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MWG Biotech Reports Poor 1H Revenues, Expects to Meet 2004 Goals

NEW YORK, Aug. 10 (GenomeWeb News) - MWG Biotech reported today a drop in revenues for the first half of 2004, in part because a restructuring of the company sales and marketing organization has yet to have a positive impact on the numbers.


MWG posted first-half revenues of €17.6 million ($21.6 million), down from €22.6 million ($27.8 million) in the same period 2003.


The company's net loss for the first half of 2004 was €6.5 million ($8 million), essentially unchanged from the first half of 2003.


As of June 30, MWG had liquid funds of €9.3 million ($11.4 million).


MWG said that it expects to be able to meet its previously announced targets for 2004 of "moderate turnover growth, balanced [earnings before interest, tax, and depreciation], and balanced cash flow," but that "there will be now major time lags in the conclusion and realization of also larger projects, which in turn would impact the turnover relevance of these projects until year end, and thus also negatively influence the other target values."    


The company said it will release its full six-month report on Aug. 17.