Cyprotex Release: Final Results For The Year Ended 31 December 2013
March 25, 2014 -- Cyprotex PLC (AIM: CRX), the preclinical ADME-Tox services company, today reports its final results for the year ended 31 December 2013.
Financial Highlights
- Strong revenue growth up 17.3% to £9.77 million (2012: £8.33 million)
- Operating profits up 88% at £0.61 million (2012: £0.33 million)
- Underlying EBITDA^, an indicator of cash generation, up 59% at £1.54 million (2012: £0.97 million)
- £6.88 million (net) raised by Company in total in September 2013
- £4 million by way of an issue of unsecured convertible loan notes; and
- £3 million of unsecured redeemable loan notes
- Loss after tax of £0.8 million (2012 Profit after tax: £0.2 million) due to exceptional non-cash finance charge relating to the issue of loan notes in the year of £1.6 million (2012: £nil)
- Loss per share at 0.36 pence (2012: earnings per share 0.09 pence)
^ excluding share-based payment charge and impairment of intangibles
Operational Highlights
- Strong performance across all divisions of the business
- 136 new customers generating £1.76 million of revenues
- Further de-risking of the business through a broadening customer base with our largest customer contributing less than 10% of revenues for the first time and top 5 customers accounting for 30.5%
- Increased investment in people and equipment
- Investment of £1.6 million in state of art liquid handling and analytical equipment
- Expansion of UK facility into Biohub at Alderley Park
- Increase in headcount to over 100 employees
- Alliances, collaborations and new contracts performing well
- US Environmental Protection Agency contract worth up to $10m over five years for ToxCast project
- Distribution agreement with Intralink to expand Cyprotex brand in the important Japanese market
- Evolution of Pfizer collaboration which now involves support work for specific projects
- Federated approach provides customers with a broad range of products and services
- Launch of eCiphrCardio and eCiphrNeuro, new proprietary services for the prediction of cardiotoxicity and neurotoxicity respectively
- Changes to the Board structure
- Ian Johnson joins as Chairman as Steve Harris becomes a Non-Executive Director
- Christopher Mills joins as Non-Executive Director following Chris Clothier departure
Post Period Events
- Acquisition of CeeTox Inc., a US specialist in in vitro toxicology screening for the personal care, cosmetics and industrial chemicals sectors
Ian Johnson, Chairman of Cyprotex PLC, 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 £7 million. Cyprotex was awarded the prestigious BioNow award for the best service business in the life science sector - an acknowledgment of the esteem and value our customers place in us. Our aim is to continue to build scale by delivering customer service of the highest standards and through the development of new and innovative products and services to satisfy the needs of our widening client base.”
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
N+1 Singer (Nomad and broker to Cyprotex) Tel: +44 (0)20 7496 3000
Shaun Dobson
Jen Boorer
shaun.dobson@n1singer.com
jennifer.boorer@n1singer.com
www.n1singer.com
FTI Consulting Tel: +44 (0) 20 7831 3113
Simon Conway
Mo Noonan cyprotex@fticonsulting.com
www.fticonsulting.com
Cyprotex PLC
Cyprotex is listed on the AIM market of the London Stock Exchange (CRX). It has sites in Macclesfield, near Manchester in the UK, Watertown, MA and Kalamazoo in MI in the US. The Company was established in 1999 and works with more than 800 partners within the pharmaceutical and biotech industry, cosmetics and personal care industry and the chemical industry. Cyprotex acquired Apredica and the assets of Cellumen Inc. in August 2010 and the combined business provides support for a wide range of experimental and computational ADME-Tox and PK services, extending from early drug discovery through to IND submission. The acquisition of the assets and business of CeeTox in January 2014 has enabled Cyprotex to expand its range of services to target the personal care, cosmetics and chemical industries. The Company’s core capabilities include high quality in vitro ADME screening services, mechanistic toxicology and high content toxicology screening services, including our proprietary CellCiphr® toxicity prediction technology, predictive modelling using PBPK and QSAR techniques, including Cloe® PK for in vivo PK prediction, and a range of skin, ocular and endocrine disruption services. For more information, see www.cyprotex.com
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