Cyprotex PLC (AIM: CRX), a specialist ADME-Tox Contract Research Organisation (CRO), today reports its interim results for the half year to 30 June 2014.
Financial Highlights
• Revenues up 19% to £5.41m (H1 2013: £4.55m)
• CeeTox acquisition contributed revenues of £0.78m with £4.63m from existing business
• Gross margins were 78.7% (H1 2013: 81.1%) as a result of greater outsourcing in the period
• Operating loss of £584,000 (H1 2013: profit £317,000) due to greater depreciation charges, increased R&D activity and one off costs associated with the CeeTox acquisition
• Underlying EBITDA^ of £41,000 (H1 2013: £703,000)
^ excluding share based payment charge
Operational Highlights
• Acquisition and integration of CeeTox business proceeding well
• Rebranded Apredica subsidiary as Cyprotex US, LLC to further integrate into the Cyprotex Group and improve global recognition of the Cyprotex brand
• 111 new customers in the period (H1 2013: 78):
- 28 new customers from CeeTox, mainly in the area of Cosmetics/Personal Care and Chemicals
- 83 new customers acquired from existing Cyprotex business
• Commencement of work on two large US Environmental Protection Agency (EPA) contracts
• New business from Japanese partner expected in H2
• Two new strategic deals with major pharmaceutical companies commenced
• Continued investment in new products and services including developing a new High Throughput ADME facility in Watertown, MA and in developing a new specialist facility in the BioHub, Alderley Park with additional capital investments in new instrumentation to support new service offerings
Post Period End Events
On 24 July 2014, following approval by shareholders at General Meeting the Company proceeded to effect a ten for one share consolidation. The effect of this share consolidation was to reduce the number of shares in issue by 90% from 224,340,569 to 22,434,056.
Ian Johnson, Chairman of Cyprotex PLC, said:
“Much has been achieved in the first half of 2014 to expand the Company’s service offering and build scale in the business. The acquisition of CeeTox is proceeding well with the new business adding to the markets we serve. We have initiated a wide ranging investment in new instrumentation and screening service capabilities across the whole business which is expected to enhance revenues and profits within the next 12 months. Notwithstanding the good progress made to date, unforeseen delays to certain development work will impact the Company’s performance for the year as a whole. With additional investment in sales and marketing resources, the Board remains confident of achieving further growth and building scale across a wider range of business sectors.”
For further information:
Cyprotex PLC Tel: +44 (0) 1625 505 100
Dr Anthony Baxter, Chief Executive Officer
John Dootson, Chief Financial Officer
Mark Warburton, Chief Operating Officer and Legal Counsel ir@cyprotex.com
www.cyprotex.com
N+1 Singer (Nomad and broker to Cyprotex) Tel: +44 (0)20 7496 3000
Shaun Dobson
Jen Boorer
shaun.dobson@n1singer.com
jennifer.boorer@n1singer.com
www.n1singer.com
FTI Consulting Tel: +44 (0) 20 3727 1000
Simon Conway
Mo Noonan cyprotex@fticonsulting.com
www.fticonsulting.com
About Cyprotex PLC
Cyprotex is listed on the AIM market of the London Stock Exchange (CRX). It has sites in Macclesfield, near Manchester in the UK, Watertown, MA and Kalamazoo, MI in the US. The Company was established in 1999 and works with more than 900 partners within the pharmaceutical and biotech industry, cosmetics and personal care industry and the chemical industry. Cyprotex acquired Apredica and the assets of Cellumen Inc. in August 2010 and the combined business provides support for a wide range of experimental and computational ADME-Tox and PK services, extending from early drug discovery through to IND submission. The acquisition of the assets and business of CeeTox in January 2014 has enabled Cyprotex to expand its range of services to target the personal care, cosmetics and chemical industries. The Company’s core capabilities include high quality in vitro ADME screening services, mechanistic toxicology and high content toxicology screening services, including our proprietary CellCiphr® toxicity prediction technology, predictive modelling using PBPK and QSAR techniques, including Cloe® PK for in vivo PK prediction, and a range of skin, ocular and endocrine disruption services. For more information, see www.cyprotex.com
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