Physiomics PLC on Thursday reported higher interim revenue and a narrowed loss.

Physiomics is a mathematical modelling company that supports oncology drug development.

Revenue in the half-year ended December 31 rose to £374,00 from £338,000 a year earlier.

Its pretax loss narrowed to £235,000 from £287,000.

Looking ahead, Physiomics said it is on track to meet expectations, if achieved this will mean a ‘significant’ increase in total income annually.

‘The company continues to build its portfolio of smaller and medium sized biotech customers with the award of a significant contract by an important new UK-based client, the retention and expansion of business activities with several existing clients and the award of two new grants funded by Innovate UK and Yorkshire Cancer Research,’ it added.

Shares in Physiomics were down 2.9% to 1.36 pence each in London on Thursday afternoon.

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