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Medical-device businesses owner AorTech International reported a higher royalty income and said that R&D spending was exceeding its expectations, but added that liquidity had improved.
For the financial year ended 31 March 2020, polymer licensing and royalty revenue increased from £463k to £490k and
Investment in research and development increased over the year and, despite this additional investment, the company's year-end cash resources stood at £1.98m compared with £2.4m at the same stage last year, representing cash burn of a little over £400K during the year, the company said.
'Regarding the impact of Covid-19 on the RUA Medical business, we continue to monitor the opening of elective surgery in the US and are well positioned to recommence supply to meet customer orders,' it added.
At 9:05am: (LON:AOR) AorTech International PLC share price was +17p at 91p