Avacta reports soaring revenues

The Wetherby-based company, which spun out of the University of Leeds in 2004, moved to a new manufacturing facility in Thorp Arch earlier this year as it geared up for an increase in sales.

In the year ended July 31 2011, the group recorded underlying revenue growth of 42 per cent to £2.45m. The reported operating loss, including non-recurring expenses, amortisation and share based payment charges, was reduced to £1.13m from £2.03m the year before.

Earlier this month, Avacta struck a deal to target the booming biotech market of South East Asia with its flagship Optim device. Optim is designed to speed up and reduce the cost of drug development.

Dr Alastair Smith, the company’s chief executive Officer, said: “The board is very pleased to report on the substantial commercial and financial progress made by Avacta during the last financial year. Avacta Analytical has now established a global network of high quality distributors to accelerate the penetration of Optim into its target markets and this is working well and starting to reap substantial rewards.

“We have taken a further eight orders already this year, ahead of target, and the pipeline for the longer term continues to strengthen markedly.

“The extension of our Optim distribution agreement with Pall into South East Asia is further validation of the product and its potential and we are delighted also to be extending our collaboration with Pall into joint analytical services.

“There is scope to improve the margins of both the Optim units and consumables and these development programmes are underway and on schedule to deliver benefits during 2012.”