Angel Biotech dips following swing into the red

AIM-listed Angel Biotechnology (ABH) announced a net loss for the six months to June, disappointing investors by swinging back into the red.

In the first half of the year, the manufacturer of advanced biological products posted a loss of £240,869.

This compared to a profit of £106,737 in the same period in 2010.

Shares were down almost 6% following the release at 0.31p as investors mourned the maiden profit made during the full year 2010.

The firm said new business with a total value of £949,368 had been signed in the six-month period, with £747,733 from new contracts and £201,635 from additional work to existing contracts.

Angel also pointed to a cash balance of £902,247, and a further balance of £422,124 due from debtors within the next 30 days, as proof of its positive position.

Gordon Sherriff, chief operating officer of Angel, said: "The performance of the business in the first half of 2011 is in line with our expectations. The company is extremely busy managing a very high volume of work at our Pentlands site, while we recommission Cramlington, where the increased capacity will facilitate our forecast business growth for the remainder of this financial year and beyond."

The company said it would continue to deliver out of the Pentlands site during the second half of the year and expects to secure a greater number of new contracts as the Cramlington facility nears completion.

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