Mass spectrometry instruments developer Microsaic Systems said on Tuesday that unaudited revenues had surged year-on-year, partly due to its new business model.
Microsaic stated unaudited revenues had hit £499,000 in the six months ended 30 June, up 594% on 2020 levels and 52% higher than its pre-pandemic showing in 2019.
The AIM-listed group cited its strategic shift away from independent development to a commercial strategy with external partners as part of the reason for its strong first-half performance.
Chief executive Glenn Tracey said: “Given the ongoing uncertainties over the effects of further waves of Covid-19 across multiple geographies, the Board remains cautious on short-term forecasting. 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.
“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.”
As of 0820 BST, Microsaic shares were up 4.44% at 0.26p.