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Mass spectrometry instruments developer Microsaic Systems posted a first-half loss, as revenue fell thanks to the Covid-19 crisis and R&D spending rose.
Pre-tax losses for the six months through June amounted to £1.48m, compared to losses of £1.59m on-year. Revenue fell to £0.07m, down from £0.33m.
Microsaic Systems said the pandemic had disrupted its direct and partner sales channels, though progress continued to be made in generating prospects and developing partnership opportunities.
'As soon as it became apparent that product sales were likely to be significantly lower than anticipated given the impact of Covid-19, the board quickly took action to reduce operating costs and to limit expenditure to essential items,' it added.
Microsaic Systems in July put itself up for sale and said it also planned to further cut costs. It had appointed BDO as its financial adviser.
'The strategic review process commenced in August by contacting third parties which BDO and the board have identified as potentially being interested in Microsaic and its technologies and products,' the company said.