LGC´s annual results boosted by analytical innovation and strength in key markets
LGC has published its Report and Accounts 2003 in which it announces its best results since privatisation in 1996. LGC has more than doubled staff and tripled sales in those seven years through a deliberate policy of placing technology at the heart of its corporate strategy. LGC´s Report and Accounts 2003 reflects the focus of the Board on food safety, genetic services and reference materials.
Dr Richard Worswick, LGC´s Chief Executive, said: "Investment in technology and expertise have been crucial to LGC´s steady growth and strong financial performance. In food safety, the extension of LGC´s BSE contract with Defra, including new facilities in Runcorn and Edinburgh, is based on the type of high throughput, leading-edge analysis we can provide. We are also expanding to meet the demand for genetic services in healthcare and forensic applications, for example, in pharmacogenetics, genotyping and crime scene DNA analysis. Trading as LGC Promochem, we are now the leading supplier of reference materials and biological cell standards in Europe and India, and our recent acquisition of Mikromol in Germany will help us expand our global business in pharmaceutical reference standards.
He added: "LGC´s role as the National Measurement Institute for chemical and biochemical analysis is important in that it provides our foundation for setting standards in analytical science. A particular highlight in the past year was being awarded over 50% of the DTI´s current Measurements for Biotechnology Programme."
Andrew Fraser, a Director of 3i´s Healthcare team, commented that: "LGC is a significant player, positioned at the top or second in all of the key markets it serves. LGC has consistently outperformed the current downturn affecting the technology sector through a focus on analytical innovation and capability in the food safety to forensic analysis markets. Reporting its best results since privatisation, LGC is in a strong position to accelerate the commercialisation of its technologies, notably in the genetics, healthcare and pharmaceutical sectors. LGC has an exciting year ahead - and justifiably so."
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