TTP LabTech announces 25% revenue growth and a push on R&D
TTP LabTech has announced a 25% increase in total revenue for the last fiscal year. Bucking the trend, TTP LabTech’s products have sustained continued growth within the last 12 months, generating revenues of £9.1 million compared with £7.3 million from the previous year. Furthermore, this is the first year that the revenue generated by the product business has overtaken that of their custom development business. As a result, there will be a 20% increase in R&D spend for the coming year.
‘This is a remarkable achievement given the current financial climate and is the third consecutive year that we have achieved double digit figures in revenue growth’ said Dr Jas Sanghera, Commercial Director of TTP LabTech Ltd. TTP LabTech’s global presence has expanded over this period to include offices in the UK, US and China, with strong distributor representation in other key markets such as Europe and Asia-Pacific.
Considering the coming year, Dr Sanghera added ‘We have taken orders for a number of instruments in the first quarter of our financial year, and have put into place strategic initiatives that will hopefully allow us to keep this momentum in the current climate. To this end, we have also increased our R&D funding by 20% and we anticipate a new product launch for the drug discovery market within the next year. Furthermore, we intend to add a number of significant product enhancements to our existing portfolio, which demonstrates our continuing long-term commitment to providing superior products and support to our customers.’
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