Companies: GTX   

Cell identification and selection specialist Genetix Group expects 2007 sales to show a 48 per cent increase to £22.9 million.

The Hampshire-based company, which turned a £216,000 interim loss into a £1.3 million first-half pre-tax profit on sales up 73 per cent to £10.4 million, says full-year profits for 2007 will be in line with market expectations 'before amortisation of acquired intangibles'. Chief executive Mark Reid says the 'chief driver' of growth was AIM-listed Genetix's 'family' of cell biology products, while Applied Imaging, its 2006 US acquisition, moved into the black with a £1.5 million operating profit on £9.9 million turnover.

A weak US dollar took some £900,000 of sales in sterling terms, but gross margins improved more than three per cent to 60 per cent during last year. Reid sees 'excellent prospects' for two new products, the Cell Reporter and Chromoscan 120 Slide Loader, which the company is launching in the first three months of this year.

Genetix's volatile shares, which were higher than 170p in 2000, doubled to 85.5p between July 2006 and the beginning of last year, before falling back again. They are now 51p, up 1p this morning, valuing the company at nearly £37 million.

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