WideCells Expects Growth In 2017, IPO Costs Hit 2016 Profit
News Release | NewsRoom
LONDON (Alliance News) - WideCells Group PLC Thursday said it expects a year of growth in 2017, as related to its listing last July hit its 2016 pretax profit.
The company, which provides stem cell services and for stem cell treatment, reported a pretax loss of GBP1.4 million, widened from a pretax loss of GBP211,806, mostly as a result of costs related to its initial public offering.
It reported revenue of GBP25,000, halved from GBP50,644 the prior year.
WideCells floated on the Main Market of the London Stock Exchange in July, raising GBP2 million. Since then, it said, it has made "significant progress" in commercialising its stem cell services, and commending its stem cell insurance product CellPlan.
Delivery of its first step cell processing and storage facility in Manchester is on track for the second quarter of 2017.
"I believe that our business is well placed for a value re-rate in 2017 as we bring our various work-streams over the line. We have a ready and growing market for our products and services, a first mover advantage in delivering our product and building our brand, and partnerships with best-in-class companies which ensures that our commitment to quality is achievable at all time. With this in mind, I am excited for the months ahead and look forward to providing regular updates to shareholders in the near term," said Chief Executive Joao Andrade in a statement.