GENinCode H1 revenues grow, losses unchanged YOY

(Sharecast News) - Predictive genetics firm GENinCode said on Tuesday that interim losses were unchanged year-on-year but noted that it had seen "continued strengthening of business" in the six months ended 30 June. GENinCode said first-half revenues were up 15% at £1.6m, driven by growth across the UK, EU and US business, while gross profit margins remained firm at 53%. Underlying losses were also unchanged in H1 at £2.4m.

Cash at the end of June was £2.4m, down from £2.9m a year earlier, but GENinCode said trading remained "broadly in line with the board's overall expectations for the full year", with the firm pointing to "a busy second half period" ahead.

On the operational front, GENinCode said US Food and Drug Administration De Novo discussions continued to progress, with work ongoing to close out the short list of remaining deficiencies, while collaboration discussions on potential US and EU test distribution were also said to be advancing with "a major distributor".

As of 1030 BST, GENinCode shares were up 6.49% at 1.49p.



Reporting by Iain Gilbert at Sharecast.com