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  • BY: Andrew Hore |
  • POSTED: 15/08/2010 |

Drug discovery services provider Cyprotex got off to a slow start this year but it still managed to grow revenues in the first half of 2010.

Revenues edged up from £2.45m to £2.48m, while pre-tax profit dipped from £157,000 to £50,000. The second half is normally stronger than the first half and July was the best ever month for Cyprotex. The second half will also benefit from a near-five month contribution from the recently acquired Apredica and the related purchase of Cellumen. This enhances Cyprotex’s position in the preclinical ADME Tox contract research sector and gives it a US base.

Cyprotex plans to undertake a rebranding of the group.

Cyprotex had net cash of £1.42m at the end of June 2010. The cash figure hardly changed in the period because cash generated from operations almost covered the investment in the equipment for the laboratory that will start to offer high content toxicology assays in the near future. The bulk of this investment has been completed so the business should be able to improve its cash position from now on.

Cyprotex paid £1m in cash as part of the consideration for Apredica, although £450,000 of that has been loaned back to Cyprotex and will be repayable over two years.

Cyprotex intends to pay dividends to shareholders and this could happen as early as next year.

At 4.25p a share, Cyprotex is valued at £7.8m. 

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