14th Nov 2014 07:53
LONDON (Alliance News) - Cyprotex PLC on Friday issued a profit warning for the full year as the group came under pressure from delays in its development work and weaker-than-anticipated demand.
The contract research organisation said the delays highlighted in its half-year results had continued to exacerbate in the second half and said it now expects earnings for the year to be slightly above break-even on revenue of around GBP11.7 million.
The company did not provide specific revenue guidance in its half-year results, but reported a pretax loss for the first half to the end of June of GBP428,337 on revenue of GBP5.4 million.
Chief Executive Officer Anthony Baxter said the company still expects revenue to rise 20% for the full year against 2013, but said the revenue growth will be lower than anticipated.
By Sam Unsted; [email protected]; @SamUAtAlliance
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