Company to increase R&D expenses by 20%.
The global economic squeeze appears to have had little effect on TTP LabTech. With plans to launch a new product by the end of 2009 and having reported double-digit growth in revenues each year for the last four years, the company confirmed plans to increase its R&D spend by 20% over the coming year. This comes on the back of a 25% increase in just the last year’s revenues, which reached £9.1 million over the past 12 months.
“We expect to launch a new product for the screening market by the end of 2009,”, says Jas Sanghera, commercial director at TTP LabTech. “This will address a different market to our current Acumen platform for high-throughput analysis of high-content assays and promises to be faster and more sensitive. Our initial data are really very exciting.”
TTP LabTech is also planning new software upgrades and the addition of new modules/features to its existing platforms including the Acumen system and the mosquito family of nanolitre pipetting systems.
“Revenues from sales of the mosquito have increased by over 100 percent over the last year, and the number of leads we get from existing customers is really incredible,” Dr. Janghera adds. “A large proportion of sales of mosquito are derived from such referrals, which reduces marketing costs significantly. Importantly, our revenue increases as a whole are not due to cutting prices, as we have also increased our profit margins.
“One of the factors which sets TTP LabTech apart from other companies is that our products have no real competitors, and we have built up a reputation for robustness, reliability, and customer service.”
TTP LabTech is part of product development and incubation organization, TTP Group, which recently bought back a 12.6% interest in the company owned by the venture capital company 3i plc.