First full-year profit for Celcis
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CELSIS INTERNATIONAL, the biotech company led by the scientist Chris Evans and the former England rugby coach Jack Rowell, yesterday reported its first full-year profit, one of the few biotech companies to make it into the black.
Celsis also announced a six-year sales and marketing agreement with Kleencare Hygiene for the distribution of SpotCheck, Celsis's new hygiene test. The finance director, Mark Harris, said it had been a landmark year for the group, which reported pre-tax profits before exceptionals of pounds 1.64m compared with a loss of pounds 857,000 the year before.
"It's been a very important year for us," Mr Harris said, referring both to progress with its star product SpotCheck and the management changes which saw Jack Rowell join as chief executive.
The shares are still way off their 1995 peak of 141.5p, though they edged up 2.5p to27.5p yesterday. But the group has pounds 1.9m of cash - sufficient, analysts say - and is pinning its future hopes on SpotCheck. With the launch planned for the autumn, the device, which changes colour to indicate contamination, will be the world's first disposable hygiene testing kit. Shaped like a pen, it will cost around pounds 1.50.
The agreement with Kleencare, the trading arm of LHS Holdings, gives the hygiene provider exclusive rights to market and sell SpotCheck in the industrial and agricultural food processing and dairy and beverage markets in Europe.
Erling Refsum, biotech analyst at Nomura, said: "The new management seems to be getting to grips with the underlying business. They are profitable now and they're growing - they may meet their brokers' forecast to double profits by next year. The stock is fairly valued for its growth rate so we say hold."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments