Liquid funds available by mid-year 2004 amounted to €3.7m, an increase of €0.4m compared to the end of 2003. This was attributed to the significant acceleration of turnover over the quarters at the beginning of the year.
The company operates in a sector that is currently becoming more and more competitive and, as a result, undergoing significant pricing pressures even as customers have hiked their demands in terms of equipment features and performance.
CyBio were keen to stress that while they exceeded its sales plan in Central Europe and Asia, first half year sales remained soft in the US market due increasing price competition and a weakening US currency.
Due to the seasonal pattern of the industry, increasing sales volume for the second half of this year is expected to improve. CyBio said this increased business activity would justify its decision to stay with initial sales forecast for the year.
In the past few months, CyBio has entered into strategic co-operations with Spotfire, BioTeSys and IOM. However, the largest future potential is expected to be the product sales agreement, which was adding to the existing development-contract, with the Scientific Products Division of Corning.