Epistem upped revenues by 45% in FY

Epistem (LON:EHP) published a strong set of results with rapidly growing sales, revenues and product lines.

The company reported a substantial 45% year-on-year increase in sales to £5.7 million (FY09: £4 million), which boosted net profit to £0.3 million (FY09: £0.1m). Earnings per share (EPS) was up strongly to 3.8p (FY09: 1.1p).
"I am delighted to report significant growth and ongoing improvement in Epistem's results,” Epistem chairman David Evans said.
“Whilst market and trading conditions have remained volatile, the company continues to invest in and strengthen its foundations and enjoyed a further exceptional year in difficult times.”

Epistem is transforming itself into a diverse and profitable biotechnology and personalised medicine group. The company is made up of three distinct divisions - Contract Research, Personalised Medicine and Novel Therapeutics.

Evans highlighted that each divisional business increased sales during the year, and each division is establishing itself for growth.
Novel Therapies upped sales by £1.4 million to £2.4 million, Personalised Medicine’s Biomarker sales increased 19% and Contract Research sales were up 10%.

And with the outlook for the expanding group increasingly positive, Evans expects the company to advance quickly in current financial year.

The company highlighted that it has already made a solid start to the new financial year.
Epistem’s momentum continued into the current year, with revenues 15% ahead of last year's comparatives.
“A strengthening operational and financial position confirms our belief that the year ahead will continue to generate substantial increases in our forecast revenues and growth ambitions,” Epistem chief executive Matthew Walls said.