Metir narrows loss in 2024 after rebrand, highlights rising demand
Metir PLC on Thursday said its 2024 loss narrowed after a major operational reset and rebrand helped reduce costs and reposition the business for growth in mobile and point-of-use water testing.
The York-based firm, formerly known as Microsaic Systems PLC, said its pretax loss narrowed to £1.9 million in 2024 from £2.6 million in 2023, thanks to a sharp reduction in operating expenses to £1.7 million from £2.9 million.
Revenue fell 53% to £232,000, largely due to the time required to restart manufacturing and rebuild sales after acquiring the assets of Modern Water Ltd early in the year.
Despite the lower top line, Metir highlighted encouraging early sales of its relaunched MicroTox instruments and growing demand for new water testing technologies.
The company booked a gross loss of £125,000, down from a gross profit of £299,000 a year earlier, reflecting one-off startup and restructuring costs it does not expect to repeat in 2025.
Executive Chair Bob Moore said Metir is now ‘stabilised’ and focused on scaling operations, growing its global presence, and pursuing opportunities in areas like PFAS detection and smart city water monitoring.
Metir ended 2024 with £188,000 in cash, up from £173,000 a year earlier. An update on first-half 2025 revenue is expected by the end of July.
Shares in Metir rose 1.3% to 0.73 pence in London on Friday morning.
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