Aptamer Group PLC on Monday said it will miss its half-year revenue expectations as a result of weak customer demand.

Shares in Aptamer dropped 16% to 0.80 pence each in London on Monday morning.

The York, England-based biotech firm said it expects revenue to be around £300,000 for the six months that ended December 31, down by 70% from £1.0 million a year prior.

This is due to a ‘lull’ in customer confidence and limited availability of working capital, Aptamer said.

Looking ahead, Aptamer said it expects to progress £1.4 million of signed work and a proportion of additional £1.5 million of its advanced stage sales pipeline before the end of the financial year ending on June 30. This is subject to ‘target material being delivered by customers in a timely manner’, Aptamer noted.

The firm added that it expects to deliver less fee-for-service revenue than market expectations for the full year, compared to £1.8 million in financial 2023.

Chair Steve Hull said: ‘I am encouraged by the progress that has been made since the company was recapitalised in August 2023. In a short period of time, the company has substantially resized its cost base and developed a significant new pipeline of opportunities that have started to convert into signed deals that are now progressing through the laboratory.

‘Management recognises that meeting market expectations for the full year is unlikely, but might be possible if we can convert the advanced pipeline and deliver current work in progress successfully. We are fully committed to converting the pipeline of existing and new opportunities to achieve sustainable revenue levels, whilst being excited by the potential of our Optimer technologies to deliver commercial milestone and licensing deals.’

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