Avacta Group - Growth but not plain sailing

Avacta issued its preliminary results for the year to 31 July 2012 on 25 October in which the Group reported “solid commercial progress despite a challenging economic backdrop”. Whilst it was encouraging to see Avacta’s year on year revenue had grown by 28% to £3.13 million this figure was well below original forecasts. Furthermore, the reported loss after tax increased from £1.12 million in 2011 to £1.60 million (an increase which the Company describes as “marginal” but which looks like a 43% increase to us). Generally the tone of the results statement was positive, but it has not been plain…