Celsis of the UK has posted a healthy set of results for the first half of the year ended September 30 which show that operating profits climbed 19% to $4.6 million while revenues leapt 31% to $26.3 million.
The Newmarket-headquartered diagnostics group said that growth was driven the performance of its rapid detection division, where sales were up 19% to $9.8 million. Turnover from Celsis’ analytical services unit were flat at $9.9 million, but In Vitro Technologies, which was acquired in July last year, contributed $6.6 million.
IVT, a Baltimore, USA-based firm, was bought for $30 million in cash, plus an earn-out consideration capped at $5 million. Its clients include biotechnology firms and “a number of the largest blue-chip pharmaceutical companies”.
Jay LeCoque, Celsis’ chief executive, said the financials showed a “continued strengthening of performance” from the expanded group,” claiming that the firm is benefiting from its growing customer base “that increasingly focuses on improving quality at reduced cost, which is a fundamental driver of our business model”.
He went on to say that the firm is generating “considerable new business through our ability to cross-sell into the pharmaceutical industry following the acquisition of IVT”, while also expanding its presence in the consumer product and beverage industries “where quality coupled with decreases in manufacturing costs is a perennial concern”.