NEW MILTON, England, March 4 /PRNewswire-FirstCall/ - Genetix Group plc (LSE: GTX - News), the genomics and proteomics technology group, today announces its preliminary financial results for the year ended 31 December 2002.
Financial Highlights
* Sales 12.6 million pounds (2001: 12.4 million pounds)
* Pre-tax profit (excluding goodwill) 2.3 million pounds
(2001: 2.6 million pounds)
* Strategic investment in R&D of 1.5 million pounds
(2001: 1.2 million pounds)
* Sales of consumables and services up 15%
* Cash balance of 20.9 million pounds (after share re-purchase of
1.4m pounds)
Operational Highlights
* Doubling of direct sales team in US, UK, Germany and appointment of new
distributors in key territories
* Successful launch of new products including aQuire microarray scanner
and continued enhancement of existing products
* US sales up 12%, accounting for 52% of turnover
* Prestigious LINK grant awarded for protein mapping research --
first prototype built
Mark Reid, Chief Executive, commented:
"Genetix enjoyed a strong end to the year. Despite unpredictable market conditions and continuing caution among our core client base, we continued to increase sales and to invest strategically in marketing and R&D, the keys to our long-term success. The actions taken in 2002 put Genetix in a stronger position to take full advantage of the eventual upturn in the economic climate."
The release will be available on the Company's website: genetix.com |
