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Avacta Group PLC - Cambridge, England-based drug developer and diagnostics company - Posts widened loss in 2021. Pretax loss expands to £29.2 million from £18.9 million in 2020. However, revenue rises to £2.9 million from £2.1 million. Like the year before, there will be no dividends.
The increased loss is mostly due to higher costs in research & development. Research costs rise to £13.5 million from just GB8.9 million the year before, while manufacturing costs come in at £2.1 million, versus nothing a year ago.
Loss per ordinary share amounts to 10.6 pence, widened from a loss of 7.3p in 2020.
‘We are now developing a pipeline of in vitro diagnostic products as well as improving the performance of our antigen test for Covid-19 to ensure it can be commercialised as soon as possible.
‘We are confident and excited about the immediate and long-term future prospects of the group,’ comments Chief Executive Officer Alastair Smith.
Current stock price: 70.26p, up 9.8% on Wednesday
12-month change: down 73%
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