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Mass spectrometry developer Microsaic Systems posted a full-year loss a rise in revenue was offset by higher R&D spending.
The company, however, said sales had slowed in the new year thanks to the spread of the coronavirus.
Pre-tax losses for the year through December amounted to £3.1m, compared to a loss of £3.0m on-year. Revenue rose 51% at £0.87m.
The company said it had seen significant progress in traditional small molecule chemical and pharmaceutical markets, with four new agreements signed during the year.
Those new agreements brought the total number of original equipment manufacturer and distribution agreements to 12.
'Good progress has continued to be made with signing new partners,' Microsaic Systems said.
'The first part of the year has, however, had a slow start for orders and sales as commercial activities have been impacted, especially in China, SE Asia and other markets affected by the macroeconomic and local impact of the Covid-19 virus.'
'Nonetheless, the board believes that there will be further revenue growth in these territories in 2020, provided normal commercial activities resume fairly soon.'