28 July 2016 – final results
The group has announced its final results for the year to 30 April and these have revealed the first revenues from sales of the group’s Parsortix cancer detection system. Although revenues were only £0.4m and the group posted a loss before tax of £5.4m, it had cash balances of £3.8m at the year end and has raised a further £9.6m (net) in May to help fund future development. The Parsortix system is increasingly being used in the research market and following the initial sales last year, the sales pipeline is developing with selected leading institutions. Although the development at the company has been slow in the making, the fact that revenues are now being generated would seem to indicate that momentum is now building up. We re-iterate our LONG TERM BUY recommendation.