Microsaic Systems PLC (AIM:MSYS) reported a wider pretax loss for 2021 due to higher costs but said it expects revenue growth in 2022.
Pretax loss for the AIM-listed mass spectrometry instruments developer was £3.40mln, compared with £2.59mln in the previous period.
The company attributed higher expenditure to increased staff numbers following redundancies in 2020 and the restoration of employees' salaries to pre-pandemic levels.
Revenue rose 357% to £0.91mln from £0.20mln, whereas EBITDA loss was £1.77mln, down from £2.17mln in 2020.
"2021 was transformational with a new board, new business model and the financial injection that has delivered significant progress in the ongoing move from product sales to customer-centric service solutions in human and environmental health," said executive chair Gerry Brandon.
"This has resulted in the identification of multiple sources of revenues that are expected to maintain growth this year and into 2023."
Orders exceeded £1mln, the largest increase since 2013, with the order backlog of £125,000 at year-end for shipping in 2022.
The company said it has moved beyond selling equipment and consumables to focus on generating sustainable, recurring revenues from multiple sources.