StockMarketWire.com - Diagnostics group Yourgene Health booked a deeper annual loss, as investment spending and an impairment charge more than offset a rise in sales.

Pre-tax losses for the year through March amounted to £12.0 million, compared to year-on-year losses of £3.4 million.

Revenue rose 10% to £18.3 million, with Covid-related revenues and European non-invasive prenatal testing growth offsetting international pandemic headwinds.

Yourgene said it had invested £2.4 million of additional expenditure in future growth projects.

Losses also reflected a goodwill impairment charge arising from pandemic-related challenges in Asian markets.

In the first quarter of the current financial year, revenue had jumped 80% year-on-year to over £6 million with adjusted operating earnings estimated at around £0.7 million.

'The last financial year presented many operational and financial challenges to our business operations as a result of the Covid pandemic,' Yourgene said.

'Despite a challenging year operationally, we have maintained focus on our long-term objectives as well as effectively navigating the pandemic in the short-term, and as a result have established a broader platform with increased growth prospects to deliver shareholder value in the medium term. '


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