Cyprotex on the right track as earnings soar
CYPROTEX, the Anglo-US drug testing and contract research company, has reported its best-ever interim results.
The AIM-listed company with operations in Macclesfield and Massachusetts, said “very strong sales growth” had driven revenues 22.3% to £4.55m in the six months to the end of June.
EBITDA soared from £89,000 in the first half of 2012 to £703,000, and having made an operating loss of £189,000 a year ago, a record operating profit of £317,000 was achieved.
The group said it had won more than 70 new contracts in the period and recruited three new “strategic customers” – where annual revenues will be more than £250,000.
Chairman Steve Harris, said: “2013 has seen the most promising trading start to the financial year in the company’s history. The success has come from all geographical territories and from all parts of our technical service offering.
“The board remains confident of achieving market expectations for revenues and operating profits for the full year, prior to any potential impact from the EPA (US Environmental Protection Agency) contract.”
Referring to a new £7m fund-raising via an open offer, he said: “”We also welcome our new investors and thank them for their commitment, through which we hope to maximise future opportunities and accelerate the growth of the company.”
Chief executive Dr Anthony Baxter said the group expects sales growth to accelerate in the second half of the year as a result of a widening portfolio of ADME and toxicity assays and new customer deals take effect.
