York-based Aptamer Group plc, the developer of molecule binding techniques for use in medicine and cosmetics, reported lower sales for the year as it experienced a downturn. 

“Commercially, the start of the FY23-24 year was very challenging for Aptamer,” the company said. “The Group experienced a reduction in customer confidence due to the strength of our balance sheet and a downturn in market conditions across the life sciences sector.”

The company reported revenue for the year ended 30 June 2024 of £0.9 million, compared with £1.8 million last year. It said gross profit for the year was £0.25 million, down from £0.36 million last year, “following a lull in commercial customer work, particularly in the first half of the year when the Group had to focus on rebuilding the pipeline.”

Due to some lower costs, it reported a loss for the year of £3 million, narrower than last year’s £7.8 million loss, which included an impairment charge. 

Arron Tolley, Chief Executive Officer of Aptamer Group, said: “Over the past year, we have made significant progress commercially and technically, under challenging market conditions.”

“The Group has focused on three key aspects of our strategy, being 1. internal asset development, 2. regaining commercial traction and 3. cost discipline. We have rebuilt and expanded the pipeline over the year, demonstrating a positive trajectory in revenue recognition with 65% of the year’s total revenue realised in the second half and increased our collaborations with top ten pharmaceutical partners. We have underscored the growing demand for Optimer technology and the rising recognition of our platform within the industry.”