Profits surge at refocused Cyprotex
DRUG discovery company Cyprotex said today profits had tripled after a management overhaul and a number of new customer wins.
The Macclesfield-based company said in the six months to June 30, revenue increase 9% from £2.25m to £2.45m, while pre-tax profits shot up from £56,000 to £157,000.
The group also took on John Dootson as chief financial officer and Simon Bury as chief commercial officer to strengthen its board.
Cyprotex added that a significant factor of its success was the signing of a major ‘strategic’ contract with a pharmaceutical customer.
Chairman Steve Harris said: “We have continued to deliver on this contract and are looking to extend this relationship into 2010. Such large strategic contracts are slow to bring to fruition.
“Nevertheless, we now have two new accounts whose contract revenues are now running at more than £500,000 per annum and are looking to add further major contracts to our client portfolio.”
Mr Harris added that with the new management changes now in place, the company has performed well in the first half of 2009, consolidating revenue gains and profitability of 2008.
He said: “In the face of a challenging market for the industry, our investments in additional products and services are beginning to bear fruit with the generation of significant revenues and new customers and we will continue to drive this momentum forward into 2010.”
