Genetix FY 2007 sales jump 48%

New Milton, UK-based Genetix says that sales for the year ended December 31, 2007, are expected to be L22.9 million ($44.8 million) versus L15.5 million in the previous year driven by sales of its cell biology product family which saw growth of 44% to L6.5 million. Owing to the strength of sterling against the dollar throughout 2007, on a constant currency basis income during the year would have been approximately L23.8 million, an increase of 54%.

In its first full year of ownership of Applied Imaging, the unit achieved revenues of L9.9 million and an operating profit of L1.5 million and the integration of this business is now complete. Since acquiring the firm in November 2006, Genetix says it has transformed it from a loss-making business into one which is a significant source of profitability for the group as a whole and it is encouraged by its future growth prospects.

Gross margin in the year has improved more than 3% to 60%, reflecting an improved product mix, with the key driver being the sales growth in the cell biology products, the firm said. Pretax profits before amortization of acquired intangibles expected to be in line with market expectations, the UK firm noted, adding that its preliminary results for 2007 are expected on March 2008.