Oxford Nanopore Technology has spike in revenue but losses up more than £100m
A UK-based technology research firm has had spike in revenue by £30m, but an almost £100m loss from 2020.
Oxford Nanopore Technologies, which develops state-of-the-art technology to analyse individual molecules, increased its intake to £134m in 2021, up from £114m.
The company’s gross profit was up from 41 per cent to almost 55 per cent, while the overall loss for the end of 2021 was £167m, an increase from £61m in 2020. Nanopore also reduced its covid testing revenue from almost £50m to just £6.7m.
It put the losses down to “continued investment in the business to support sustainable long term growth” and “share based payment charge and IPO (Initial public offering) costs.”
“We are proud of all that we achieved in 2021. We saw a significant increase in both existing and new research customers using our technology to address some of the world’s biggest problems, from cancer and human genomics to public health and environmental genomics” said chief executive, Gordon Sanghera.
He also heralded “the increase in scientific publications citing our technology” by a 29 percent increase, adding that it is looking for “potential uses for our technology in applied markets, from infectious disease to agricultural optimisation.”