Business
Preliminary Results
Preliminary Results.
About this update from Genedrive Plc
[{"type":"text","content":"\n \nRNS Number : 7517T Genedrive PLC 17 October 2017 \n\n \nFor release: 17 October 2017\ngenedrive plc (\"genedrive\" or the \"Company\")\nPreliminary Results\ngenedrive plc (AIM:GDR), the near patient molecular diagnostics company, today announces its audited Preliminary Results for the year ended 30 June 2017.\nFinancial Highlights\n● Turnover of £5.8m, up 13.7% (2016: £5.1m)\n - Strong growth in Genedrive® development income to £2.6m (2016: £2.0m) principally driven by the US Department of Defense (DoD) biohazard programme\n - Moderate increase in Service income to £3.2m (2016: £3.1m)\n● Trading loss improvement to £4.9m (2016: £5.4m) despite increased Research & Development and Administrative costs\n● Cash at 30 June 2017 of £5.1m (2016: £1.1m) post £6.0m equity fund raising in July 2016; 30 September 2017 cash of £4.2m (unaudited)\n● Loss for the year £6.4m, up 8.5% from £5.9m in the prior year reflecting an impairment charge and tax credit\n \nOperational Highlights\n● Proprietary Genedrive® Hepatitis C (HCV) test submitted for CE marking \n● Continued positive progress with the US DoD biohazard identifier programme, including extension of programme into next phase\n● Successful field trials of Genedrive® aquaculture testing programme, performed in collaboration with the Centre for Environment, Fisheries and Aquaculture Science (Cefas)\n● Disappointing uptake of MTB/RIF assay in India, in part owing to sample preparation problems specific to MTB and commercial issues\n● Name change from Epistem Holdings Plc to genedrive plc and £6m raised from July 2016 pl...