York-based biotech firm, Aptamer Group, has recorded further losses but it says it is taking action to return it to profitability.

Announcing its full year results for the year ending June 30, the listed company reported an adjusted EBITDA loss of £4.7million for the 12 months ended 30 June 2023, up from £1.7million in 2021/22.

Revenue also more than halved to £1.8million from £4million the previous year.

The company has also experienced turmoil in its management, with both the return of the founder and executive chairman to the company.

Read More:

It has also raised £3.5m in capital in recent months and it moved to much larger premises purpose-built premises at York Science Park.

In a trading update, issued several days before the full year results, the company reported the new management team, which took over in August “has been working tirelessly “ to meet targets announced that month.

“The management team continues to focus on enhancing efficiency, identifying growth opportunities and increasing shareholder value and has made great strides in driving change.”

The company had experienced “a lull in customer confidence” prior to the management changes and fundraising, meaning revenues in the second half of 2023 will be lower than in the same period last year.

But since the management changes there has been “a significant improvement in consumer confidence” so the company should meet its expectations for the year.

This is helped by a ‘pipeline of opportunities’ and growing numbers of leads, giving management confidence that significant deals will be signed by the year end.

Executive chairman Steve Hull said: “I am inspired by how much progress we have made in such a short time under new management. We appreciate the support of our staff, customers and shareholders who are invaluable to us turning the business around. We are encouraged by the response from customers since the Company refinanced and we have

confidence that the team will be able to convert a number of existing pipeline opportunities, in addition to attracting a complement of new customers, to meet market expectations for the full year.”

In the full year results, the company listed deals struck throughout the year. It also reported how it had ‘rest’ its cost base at £3.5m a year and undertook process improvement programmes, as it aims to break even within two years.

Mr Hull added: “While the past year has been difficult for Aptamer, with contributory challenging macroeconomic conditions, the Company, invigorated by the new Board, is now showing good momentum and success in expanding current partnerships and winning new contracts.

“We expect to continue to build on the Company’s expertise to offer excellent services using the Optimer® platform, with a key focus of achieving a cash breakeven position over the next two years.”