Epistem breaks into profit
BIOTECHNOLOGY firm Epistem has moved into profit after recording strong sales growth.
Revenue jumped 45% to £5.7m in the year to June 30 and the company turned last year’s £669,000 pre-tax loss into a £350,000 profit.
Trading since the year-end is still robust with sales 15% ahead of the comparative period last year.
Manchester-based Epistem tests drugs under development by pharmaceutical firms for cancer, gastrointestinal illnesses such as Crohn’s and skin diseases.
It said contract research revenues grew by 10% to £2.5m helped by the agreement it has with the US government to test drugs for treating people in the aftermath of a radioactive attack. The Biomarker and Novel Therapies divisions also saw sales growth during the year.
Chief executive Matthew Walls said: “Epistem continues to diversify its portfolio of business opportunities and strengthen its technology whilst maintaining profitable and sustainable growth. The past year has seen further strong operational and financial development across each of our divisions with each division developing its own independent strategy for growth.”
He added: “The next phase of Epistem growth will continue to strengthen and build on each of our divisional operations. We continue to supplement our management team with world class, innovative individuals who fit with the culture and dynamism of the company. We will also build on our corporate and board strength and supplement our scientific advisory board and advisory committees as appropriate.”
