(RTTNews) - Biopharmaceutical contract manufacturer Angel Biotechnology Holdings Plc (ABH.L: News ) reported Monday a wider loss for the first half of fiscal 2009, despite a 25% revenue improvement.

For the six-month period, loss attributable to ordinary shareholders widened to GBP 516 thousand from GBP 462 thousand. On a per share basis, loss was 0.04 pence, flat with last year. The results of the year-ago period included restructuring costs of GBP 48 thousand.

Revenue, reached GBP 600 thousand, up 25% from GBP 479 thousand in the previous year.

Gross profit dipped year-over-year to GBP 178 thousand from GBP 225 thousand. Operating loss widened to GBP 492 thousand from GBP 455 thousand in the first half of fiscal 2008.

Gordon Sherriff, Angel Biotechnology's chief operating officer, said, "Our Advanced Biologics service offering and business development strategy have yielded positive results through 2009. We have seen our pipeline of prospective business grow to the best it has been so far with projects at various stages of negotiation."
Sheriff added that the prevalent weakness in manufacturing sector and difficult investment environment increased the time taken to sign contracts. However, he said that the company is confident of a good conversion rate of prospects to customers, and together with revenues from contracts signed earlier in the year, foresees stronger results through the rest of 2009 and into 2010.

The company signed contracts worth over GBP 2.2 million with Materia Medica and ReNeuron during the first six months of fiscal 2009.

ABH.L is currently trading at 0.33 pence, down 0.07 pence or 16.96%, on the LSE.

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by RTT Staff Writer

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