Cyprotex on acquisition trail after watershed year
A SWATHE of management changes – including the recruitment of a new chief executive, is starting to pay off at North West biotechnology company Cyprotex.
The Macclesfield-based drug discovery technology and information company, said 2008 had been a year of “significant change, challenge and ultimately success” as it made an operating profit for the first time.
The company bade farewell to long-term chief executive Robert Morrisson Atwater last June and hired experience bio-tech company executive Dr Anthony Baxter, who is leading an overhaul of the company’s sales and marketing operation.
Weeks after he joined, Steve Harris joined as chairman, giving wider experience and sector knowledge to the company.
Results for 2008 showed an immediate improvement as revenues increased by 43% to £5.18m and gross profit rose by 49% to £4.48m.
More significantly though was a maiden operating profit of £567,000, compared with a loss of £496,000 in 2007.
Mr Harris said the company was looking forward with optimism: “We are pleased to announce a significant increase in revenues and our maiden profit in 2008. Going forward we plan to expand the business both organically through strengthening relationships with our customers and selective collaborations, and through merger and acquisition activity.”
Mr Baxter said a new sales structure, focused on long-term partnerships had been implemented, and that the group was looking to bring in an experienced commercial director.
He said: “2008 was something of a watershed year for Cyprotex. A new management team and board has been created and the company has proved its business model resulting in increased turnover and two successive half yearly operating profit figures.
“We have engaged with our customer base at a new commercial level and have delivered the first ‘strategic’ contract successfully. With new belief in a cash generative business, we can now also consider approaches to grow the business by acquisition as well as organically.”
