Tuesday, Europe-based adult stem cell storage bank Cryo-Save Group NV (CRYO.L) reported a decrease in profit for the full-year 2008 despite of revenue surging 67%. The results reflected higher expenses due to the group's acquisitions and substantial investment programme.
Cryo-Save posted full-year 2008 profit before taxation of EUR 2.86 million, compared to EUR 4.51 million in the last year.
Underlying profit before taxation, adjusted for amortisation of identified intangible assets, was EUR 3.9 million, compared with EUR 4.5 million in the prior year.
Profit attributable to equity holders of the company was EUR 2.56 million or 5.5 cents per share, compared to EUR 3.88 million or 10.3 cents per share in the previous year.
Underlying earnings per share were 7.2 cents, compared to 10.3 cents, a year before.
Revenue surged 67% to EUR 29.5 million from EUR 17.7 million, a year earlier. Revenue growth was driven by a combination of the price increase implemented during 2008 across the group's operations and the 21% growth in sales volume. Also, revenue was positively impacted by the release of deferred revenue of EUR 0.3 million, representing income for the annual storage of all stored samples.
Operating expenses, excluding depreciation and amortisation, increased to EUR 16.3 million from EUR 6.9 million in the last year, as a result of the group's acquisitions and substantial investment programme to support the international growth strategy.
Moving forward, Cryo-Save stated that it would benefit in 2009 from the price increases implemented during 2008 and from the start of operations in India and France.
Further, the board recommended a maiden dividend of EUR 0.01 per share for the year ended 31 December 2008. The dividend would be paid on 2 July to shareholders on the register at 5 June. The ex-dividend date would be 3 June.
CRYO.L is currently trading on London stock exchange at 35.00 pence, up 9.37%.
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