News blog
Angel Biotechnology Holdings
- BY: Andrew Hore |
- POSTED: 04/06/2012 |
Biopharmaceutical contract manufacturer Angel Biotechnology fell into loss as it built up its cost base ahead of the relaunch of the Cramlington facility.
Demand for Angel’s services remains strong even though some of its customers are finding it difficult to obtain funding.
The latest period is for 15 months to March 2012 and the comparatives are for 12 months. Revenues improved from £2.95m to £3.46m, while higher operating costs meant that a £193,000 profit was turned into a loss of £1.3m. Costs increased because of the re-commissioning of the Cramlington site. The cash outflow from operations was £2.15m. Net cash was £381,000 at the end of March 2012, as nearly £3m raised from placings offset the cash outflow and capital investment.
Revenues could not be much higher because the Pentlands site has been running at full capacity.
Angel continues to win new business. Last year new and extended contracts won totalled £5.3m and since then more than £800,000 of business has been won.
The Medicines and Healthcare products Regulatory Agency (MHRA) inspection for Cramlington is due in the middle of June. The joint venture with Materia Medica will have a dedicated area in Cramlington, which will be ready at the beginning of 2013.
Materia accounted for 58% of revenues but this percentage should fall this year.
At 0.2p a share, Angel is valued at £7.36m. Angel wants to raise another £1m at the current share price.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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