Posted on March - 29 - 2010
Cyprotex set for profits rise
Shares in Cheshire-based drug-testing firm and takeover target Cyprotex gained more than three per cent after its bosses said the AIM-listed company was well-placed to achieve an increase in profits this year despite a dip in 2009.
Cyprotex, which earlier this month said it had received an approach, also said it would invest £300,000 on new facilities and equipment for its laboratories as it looks to expand the range of services it provides.
The Macclesfield firm tests drugs under development by pharmaceutical companies.
Revenues for 2009 were flat at £5m while pre-tax profits slipped from £810,00 to £720,000.
Chairman Steve Harris said the results were impressive amid difficult market conditions and that they demonstrated the firm’s resilience.
He said many competitors had seen revenues fall by up to 30 per cent and announced job losses. Cyprotex’s shares ticked up 3.23 per cent to 4p.
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