NextGen sales double in 1H07, operating losses reduced
NextGen Group plc, the Cambridge-based "gene-to-protein" company, reported that sales increase increased 128% to £1.07m in the six months ended 30th June. Operating loss was lower at £1.26m, compared with £1.34m in 2006.
Chairman Anthony Rhatigan (pictutred) said the trend of increased revenues had contiued since the initial flotation of the Company in late 2005.
“From a period of uncertainty at this time last year we have seen an increasing confidence among our pharmaceutical and biotechnology clients and there have been sales of both expressionworkstation and baculoworkstation.
“In addition, the trend to outsource more parts of the drug development process by the large pharmaceutical and biotechnology companies has continued and the Company has benefitted greatly from that in both the number of clients we service and an increasing value of contracts on repeat business.
“The business of NextGen has evolved from being primarily a supplier of expert systems in the proteomics market to a company that has three distinct and growing revenue streams. These are, the original equipment business, the fee for service business and the expert IT business that has grown around the Company's novel rules engine orchestratorIMS that drives its various proteomics systems.
“NextGen continues to build its sales team in order speed up the full commercialisation of its range of products. During this period we have appointed a locally-based sales person for mainland Europe to complement the European team based in Cambridge.
“The fee-for-service business continues to show good promise for growth particularly in the US where the training of the sales team has now been completed. The team are making good progress in raising awareness of NextGen's equipment portfolio and are expecting to secure some important orders during the coming months. In addition, we have seen significant growth in the sales of the optigel range of pre-cast electrophoresis gels. During the period, we have also released an update of orchestratorIMS which has been received very favourably by existing users as well as those organisations that are considering its installation.”
28th September 2007
