ANGEL Biotechnology Holdings has seen its half-year losses hit £2.86 million, due to the cost of setting up a joint venture.
The biomaterials manufacturer, which operates from the Edinburgh Science Park and a larger site at Cramlington in Northumberland, reported revenue of £1.07m in the six months to September 30. More than £2m of the loss was attributed to a write-back of revenue and contract liabilities associated with the proposed formation of a joint venture with long-term customer Materia Medica Holdings (MMH).
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