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Grafenia said annual losses more than doubled as higher staff costs offset increased revenues.
For the year ended 31 March 2019, pre-tax losses widened to £3.2m from £1.2m a year earlier as revenues increased by 9% to £15.96m.
Staff costs increased to £6.08m from £4.56m a year earlier.
As a result of changes to its cost base, the company said it estimated to breakeven on a monthly EBITDA run rate during the current financial year. The company also reiterated that it would continue to target an EBITDA margin of 10-15% in the medium term.
At 8:56am: (LON:GRA) Grafenia share price was +0.5p at 12p