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Skin-focused biotech group Integumen posted a full-year loss as expenses offset a rise in revenue.
Pre-tax losses for the year through December amounted to £2.4m, compared to losses of £1.5m on-year.
Revenue, including pre-acquisition Rinocloud revenue, jumped to £1.0m, up from £0.3m on-year.
'This has been another transformational year for Integumen,' chairman Ross Andrews said.
'Building on an already successful business model, better than expected sales growth from higher revenues per client, lower management overhead from disposal of non-performing assets, and expansion into new areas requiring an increase of both employees and capacity, have set the business on a strong footing for 2020.'
'Covid-19 presented challenges but also major opportunities for Integumen.'
'The initial difficulties that the board had assumed would occur for Labskin business, as many clients went into furlough, have not materialised.'
'Instead, we have seen significant growth of new business opportunities from our real-time water contamination detection and environment sector solutions, contributing to increased demand with additional staff recruited over the lock-down period.'
'The outcome has resulted in an increase of new and core business from Labskin clients as they emerge from furlough.'
'The current level of pipeline activity continues to expand. Having integrated the data analytics and AI systems into the Labskin AI eco-system, by year-end the board provided guidance for 2020 revenues of £4m.'
'Orders of £2m have already been received and the board remains confident that the business will continue to flourish as demand grows and as we expand our offering across multiple, but related, sectors.'
At 9:25am: (LON:SKIN) Integumen Plc Ord 1p share price was +0.03p at 1.83p