Steve Harris, Chairman said:12 Aug 2010 08:50
“Our performance in the first half of 2010 held up nicely despite a slow start to the year because of issues associated with the global economy, inclement weather, and volcanic ash. While our competitors have released disappointing results in the comparative period, we have remained profitable and cash generative.
This robust performance has allowed us to make some significant investments. The acquisition of our US-based rival, Apredica, which was preceded by Apredica's acquisition of Cellumen's intellectual property and assets, represents a transformational event for the Company. It gives the Company an operational base in the US (the largest market for our combined services), immediate entry and credibility in the in vitro toxicology market, plus advanced, proprietary toxicology technology. These acquisitions, along with our soon-to-open UK toxicology laboratory, enable the Company to immediately become a major player in the in vitro toxicology market, which we believe is the highest opportunity sector of pre-clinical research today.
Our immediate focus is to rapidly integrate our acquisitions, and then focus on cross-selling opportunities of our existing and new offerings to our now much-expanded customer base. These opportunities, along with a record start to the second half, give us increased confidence in the outlook despite market conditions remaining challenging.”