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LONDON - Metir plc (AIM:MET), a provider of water and environmental testing technology, reported a reduced annual loss of £1.81 million for 2024, down from £2.60 million in the previous year, as the company completed a strategic reset following its acquisition of Modern Water’s business assets.
Total (EPA:TTEF) revenue decreased 53% to £0.23 million for the year ended December 31, 2024, reflecting the transition period spent establishing a new laboratory, restarting MicroTox manufacturing, and rebuilding customer relationships. Operating expenses were significantly reduced to £1.72 million from £2.88 million in 2023.
The company successfully raised £2.1 million in January 2024 to fund the Modern Water acquisition and established a new facility in York with validated laboratory and production areas. Metir deployed 27 Continuous Toxicity Monitors in Qatar, securing a strategic foothold in the Middle East.
Post-period, Metir rebranded from Microsaic Systems in February 2025 and raised an additional £850,000 in June 2025 to scale production and accelerate product commercialization. The company also launched Sulphate Reducing Bacteria kits, adding a new revenue stream.
Executive Chairman and CEO Bob Moore said trading in the first half of 2025 is "running significantly higher than recent prior periods" due to strong MicroTox LX instrument sales and the Qatar contract. The company is focused on growing revenues, improving gross margins, and driving sustainable cash generation.
"With a strengthened leadership team, robust sales pipeline and growing international presence, Metir is focused on scaling production, launching innovative technologies and pursuing significant opportunities in the growing global environmental and water testing markets," Moore said in a statement based on the company’s press release.
The company ended 2024 with cash and cash equivalents of £188,000, compared to £173,000 at the end of 2023.
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