Outsourced pharma services provider Fulcrum Pharma reported a swing from profit to loss in the year to August 2009.
Reorganisation costs of £679,000 pushed Fulcrum into loss. Revenues grew from £14.8m to £16.8m thanks to a strong performance in Japan. Currency movements also flattered the figures. The loss of £168,000 compares with a profit of £454,000 in the year to August 2008.
There was net cash of £1.06m at the end of August 2009.
Trading conditions remain difficult but the lower cost base will help.
Shares in Fulcrum declined 0.625p to 2.625p each, which values the company at £4.67m.
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.