Celsis turnaround set to continue

Celsis International of the UK says that turnover for the year to March2001 increased 6% to L17.5 million ($24.8 million), helped by a strong recovery in the second half of the year from the firm's products business. Operating profits before tax, interest and exceptionals reached L1.9 million, compared with L600,000 for the year earlier, and the firm noted that profits at its Celsis Laboratory Group were up 50%.

Celsis' chief executive, Jay LeCoque, said that despite a difficult start to the year, a number of steps had been taken to turn around its business, "including a fundamental restructuring of the products division." As a result of these measures, he claimed that Celsis is now in a stronger position "to capitalize on its leading market position to deliver future sustainable growth." Mr LeCoque added that this will be achieved both organically and "through selective acquisitions."