31st Jul 2007 07:01
Cyprotex PLC31 July 2007 TRADING UPDATE31 July 2007 Cyprotex PLC (the "Company" or "Cyprotex") Progress in line with expectations Progress during the six months to end-June 2007 continued in line with thatintimated in this year's Annual General Meeting (AGM) statement. Revenueperformance for the period was slightly ahead of that seen for the first half of2006, although this was behind expectations detailed by management on the outsetof the year. The Chief Executive Officer's AGM statement detailed the efforts by a group of 'Requisitionists' intent of unseating the present management, which resulted ina highly unnecessary and costly diversion for the company. This was compoundedby the loss of an important client, who made a surprise exit from small moleculeresearch. Although the second-half of this year has started on a stronger note,Cyprotex has yet to regain the momentum it was enjoying at the end of 2006. Theslippage of contract signings and collaborative agreements that has, to date,characterised 2007, however, is shortly expected to pass. Indeed, a verysignificant screening project agreed this month for one of the world's 'Top Ten'pharmaceutical companies serves not only to remind investors that Cyprotex setsglobal standards in its industry, but also of the huge potential for adoption ofits technical capabilities. Management remains confident of both Cyprotex'sbusiness plan and its market opportunity. Based on anticipated workload, Cyprotex presently has sufficient financialresources to service its obligations, whilst continuing to expand its marketingreach and research capabilities during 2007. Although the Board of Directors isnot anticipating the need to seek new external finance, the significant 'cashcushion' the company had this time last year is much reduced. Cyprotex plc's results for the six months to end-June 2007 are expected to bereleased on Thursday, 30th August 2007. For further information: Cyprotex plcRobert Morrisson Atwater, CEORussell Gibbs, CFOTel: +44 (0) 1625 505 [email protected] Code Securities LimitedCharles Walker, Corporate FinanceTel: +44 (0)20 7776 [email protected] Media Enquires: WMC CommunicationsAlex GloverTel: +44 (0)20 7930 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CRX.L