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Digitising chemistry company DeepMatter Group reported wider losses on higher costs
For the year ended 31 December 2019, pre-tax losses widened to £3.4m from £2.0m on-year, and the company generated its maiden revenue of £1.2m.
R&D costs rose to £1.79m from £1.4m on-year.
'While the uncertainty caused by Covid-19 situation will likely have an impact on the length of contract discussions in the short-term, it is evident the opportunity for the group's technology is significant and long-term,' the company said.
'The change to working practices within laboratories caused by social distancing is highlighting the need to share scientific data both remotely and within the lab, accelerating the digitisation of the laboratory and underlining the value proposition of the DigitalGlassware platform,' it added.