Physiomics confident despite weaker first half

7th Mar 2023 17:05

(Sharecast News) - Oncology consultancy firm Physiomics reported revenue of £0.34m in its first half on Tuesday - a slight decrease from the £0.37m reported in the same period a year earlier.

The AIM-traded company said total income for the six months ended 31 December was £0.35m, down from £0.4m year-on-year.

Its operating loss for the period was £0.29m, widening from £0.17m.

The firm's cash and cash equivalents totalled £0.5m as at 31 December, a drop from £0.79m at the same time a year earlier.

Shareholders' funds were reported at £0.76m, down from £1.08m over the same period.

"The company has significantly enhanced its sales and business development process under its new business development lead, resulting in better management and tracking of the pipeline and higher conversion rates into projects," the board said in its statement.

"At least partly as a result of this, the company has significantly diversified its client base over the course of the last year, with approximately 62% of its total revenue for this half being derived from six small-to-medium sized clients, compared with four representing 33% of revenues in the comparable previous period.

"We are looking forward to a solid second half - historically stronger due to absence of summer and Christmas holiday periods - underpinned by significant contracted revenues from Merck, Bicycle Therapeutics, CRUK and Ankyra, as well as other potential projects which are currently in late-stage discussions."

At 1614 GMT, shares in Physiomics were down 10.75% at 4.15p.

Reporting by Josh White for Sharecast.com.