Trading update12 Oct 2007 09:03
The Director's confidence with Cyprotex's core operations continued to build
during the third quarter of 2007. The Group enters the final three months of
its year on an optimistic note.
Historically the final quarter has been the strongest period of Cyprotex's
financial year. Moreover, management is pleased to confirm that its customer
base has continued to expand rapidly. Included within the high number of new
MSA (Master Services Agreements) recently signed, and taking the Group's 'active
customer list' beyond 150 pharmaceutical and biotech companies, are several
international majors. Strict confidentiality agreements preclude Cyprotex from
naming individual clients, but the company can now confirm it is currently
contracted to work for six out of the world's 'top ten' global pharmaceutical
companies. The scale and visibility that strong working relationships with such
partners are capable of providing, is key to proving Cyprotex's business plan.
The management is pleased to report an exceptional level of repeat business,
while also being asked to tenders for more long-term contract work as well as
project specific collaborations.
Cyprotex presently holds an adequate cash resource whilst also retaining a
significant, unused banking facility. Based on current momentum, management
sees the opportunity for modest cash generation to expand this 'cushion' still
further during the final three months of the 2007.