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Creo Medical Group PLC on Friday posted a widened half-year loss as administrative costs rose, but added it is taking steps towards profitability.
Pretax loss in the six months to June 30 widened to £16.0 million from £11.4 million a year prior.
Revenue climbed 5.7% to £13.6 million from £12.9 million. This was more than offset by administrative expenses surging 31% to £22.5 million from £17.2 million, the Chepstow, Wales-based medical device company reported.
Meanwhile, the firm said it is taking ‘significant steps towards a positive cashflow and profitability’.
Creo explained: ‘We are on-track with our current business strategy with the commercialisation of Creo's core technology along with our existing distribution sales helping to reduce the cash burn and get us closer to positive cash generation.’
The firm said it has planned activities up to and beyond 2025.
Creo Medical shares were 0.7% higher at 68.48 pence each in London on Friday morning.
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