- First-half pre-tax loss of £1.6mn
- Fair valuation of portfolio down from £41.8mn to £35.5mn (151p)
- Post-period-end disposals improve cash position
Aim-traded investment company Netscientific's (NSCI:60p) headline losses mask an improving trading performance.
More than three-quarters of the flat first-half operating loss of £1.6mn was due to the consolidated losses of two subsidiary companies: Glycotest, a Philadelphia-based liver disease diagnostics company that is commercialising new and unique blood tests for life-threatening liver cancers and fibrosis-cirrhosis; and ProAxsis, a commercial medical technology company with a focus on respiratory diagnostics. Importantly, both companies are being funded by third-party sources as they move towards the commercialisation stage and do not require funding from Netscientific. Excluding Glycotest and ProAxsis, the group operating loss more than halved to £0.3mn.