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Diurnal Group PLC on Wednesday reported a widened annual loss as costs, especially on research & development, surged.
Diurnal is a Cardiff, Wales-based pharmaceutical company focused on hormonal diseases.
Pretax loss in the year to June 30 widened to £19.0 million from £11.5 million a year prior. Revenue increased 7.2% to £4.7 million from £4.4 million. This was more than offset by surging costs, however.
Research & development expenditure nearly doubled to £12.1 million from £6.9 million. Selling & distribution costs rose 29% to £6.7 million from £5.2 million. Administrative expenses increased by 19% to £3.7 million from £3.1 million.
Looking ahead, Interim Chief Executive Officer Richard Bungay said: ‘The ability of the group to reach profitability in the future remains dependent on the outcome of the company's clinical trials, funding, and the pace of commercial adoption’.
Bungay was made interim CEO after the departure of Martin Whitaker back in April. Bungay had been Diurnal's chief financial officer.
Diurnal shares were 0.1% lower at 26.82 pence each in London on Wednesday afternoon.
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