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Cyprotex
- BY: Andrew Hore |
- POSTED: 12/01/2012 |
- COMMENTS: Add yours
Drug discovery services supplier Cyprotex increased revenues by more than 30% thanks to strong performances in the UK and US.
This was achieved even though Cyprotex lost its largest customer during the year. New customers have been added. Back in 2008 one customer accounted for more than one-third of revenues whereas last year the largest customer was 13% of revenues.
Total revenues will be around £7.7m, which is below Singer’s forecast of £8.3m.
The facilities at the US site are being doubled in size to 8,200 square feet and should be completed in the first quarter of 2012.
There was £1.1m of cash in the bank at the end of 2011, although this is lower than the £1.4m forecast by Singer.
Singer had forecast a profit of £800,000 but, given the shortfall in revenues, this looks optimistic.
The full year results will be published on 22 March.
At 4p a share, Cyprotex is valued at £8.95m.
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