Cyprotex doubles revenue in 2004

UK drug discovery technology and information company Cyprotex more than doubled its revenue for the year ended 31 December 2004 from £1.05m to £2.12m.

Gross profits for the same period also more than doubled from £800,000 to £1.7m and gross mar-gins rose to 80%, compared with 76% the previous year.

Despite significant capital investment in new laboratory capabilities, net cash resources at the end of the year stood at £1.84m compared with £490,000 in 2003. Meanwhile, the company's customer base continued to expand rapidly, with the largest customer contributing less than 14% of total revenues.

'Recognising the continued expansion of its core customer base and the extent of repeat/longerterm contracts, Cyprotex expects to significantly outpace the underlying growth of its sector again in 2005,' said chairman and ceo Robert Morrisson Atwater. 'Despite a major expansion of its operational facilities during 2004, management has continued to carefully guard its cash resources. Existing operations are now considered to have sufficient resources to fund their own expansion going forward.'