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  • BY: Andrew Hore |
  • POSTED: 23/03/2011 |

Drug discovery services provider Cyprotex grew its revenues in 2010 but higher admin costs meant that the profit was lower.

Cyprotex increased revenues by 18% to 5.92m, while the profit fell from 460,000 to 201,000. There was a tax credit of 415,000 which boosted earnings per share. Net debt was just over 270,000 at the end of 2010.

The costs include an initial amortisation charge of 54,000 and an increase in the share based payment charge from 39,000 to 143,000.

There was a near-five month contribution from US businesses Apredica and Cellumen. The US accounted for all the growth in revenues and it will be an important driver of growth in

At 4.88p a share, Cyprotex is valued at 10.9m.

Singer expects Cyprotex to make a profit of 800,000 in 2011, rising to 1.3m in 2012.

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