New Milton, UK, 4 March 2009 – Genetix Group plc (AIM: GTX), the cell imaging and analysis group, today announces its preliminary financial results for the year ended 31 December 2008.
Highlights
• Revenue up 14% to £26.2 million (2007: £22.9 million)
• Good growth in clinical instruments, cell biology and consumables and services
• Underlying gross margins* increased to 62% (2007: 60%)
• Further investment in sales and marketing of £1.1 million to drive future growth
• Underlying profit before tax* up 18% to £4.3 million (2007: £3.6 million)
• Underlying earnings per share* up 27% to 5.25 pence (2007: 4.12 pence)
• Cash from operations up 34% to £2.8 million (2007: £2.1 million); cash at 31 December 2008 of £15.2 million (2007: £12.6 million)
• Final dividend of 0.4 pence per share; full year dividend of 0.6 pence per share up 20% (2007: 0.5 pence per share)
• New Chief Executive Officer, Charles De Rohan, to spearhead growth strategy
* Underlying performance excludes unrealised amounts arising from fair value changes on forward foreign exchange contracts and adjustments to acquired intangibles and goodwill. Statutory profit before tax is £2.1 million (2007: £2.8 million) and earnings per share is 2.73 pence (2007: 3.39 pence). Unless specified otherwise, all references to underlying gross margins, underlying operating profit, underlying profit before tax and underlying earnings per share throughout this document excludes unrealised amounts arising from fair value changes on forward foreign exchange contracts and adjustments to acquired intangibles and goodwill. See note 2.
Charles de Rohan, Chief Executive, commented:
“We have delivered a healthy set of results, driving increased revenue, higher underlying gross margins, improved underlying profitability and earnings while continuing to invest in the business to sustain momentum into the future. Genetix’ ability to develop and market leading-edge products was further demonstrated by the successful launch of the GSL-120 Slide Loader to a wide range of customers including a multi site implementation with the National Health Service in Scotland.
Our business is well placed with a robust cash position, world class products and strong customer relationships. We continue to manage our cost base tightly in line with the current economic trading environment.”
About Genetix Group plc
Headquartered in New Milton, UK, with offices in the UK, US, Germany and Japan, and quoted on the AIM (GTX: AIM), Genetix provides scientists and clinicians with unrivalled solutions for imaging and intelligent image analysis in the life science and diagnostic markets.
In research, pharmaceutical and biotherapeutic development, the company’s systems set industry standards for accurate selection of microbial colonies, and for screening and selection of mammalian secretory cell lines. Other systems evaluate the response of cells to potential therapeutic agents and quantify tissue biomarkers.
In diagnostics, Genetix holds a leading position in genetic testing with thousands of the company’s platforms used in laboratories worldwide.
Through its expertise in robotics, cell and molecular biology, image analysis and interpretation, supported by a strong IP portfolio, Genetix is committed to the continual development of innovative solutions.
For more information please visit www.genetix.com
