CELLTECH HALVES LOSSES IN FISCAL 1991

The Celltech Group, which claims to be the largest independent biotechnology company in the UK, announced that it has halved its pretax losses for the year ended September 30, 1991. The loss on ordinary activities before tax was L6.6 million ($11.7 million) in 1991, down from L12.5 million in the previous year. Turnover for the year was just over L17 million, down 14.2% on 1990. Celltech's operating loss for the year was L9.4 million, down from L16.7 million in 1990. The biologics division, which is made up of Celltech's manufacturing and trading operations, increased its contribution to operating profit from