25th Mar 2014 14:33
LONDON (Alliance News) - Cyprotex PLC Tuesday said it swung to a pretax loss in 2013 as higher costs and an exceptional charge relating to loan notes it issued more than offset increased revenues.
The preclinical discovery and development contract research organisation posted a pretax loss of GBP1.2 million, compared with a profit of GBP249,215 in 2012, as sales and administrative costs increased and it booked a GBP1.7 million finance cost relating to an embedded derivative associated to loan notes it issued.
Its revenues rose to GBP9.8 million from GBP8.3 million, driven by a strong performance at the company's Macclesfield site.
The company said that its increased focus on diversifying its screening offerings had allowed it to reduce its dependence on its traditional customer base, which led to an increase in non-pharmaceutical business.
Cyprotex saw revenue per customer for new clients increase to an average of GBP13,000, up from GBP10,000 in 2012.
The company raised GBP7 million in funds during the period, and said that this would aid its growth strategies for 2014 and beyond.
"Our aim is to continue to build scale by delivering customer service of the highest standards and through the development of new and innovative products and services to satisfy the needs of our widening client base," said Chairman Ian Johnson in a statement.
Following the period end the company acquired CeeTox Inc for GBP610,000, funded from its own resources.
Shares in Cyprotex were trading down 8.6% at 6.74 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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