Cyprotex chief confident of future prospects
DRUG testing company Cyprotex has said that it expects its 2011 sales to be 30% ahead of the prior year, in line with management expectations.
The firm also said that it remains cash-positive despite “significant” investment in new technologies, and would finish the year with around £1.1m of cash, compared with £1.04m at the start.
The company said that it had experienced a strong period of trading in the second half of the year in both its ADME and toxicity businesses.
“We have added several new strategic pharmaceutical, biotech and Governmental customers during the year for our higher throughput offerings which has contributed to a robust margin performance for 2011.
“We consider this to be an excellent performance in a challenging market for the pre-clinical research services sector,” the company said.
The firm added that the improvement in revenues had occurred despite the loss of its biggest customer, and that it now had a much broader spread of business, with its biggest buyer now responsible for `13% of revenues, compared with over 35% three years ago.
It said that work to virtually the size of its Boston facility in the US to 8,200 sq ft should soon.
Chief executive Tony Baxter said: “I am very pleased with the resilient performance in 2011 and that our investment in R&D has resulted in high customer acceptance and financial success. We look forward to 2012 with confidence.”
