Biotech firm Evotech OAI has cut losses by 80 per cent.
The company, which has 240 staff at Milton Park, near Abingdon, made a pre-tax loss of £13.9m for the nine months to the end of September, compared with £71.7m in the same period last year
Revenues also increased by 20 per cent to £30m in line with growth targets, but the company said its market had deteriorated in the past three months, with customers delaying orders.
That has led to the firm looking to cut costs in areas such as research and development by 20 per cent next year.
But president and chief executive Joern Aldag was upbeat about the future for the firm which specialises in drug development.
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