Partner Article

Manchester-based Cyprotex reports loss of £710k despite revenue growth

Manchester-based Cyprotex, a preclinical pharmaceutical research and development group, has reported losses of £710k for the financial year despite revenue growth of 18.4%.

The company say the loss is due to the investments this year, including the acquisition of CeeTox and ‘significant investment’ into new products.

The company also expanded into the BioHub in the former Astra Zeneca Alderley Park site, which involved the transfer of staff.

Chairman of Cyprotex PLC, Ian Johnson, said: “2014 was a year of considerable investment for the Company.

“In addition to the CeeTox acquisition which brought access to a range of new assays and customers, particularly in the Cosmetic and Personal Care space, we have invested heavily in several significant new technical projects which considerably widens the Company’s potential service offerings to its current and to new customers.

“However, the CeeTox acquisition experienced operational issues before it ran effectively and the new technical projects took longer to validate than we anticipated.

“As a result, whilst revenues grew by 18% we recorded our first operating loss in 7 years, which was in line with guidance given at the time of our trading update in November.

“The acquisitions and investments are, however, critical for our future growth and we have every expectation that these will contribute to significant revenue growth and a return to profitability in 2015.”

This was posted in Bdaily's Members' News section by Sophia Taha .