Cyprotex shares up almost 10% after loss narrowed
Shares in pharma and health research company Cyprotex were up almost 10% after the company posted a narrower first half loss.
The AIM listed stock was trading at 59p by 1110 BST, having gained 9.26%.
Cyprotex posted a first half pretax loss of £387,286, an improvement on last year’s loss of £428,337. Chairman Ian Johson said the board remained confident that trading for the year was in line with expectations and the improvement in financial performance would be sustained in the second half of 2015.
Revenue was up by 28% to £6.93m in the first half, from £5.41m the year before, driven by an investment in drug level and toxicity testing services. Cyprotex said growth had come predominantly from larger contracts from existing contracts, which it said was “a pleasing trend”.
Basic loss per share was 1.62p from 1.8p the year before and the company had cash at the end of the period of £4.13m from £4.56m the year before.