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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