Jump in revenue for drug testing firm

CYPROTEX, the Macclesfield-based drug analysis specialist, saw revenues climb by 17% to £9.7m last year.

The AIM-listed company, which also has operations in Massachusetts, develops software used by large pharmaceutical groups to predict the effect of medication.

Revenues have increased across all its main toxicology and testing services.

In the year to the end of December the firm said operating profits nearly doubled to £610,000 but it made a bottom line pre-tax loss of £800,000 due to an exceptional non-cash finance charge relating to the issue of loan notes in the year worth £1.6m. In 2012 the company made a pre-tax profit of £200,000.

Chairma Ian Johnson said: “2013 has been an excellent year in terms of operational performance and internal expansion which coupled with the recent acquisition is enabling us to build further value in our business. We have a clear vision to continue such growth strategies into 2014 and beyond, considerably aided by a successful fundraising of almost £7m.”