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12 Jan 2012 07:00
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12 January 2011
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Cyprotex
("Cyprotex" or "the Company" or "the Group")
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Pre-Closed Trading Update
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Cyprotex (LSE:CRX), the drug discovery ADME Tox services and information company, provides the following pre-closed trading update for the year ending 31 December 2011 ahead of its preliminary results on 22nd March 2012.
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Current Trading
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Revenues for 2011 are expected to be in line with market expectations with an increase of over 30% on 2010 revenues following a strong second half performance from both our UK and US sites in both ADME and Toxicity service areas. We have added several new strategic pharmaceutical, biotech and Governmental customers during the year for our higher throughput offerings which has contributed to a robust margin performance for 2011. We consider this to be an excellent performance in a challenging market for the pre-clinical research services sector and our competitors.Β
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The Company has remained cash generative with cash in hand at the year end in excess of expectations at Β£1.1M vs Β£1.04M for 2010, notwithstanding significant investment in new technologies during the year.
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Operational Update and Investment Programme
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During 2011, we successfully overcame the loss of our largest customer, by growing many of our existing customers and securing new business. As a consequence, we reduced our dependence on our single largest customer, which in 2011 accounted for 13% of revenues, compared to over 35% in 2008.
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We have been delighted by the uptake of our CellciphrTM high content toxicology assays and have continued to invest in new assays which now, in combination, contribute significantly to our service revenues.
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We are also pleased with the customer uptake in our new (genomic) gADMETM service offering announced in October.
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Work has commenced in the near doubling our facilities (from 4,400 sq ft to 8200 sq ft) at our Watertown (US) site and we expect completion in early Q1 2012.
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We have also enhanced our sales team and now have a full complement of experienced sales specialists in all our operating territories.
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Tony Baxter, Chief Executive of Cyprotex, said:
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"I am very pleased with the resilient performance in 2011 and that our investment in R&D has resulted in high customer acceptance and financial success. We look forward to 2012 with confidence and to providing a full update of the Company's performance with the final results in March."
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For further information:
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Cyprotex PLC | Tel: +44 (0) 1625 505 100 |
Dr Anthony Baxter, Chief Executive Officer John Dootson, Chief Financial Officer Mark Warburton, Chief Operating Officer and Legal Counsel | ir@cyprotex.com www.cyprotex.com |
Singer Capital Markets Limited (broker to Cyprotex) | Tel: +44 (0) 203 205 7500 |
Shaun Dobson Claes Spang Β | shaun.dobson@singercm.com claes.spang@singercm.com www.singercm.com |
FTI Consulting | Tel: +44 (0) 20 7831 3113 |
Ben Brewerton Ben Atwell Mo Noonan | cyprotex@fticonsulting.com www.fticonsulting.com Β |
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Notes to Editors:
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Cyprotex PLC
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Cyprotex is the world's largest contract research organisation (CRO) specialising in ADME Tox, which is the analysis of the Absorption, Distribution, Metabolism, Excretion, and Toxicity properties of potential drugs, cosmetics, and agrochemicals. It is the only company in the world with in-house capabilities for both in vitro (test tube) and in silico (computer modelling) ADME Tox. Cyprotex was founded in 1999 and listed on the AIM in 2002. It has laboratories in Macclesfield, Cheshire, UK (near Manchester), and Watertown, Massachusetts, USA (near Boston), making it one of only three ADME Tox CROs with international operations.
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