Cyprotex predicts strong growth
DRUG testing specialist Cyprotex expects to beat half-year targets and post record profits.
In a trading update for the six months to June 30 it said turnover for the period should come in at £4.25m-£4.45m, up 14%-20% on last year.
The company expects to post a record half-year operating profit of between £200,000-£300,000. This compares to a loss of £189,000 last time.
The Macclesfield firm, which has 75 staff, develops software used by large pharmaceutical groups to predict the effect of medication.
Over the full year it is predicting operating profits of £800,000 on sales of £9.5m.
Chief executive Dr Anthony Baxter said: “We are very pleased to report that trading is ahead of expectations for the first half of 2013. Our stated strategy to widen our service offerings is beginning to bear fruit.
“We are providing more customised ADME assays for pharma company clients and expanding our new toxicology offerings to all our customers. Our focus remains to deliver the highest quality data, as rapidly and as cost effectively as we can.”
