Trading losses at genedrive - the near patient molecular diagnostics company - narrowed to £4.9m in the year to the end of June from £5.4m last time, despite increased research & development and administrative costs.
Turnover rose by 13.7% to £5.8m on the back of strong growth in Genedrive development income to £2.6m (2016: £2.0m) principally driven by the US Department of Defense (DoD) biohazard programme and a moderate increase in service income to £3.2m (2016: £3.1m).
Chief executive David Budd said: 'During the year, we have continued to follow a disciplined approach to executing our strategy to become a near patient molecular diagnostics company.
'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.'