AorTech International posts decline in interim revenue

Intellectual property group AorTech International said its performance in the first half of the year was in line with forecasts, despite a decline in revenue.

In the six months to 30 September, revenue fell 27.5% year-on-year to $380,000 (£252,000), while the company’s operating loss narrowed 10.2% from the first half in 2014 to $193,000.

The London-listed firm added it booked $360,000 worth of finance costs relating to loan interest after shareholders in September gave the green light to the company’s plans to approach loan note holders to convert their residual interest into ordinary shares.

"This charge recognises the full cost of the shares to be issued, less the provisions previously made," said group chairman Bill Brown.

Meanwhile, AorTech continued to make progress and its manufacturing licensee had a growing prospects list, Brown added.

“We recently commissioned a detailed report from a world leading biomaterials expert to review the potential of AorTech's IP portfolio,” he said.

“The report is extremely positive in that the Elast-Eon family of materials continues to be the leading material for implantable medical devices.”

AorTech shares were down 7.24% to 26.90p at 1253 GMT on Friday.