Growth accelerates at Cryo-Save

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    Date: Tuesday 08 Jul 2008

    LONDON (ShareCast) - Sales and profit growth rates are accelerating at stem cell storage bank company Cryo-Save.

    In the second quarter of 2008 the company stored 6,634 samples, up 36% from the 4,865 samples stored in the second quarter of 2007, and an improvement over the first quarter figure of 5,903.

    The number of new customers in the second quarter rose 27% from a year earlier to 7,412 and was also up on the 6,823 new customers won in the first quarter.

    Trading is in line with the board’s expectations, the company said, with sales and profit growth expected to accelerate in the second half of the year.

    The group has acquired its Spanish distributor, Crio Cord, for an initial cash consideration of €16m. Further payments may be liable on an annual basis until 2011, depending on the trading performance of the acquired company.

    Cryo-Save expect the acquisition to be immediately earnings enhancing.

    Crio Cord is a fast growing stem cell storage business based in Spain. In the first five months of 2008 it saw 80% growth in the number of samples stored compared with the corresponding period of 2007.

    In 2007 the acquired company made pre-tax profits of €1.8m on revenues of €4.2m.

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