Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, is pleased to announce its results for the twelve month period ended 30 June 2007.

  • Financial highlights:

–         Revenues increased 67% to £2.5M (2006: £1.5M) plus an increase of £0.31M in deferred revenue (pre-payments to be recognised in current financial year)

–         Gross profit increased 56% to £0.62M (2006: 0.40M)

–         Loss on ordinary activities for period (after taxation) reduced 16% to £0.53M (2006: £0.62M)

–         New equity investments in the Company of £0.70M

–         Cash in bank increased 25% to £0.66M (2006: £0.53M)

 

  • Business highlights:

–         Patent filings submitted from two in-house drug discovery programmes

–         Revenue generating collaborations signed with major pharmaceutical companies Johnson & Johnson, Genentech and Roche

–         Repeat business with Almirall and Lundbeck

 

  • Post year end highlights:

–         Substantial progress with two further in-house drug discovery programmes

–         Additional repeat business with Lundbeck

 

Dr Paul Harper, Chairman of Sareum Holdings plc, said: “Sareum has produced another good set of results which further demonstrate the Company’s ability to consistently grow its business.  We have increased spending on our internal programmes where we are seeing considerable success and feel strongly that it is this investment that will generate greatest future shareholder value.”

For further information please contact:

Sareum Holdings plc

01223 497700

Tim Mitchell, Chief Executive Officer

 

Buchanan Communications

020 7466 5000

Tim Anderson,  Mary-Jane Johnson

 

Grant Thornton Corporate Finance

0207 383 5100

Colin Aaronson, Philip Secrett

 

Annual results 2007 available as PDF document: Annual Results 2007