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Medical device group Circassia narrowed annual losses as cost cuts offset a fall in revenue amid a pandemic-led drop in patient testing activity.
For the year ended 31 December 2020, pre-tax losses narrowed to £18.4 million from £27.6 million year-on-year, while revenue fell 31% to £23.9 million.
The COVID-19 pandemic impacted recurring revenue by restricting patient testing, but there had been a recovery by the end of year, with Q4 2020 revenues 91% of Q1 2020 revenues, the company said.
The company is now debt free and has net cash.
'While it remains challenging to predict short-term business performance during the COVID-19 pandemic, we are cautiously optimistic following early signs of recovery in Q1 2021 trading in our Clinical business,' the company said.
At 9:00am: (LON:CIR) Circassia Pharmaceuticals Plc share price was 0p at 26p