A DRUGS company which is looking to re-open a North East operation this month has revealed its first annual profit since launching eight years ago.
Edinburgh-based Angel Biotechnology has announced maiden pre-tax profits of £193,291 in the year to December 31 2010, up from a loss of £753,730, with revenues doubling from £1.48m to £2.9m.
The company, which is named after the Angel of the North, plans to return to its former base in Cramlington which has been empty since the eight-year-old firm moved to Edinburgh in 2007.
The business, which will retain its headquarters in Scotland, is in advanced negotiations with the site’s landlord, Gateshead-based UK Land Estates, and hopes to be able to secure the site this month and move in soon afterwards.
Angel, which manufactures clinical grade compounds for drug development companies, said that the site would become its main manufacturing base and would be an important part of its predicted growth. Gordon Sherriff, chief operating officer at Angel, said: “We are in advanced talks over the Cramlington site and are keen to move back to the North East, where we hope to create 10 jobs initially.
“The facility is much bigger than our headquarters in Edinburgh and will allow us to step up our five-year growth strategy.”
Highlights from 2010 include the signing of 15 new contracts and 17 contract extensions, with a total value of £5.3m, representing a 40% increase on 2009.
The firm recently raised £1.93m on the Alternative Investment Market to help fund its expansion and also signed a deal with Russian firm Materia Medica Holding, which will see the firm continue to provide its manufacturing services at a pre-arranged price over the next five years.
A brokers note from the investment banking division of Matrix Group said the company had won new contracts “and has a healthy pipeline of potential revenues which gives the business good momentum into 2011.”