A wide range of products and global distribution of them has enabled TTP LabTech of Royston, UK to increase revenue by 25% for the last fiscal year. The company's products, including laboratory-scale instrumentation and custom automation for life sciences companies spanning the healthcare, biotech and pharmaceutical sectors, have seen continued growth over the past 12 months, generating revenues of £9.1m compared with £7.3m for the previous year.
This is the first year that the revenue generated by the product business has overtaken that of the company's custom development business. As a result, there will be a 20% increase in r&d expenditure for the coming year.
"This is a remarkable achievement given the current financial climate and is the third consecutive year that we have achieved double-digit figures in revenue growth," said Dr Jas Sanghera, commercial director of TTP LabTech. "I attribute the success to the company's unique range of products, coupled with the first class customer service that I believe can only be provided by an employee-owned company such as ours."
TTP LabTech's global presence has expanded over this period to include offices in the UK, US and China, with strong distributor representation in other key markets such as Europe and Asia-Pacific.
"We have put into place strategic initiatives that will hopefully allow us to keep this momentum in the current climate," added Sanghera.
TTP LabTech will launch a product for the drug discovery market within the next year and intends to add a number of significant enhancements to its existing product range.