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Mass spectrometry instrument developer Microsaic Systems it had boosted its revenue substantially, owing to a new business model.
Revenue for the six months through June had risen to £0.50 million, up from £0.07 million in the first half of 2020 and £0.33 million in the first half of 2019.
'I am thrilled to report this transformational performance for the first half of 2021, after the effects that the Covid-19 lockdown had on our customers, employees in 2020 and the financial strain this placed on the company,' chief executive Glenn Tracey said.
'The new commercial strategy of collaborating, partnering and revenue sharing has moved the company away from equipment-only sales.;
'We are now offering integrated real-time data analytics with AI alongside our mass spectroscopy hardware, providing complete solutions such as in-field environmental testing and on-site human diagnostics.'
'The change of strategy and adjustment to a revenue sharing business model has demonstrated solid evidence of sales growth which is expected to continue into the second half.'
Tracey said the company remained cautious on short-term forecasting, given ongoing uncertainties on effects of further waves of Covid-19.
'Accordingly, we will consider whether it is appropriate to reinstate guidance to analysts after publication of the interim results, which is expected to take place during the autumn,' he said.
'However, prospects over the mid-term are looking more positive, with the encouraging first half results being more reflective of the company's potential, and we look forward to our next scheduled performance update.'