News blog
Cyprotex
- BY: Andrew Hore |
- POSTED: 24/06/2012 |
Cyprotex has secured a strategic alliance with Sirius Analytical Instruments, which will enable it to offer Sirius’ services to its customers.
Cyprotex offers pharma companies services that enable them to choose the compounds most likely to be effective. Sirius has technology that determines the physiochemical properties of drug candidates. These properties affect the absorption and distribution of the drug and how it binds with its target.
Cyprotex lost its second biggest client last year but still grew revenues by one-third to £7.91m – helped by a full contribution from the US business bought in the previous year. UK revenues were flat at £5.31m so the revenues lost from the client were broadly replaced by new business. Cellciphr toxicology assays are making a growing contribution. There is a better spread of customers with the largest accounting for 13%.
Pre-tax profit trebled to £590,000 although this was lower than forecast. That shortfall was offset by a tax credit due to recognition of past tax losses.
Net cash was around £100,000 at the end of 2011 even though cash has been spent on increasing capacity. The business is cash generative.
House broker Singer forecasts a profit of £1.2m in 2012. The shares are trading on nine times forecast earnings.
At 4.88p a share, Cyprotex is valued at £10.9m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf
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