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Geneart Posts 28 Percent Revenue Growth for 2008

NEW YORK (GenomeWeb News) – Geneart today released preliminary figures for its fiscal year 2008, showing a 28 percent jump in revenues to €15.7 million ($20.1 million) from €12.3 million.

The German gene synthesis firm had earnings before interest and taxes of €800,000, down from €1.8 million in 2007. It said that its profit was affected by one-time expenses associated with depreciations on inventories due to lower production costs and negative currency effects related to the US dollar.

In addition, Geneart cited a global shortage of the raw material acetonitrile, which it uses in its production process. The firm said it has had to "accept non-budgeted price increases" of the material.