LONDON: Metir plc (AIM: MET), a global provider of mobile and point-of-use water and environmental testing technologies, reported a 53% year-over-year decline in revenue to £0.23 million for the year ended December 31, 2024, as the company implemented a transformative reset that included restructuring, product integration, and acquisition activity.
Operating loss narrowed to £1.81 million from £2.6 million a year earlier, as the company reduced operating expenses to £1.72 million, down from £2.88 million. Gross profit dropped to £9,000, compared with £299,000 in 2023, reflecting one-off costs related to restarting MicroTox® production, establishing a new laboratory in York, and integrating the acquired assets of Modern Water.
“Our financials reflect a challenging but foundational year,” said Bob Moore, Executive Chairman and CEO. “The acquisition, lab setup, and rebranding efforts have positioned Metir for sustained growth in 2025 and beyond.”
Cash and cash equivalents at year-end stood at £188,000, up slightly from £173,000 in 2023. The company rebranded to Metir plc in February 2025 to align with its strategic focus on portable testing solutions and secured an additional £850,000 in funding in June to accelerate product commercialization.
Operational highlights included the deployment of 27 Continuous Toxicity Monitors (CTMs) in Qatar, the launch of Sulphate Reducing Bacteria (SRB) kits, and a partnership with Siemens and CAD-IT to integrate AI into its toxin detection platforms. The company also advanced real-time pathogen testing efforts through collaboration with Aptamer Group plc.
Looking ahead, Metir expects stronger trading performance in the first half of 2025, driven by rising sales of MicroTox® LX instruments and increased reagent demand. The company says its reset has begun to yield results, as order volumes and strategic opportunities grow, especially in the Middle East.
“With a leaner structure, stronger governance and renewed operational momentum, Metir is now well-positioned to expand its footprint and enhance shareholder value,” Moore added.