Revenues up 52%, profits up 17%
Cryo-Save Group N.V. (AIM: CRYO, "Cryo-Save" or "the Group"), Europe's leading adult stem cell storage bank, has published interim results for the six months ended 30 June 2009.
Financial highlights
- Revenue up 52% to €18.6 million (1HY 2008: €12.2 million), reflecting strong organic and acquisitive growth
- Gross margin increased to 71.1% (1HY 2008: 68.0%)
- Underlying* EBITA up 123% to €2.9 million (1HY 2008: €1.3 million)
- Underlying profit before taxation up 17% to €2.1 million (1HY 2008: €1.8 million)
- Underlying earnings per share up 6% to 3.7 euro cents (1HY 2008: 3.5 cents)
- Strong cash generation from operating activities €2.6 million
- Net cash €4.5 million as at 30 June 2009 after substantial investment programme (31 December 2008: €4.5 million)
- Financial sale and lease back of new Belgium building completed (€4.3 million)
Operational highlights
- As at 30 June 2009 around 108,000 samples stored
- Number of samples stored up 6% to 13,300 (1HY 2008: 12,500)
- Three samples released for medical treatment
- All time record with second quarter storage of 7,000 samples (Q2 2008: 6,600)
- Strong organic growth in Spain, Italy and South Eastern Europe
*Underlying excludes the one-off write down of receivables on associate Cryo-Save Arabia (€0.9 million before taxation).
Marc Waeterschoot, Chief Executive, commented:
“Our investment and acquisition strategy, supported by increased prices over the last two years, is now really beginning to show good returns despite the current economic climate.
“Also notably we released three samples for use in medical treatments in the first half of this year, highlighting that the use of stem cells continues to widen.
“With the Q2 of this year showing our strongest sample storage numbers to date, our widening international spread of businesses, new products coming available plus our high operational gearing, means that we are well placed to continue to grow strongly and generate cash”
For further details:
Cryo-Save Group + 31 (0) 575 548 998
Marc Waeterschoot, Chief Executive
Arnoud van Tulder, Chief Financial Officer
Daniel Stewart & Company plc + 44 (0) 20 7776 6550
Simon Leathers/Charlotte Stranner
College Hill + 44 (0) 20 7457 2020
Adrian Duffield/Rozi Morris

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