TTP Labtech reports a 43% increase in revenues for last fiscal year
TTP Labtech, an employee-owned life science company based near Cambridge, UK, has reported an impressive 43% increase in revenues and an associated increase in profits over 2013.
Most of this growth is based on the strength of TTP Labtech’s core products in the areas of cell imaging, liquid handling and sample management. In particular mirrorball® and comPOUND® saw an accelerated growth of over 300%.
“We have a team of passionate, talented and dedicated individuals behind each product and a collaborative relationship with our customers – something that differentiates us from other technology-based companies”, remarked Dr Jas Sanghera, managing director at TTP Labtech.
A focus on global distribution has led to 24% of product sales outside of the US and Europe, with a significant proportion of this in Asia. TTP Labtech is now in a strong position to continue growing the business. Dr Sanghera’s strategy to maintain the focus on product quality, even in a challenging economic environment, has proved to be successful.
Continued success also requires maintaining an innovative culture and a willingness to adapt to market changes. The current trend in assay development is a move towards greater levels of both accuracy and precision, while making use of smaller volumes at an increased throughput – a challenge which can only be assured by automated instrumentation. Many of TTP Labtech’s products, in particular the mosquito range, are well positioned to rise to this challenge and provide real value to customers in that field.
Dr Sanghera continued, “We predict strong growth for the next year from our most recently launched products (dragonfly® and arktic®). In addition we have opened a new online store for consumables that we expect will make a significant contribution to the revenue next year. Innovation, which is so important for the company, is driven by our strong focus on our customers and we will continue to develop these relationships in the future”.
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