2nd Aug 2016 08:38
LONDON (Alliance News) - Cyprotex PLC on Tuesday said it swung to a profit in the first half of 2016 as revenue grew and it booked lower finance costs, and it said the second half has started well.
The medical research organisation said it made a pretax profit of GBP3.2 million in the first half, having suffered a GBP387,286 pretax loss in the first half of 2015.
Profit was helped by a rise in revenue to GBP8.7 million from GBP6.9 million, while it also booked lower finance costs and higher finance income.
Cyprotex said the number of customers increased to 139 in the period, from 103 a year earlier, with strong demand for high value drug-drug interaction packages, expansion of several contracts with large pharmaceutical companies and growth of new product lines.
"I am delighted to report that the progress made in 2015 has continued into 2016 and, as previously flagged to the market, we are substantially ahead of our expectations," Chairman Ian Johnson said in a statement.
"The second half has started well and the board looks forward to the remainder of the year with continued confidence," he added.
Shares in Cyprotex were trading up 2.6% at 142.11 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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