DIAGNOSTICS specialist Avacta Group today said it had achieved solid progress over the last financial year, despite suffering a slight increase in losses.
In the year ended July 31 2012, the Wetherby-based company achieved group revenue growth of 28 per cent to £3.13m. Revenues from the animal health business grew by 23 per cent to £1.49m.
However, the reported loss before tax increased to £1.6m, from £1.12m the year before. Avacta has created Optim, a device which is designed to speed up and reduce the cost of drug development. Avacta claims it delivers vital information much faster than other approaches using smaller samples.
Alastair Smith, the chief executive, said: “Despite a challenging economic backdrop we have seen solid commercial progress in the year. I am also pleased to report that the major development programmes have also delivered: the re-engineering of Optim to reduce build cost and improve robustness has been completed..Avacta is in a strong position and funded to deliver product development over the next couple of years that will support the group’s longer term value growth. In the short term the general economic situation remains challenging but I look forward to being able to report substantial progress over the coming financial year.”
Avacta has backed calls for a dedicated medical park in Leeds. It moved from York to Thorp Arch business park in Wetherby last year. It floated on the Alternative Investment Market in 2006.