Restructuring lift Celsis

24th Jun 2009 07:54

Diagnostics group Celsis lifted profits by over 20% last year as better margins offset a mixed sales performance.Revenues were flat at $52.5m as a strong scond half at the rapid detection business offset declines at In Vitro Technologies and Analytical Services.Operating profit increased 17.9% to $13.2m, while pre-tax profit jumped 21.9% to $12.8m (2008: $10.5m). Group cash inflows increased to $13.7 m (2008: $12.9m). Including the discontinued development services business, net profit rose marginally to $6.8m from $6.7m. It lost $2.4m."Our performance in the year ended 31st March demonstrates the underlying strength of our business model, in particular our focus on driving higher quality revenues and margins while discontinuing less profitable areas of the business," cheif executive Jay LeCoque said. "With targeted investments in new technologies and in expanding our sales and marketing infrastructure, Celsis is well positioned for growth, even in a tougher economic climate," he added.