Genedrive PLC on Thursday reported a widened loss but said it remains focused on investing in product development, focusing on maximising the benefits of its platform.

The Manchester-based molecular diagnostics company said pretax loss widened to £6.0 million in the financial year ended June 30 from £5.6 million the year prior.

Genedrive shares were down 24% to 5.80 pence each on Thursday morning in London.

Revenue grew 12% to £55,000 from £49,000. Research and development costs were virtually flat at £3.9 million, while administrative costs decreased 24% to £1.4 million from £1.8 million.

However, finance costs ballooned to £757,000 from just £16,000.

Looking ahead, Chief Executive Officer James Cheek said: ‘Our focus remains on pharmacogenetic testing as we continue to invest in product development focusing on maximising the benefits of our continually advancing Genedrive platform, characterised by its compactness, user-friendliness, rapid results, precision, and cost-effectiveness, qualities that makes it well-suited for extensive adoption.’

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