Microsaic Systems PLC on Tuesday resumed to trading on AIM after releasing its 2022 results, as well as earnings for the first half of 2023.

Shares in the Surrey-based developer of real-time mass spectrometers had been suspended since June 29, after it failed to publish its 2022 results on its deadline of June 30, 2023.

Its shares multiplied to 1.50 pence each in London on Tuesday afternoon.

Microsaic said pretax loss narrowed to £2.5 million in 2022 from £3.4 million a year prior, driven by a 73% boost in revenue to £1.6 million from £906,876 the year before.

As for the first six months of 2023, Microsaic said pretax loss widened to £1.2 million from £823,957 a year ago, as research and development expenses grew 42% to £312,637 from £219,491.

Revenue declined 81% to £139,404 from £734,914 in the corresponding six-month period the year before.

Chair Bob Moore noted that 2023 was ‘a very difficult year for the company’, but that ‘the research and development work by our talented technical team and substantial investment over many years has resulted in novel detection technologies that are now ready for commercial testing and deployment into the market.’

Further, the company said it raised £2.1 million via placing 169.0 million shares at 1.25 pence each.

Looking ahead, he added that the company expects to collaborate with large original equipment manufacturers and expects to conclude commercial testing of its novel ProteinID detection technologies during 2024.

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