Cell identification and selection group Genetix made £1 million interim pre-tax profits on a strong acquisition-fuelled sales surge.

AIM-quoted Genetix designs and makes systems to cut the cost and time of identifying and selecting cells from therapeutics to clinical diagnostics. The Hampshire-based company, active in the fields of genomics and proteomics, increased turnover a formidable 73 per cent to £10.4 million in the half-year to June, helped by a six-month contribution from last September’s £6.9 million acquisition of US group Applied Imaging, even though a weak US dollar blunted its impact.

First-half operating profits rose 25 per cent to £794,000. But a £275,000 drop in interest income resulted in a £55,000 pre-tax profit fall to £1.05 million.

Chief executive Mark Reid says Genetix made ‘strong progress’ in the first half-year in positioning itself to capitalise on ‘the growing importance of biopharmaceuticals in the drug discovery process’. He maintains that the company, which increased research and development spending by £320,000 to £874,000, remains ‘excited’ about generating growth for cell identification and selection in drug discovery and clinical diagnostics.

Genetix’s volatile shares, which doubled to 85.5p between July 2006 and last January, now trade at 64.5p, up 6.5p this morning, valuing the company at £46.3 million. Their appeal is speculative.

Genetix Group	AIM	£30.51m	42.50p	0.00p
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New products help Genetix			07/08/2008
Maiden payout from Genetix			04/03/2008
Cell biology boosts Genetix			17/01/2008
Genetix sees big sales growth			23/08/2007
Acquisition lifts Genetix sales			23/08/2007