Cyprotex Release: Final Results for the Year Ended 31 December 2010
Financial Highlights
- Revenues up 18.4% to £5.92 million (2009: £5.00 million)
- Revenues from UK operations up 7.5% to £5.38 million (2009: £5.00 million)
- Third year of profitability with operating profits at £0.22 million (2009: £0.46 million)
- Underlying EBITDA^, an indicator of cash generation, remains consistently strong up 1.3% to £0.77 million (2009: £0.76 million)
- Profit after taxation at £0.62 million (2009: £0.46 million)
- Earnings per share at 0.31 pence (2009: 0.26 pence)
^ excluding share-based payment charge and expensed acquisition costs
Operational Highlights
- Successful acquisition of US-based competitor Apredica, LLC, (‘Apredica’) on 6 August 2010
- Re-validation and re-launch of the CellCiphr™, High Content Toxicology technology following Apredica’s acquisition of certain assets and intellectual property of Cellumen, Inc. on 4 August 2010
- Acquisition enabled entry into the growing in vitro toxicology market, supported by a new toxicology laboratory in the UK - Expansion and replication of service offerings in both US and UK giving enhanced service standards to our customers - Product portfolio of 56 core products (2009: 29 core products)
- Reduced reliance on top five customers with 46 new customers, plus 67 new Apredica customers
Steve Harris, Chairman of Cyprotex PLC, said:
‘2010 was a transformational year for Cyprotex. The acquisition of Apredica helped to reposition the Company adding toxicology to our product offerings and securing an operational base in the important US market. With the opening of our new UK toxicology laboratory, we can now offer these services, alongside our established ADME offerings, in the UK and the US. We believe that Cyprotex is well positioned for growth as the industry emerges from recession and the new in vitro toxicology market grows.’
Download Cyprotex Final Results for year ended 31 December 2010
For further information:
Cyprotex PLC Tel: +44 (0) 1625 505 100 Dr Anthony Baxter, Chief Executive Officer John Dootson, Chief Financial Officer Mark Warburton, Chief Operating Officer and Legal Counsel ir@cyprotex.com www.cyprotex.com
Singer Capital Markets Limited (broker to Cyprotex) Tel: +44 (0) 203 205 7500 Shaun Dobson shaun.dobson@singercm.com Claes Spang claes.spang@singercm.com www.singerscm.com
Financial Dynamics Tel: +44 (0) 20 7831 3113 Ben Brewerton Ben Atwell Mo Noonan cyprotex@fd.com www.fd.com
Cyprotex PLC
Cyprotex is the world’s largest contract research organisation (CRO) specialising in ADME Tox, which is the analysis of the Absorption, Distribution, Metabolism, Excretion, and Toxicity properties of potential drugs, cosmetics, and agrochemicals. It is the only company in the world with in-house capabilities for both in vitro (test tube) and in silico (computer modelling) ADME Tox. Cyprotex was founded in 1999 and listed on the AIM in 2002. It has laboratories in Macclesfield, Cheshire, UK (near Manchester), and Watertown, Massachusetts, USA (near Boston), making it one of only three ADME Tox CROs with international operations.