Final Results
Cyprotex PLC (AIM: CRX), the preclinical ADME-Tox services company, today reports its final results for the year ended 31 December 2014.
Financial Highlights
· Strong revenue growth up 18.4% to £11.57 million (2013: £9.77 million)
· CeeTox acquisition contributed £1.12 million of total revenue
· Excluding CeeTox revenue grew 7.0% (2013: 17.3%)
· Gross margins decreased to 75.0% (2013: 80.0%) predominantly as a result of greater outsourcing in the period
· Operating loss of £0.71 million, excluding goodwill impairment, (2013: Operating profit of £0.61 million)
· Goodwill impairment relating to US Operations of £3.04 million (2013: £nil)
· Underlying EBITDA^ of £0.61 million (2013: £1.54 million)
· Loss per share at 18.59 pence (2013: loss per share 3.56 pence^^)
· Cash of £2.9 million as at 31 December 2014 (2013: £7.1 million)
^ excluding share-based payment charge and impairment of intangibles
^^ rebased following a ten for one share consolidation
Operational Highlights
· Acquisition and integration of CeeTox business completed
· Expanded into the BioHub at the former Astra Zeneca Alderley Park site, and transferred a number of assays and staff to accommodate further growth in revenues
· Significant investment in several major new products and services. These include a new High Throughput Facility in Watertown, a new suite of drug transporter assays, a new high resolution QTof mass spectrometer for improved metabolite identification services and new toxicology analysis equipment in Macclesfield
· Dependence on one large customer and one large Government agency has been reduced at Kalamazoo
· 171 new customers in 2014 (2013: 136 customers)
· 407 total customers served in 2014 (2013: 325 customers)
· Largest customer contributed 8.1% of revenues (2013: 9.8%)
· Commenced and completed two large contracts for the US Environmental Protection Agency (EPA)
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