
During the period, the company also signed contracts with two other “large” pharmas worth just over £100,000, while it struck deals with a couple of biotechs worth a similar amount.
Off to a good start in new year
“The company made considerable progress last year and there is a renewed sense of momentum in the business,” said chairman Paul Harper.
“This success is underpinned by acceptance of the use of modelling and simulation in the R&D process and the evolution of our Virtual Tumour technology to take advantage of this.
He added: “This performance has continued into the new financial year with a healthy pipeline of new opportunities underpinned by existing contracts.”
A placing back in May and a second grant from Innovate UK have helped to top up the company’s coffers, with Physiomics holding cash and cash equivalents of £572,000 (2017: £210,000) at the end of the period.