There are no real surprises in Microsaic’s interim results which reflect the difficult trading conditions it alluded to in its trading statement in June. Revenues for the year are expected to be significantly below 2016 but due to tight cost control, losses should be broadly similar year on year. On a more positive note, the change in focus towards the much larger and more attractive bioprocessing market is gaining traction, with global partners engaged and co-funding R&D. Whilst lead times are long, the validation is encouraging. The appointment of Glenn Tracey as CEO also provides the necessary leadership to take the group forward. Whilst there is much to do, there are elements to the update that investors can be optimistic about.
