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Great year sees turnover at Diaceutics rise above £13m

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Diaceutics chief executive Peter Keeling

Diaceutics chief executive Peter Keeling

Diaceutics chief executive Peter Keeling

Diagnostics firm Diaceutics has released the results of one of its best-performing financial years with a 30% rise in sales to £13.4m in 2019.

The Northern Ireland company said last year's figures "reflect another formative year for the group", which is a leading provider of precision testing data for drugs for diseases including breast, bladder and colon cancer among many other conditions.

Chief executive Peter Keeling said: "We've grown the business three ways; the first is we've increased the number of therapies we've been working with to around 53 therapy brands.

"We also continue to add to our client base which has gone up to 36 clients, up from 26 in the previous year. Thirdly we set out to expand regionally and geographically. We went from one person to a team of 10 out there and we moved the number of projects in that market from four projects in 2018 to 22 today."

And the results were lucrative, according to its latest publication. Revenue is up to £13.4m, gross profit grew by 52% to £10.3m while profit before tax improved to £1.8m.

Mr Keeling added: "It's not been an overnight success. As CEO, we said we were going to do certain things and we did them and it reflects on the Belfast team and team across the globe.

"They see a mission, there's a real positive income if we are successful and they are laser focused on that. These are hard times, even before the coronavirus, but the team has delivered."

The company is now working towards the development of Nexus, an online platform that will allow collaboration between pharma firms and labs all over the world.

The CEO said: "With this platform together these people can start working collaboratively and that makes more sense to us."

Speaking about lending the firm's intellectual brawn to fighting the coronavirus, Mr Keeling added: "Because it's unfolding at such a rapid pace we aren't involved today but we are very supportive of all the work going on.

"There is a range of drugs that are being looked at for those who are severely affected, those people who can't control the inflammation. Tests are required for that to be done and that's an area we are looking at in the weeks and months ahead."

Diaceutics was established in 2005 when personalised medicine was something very few people knew about.

It has become the gold standard in treatment for a whole range of conditions giving a targeted approach to allow individual patients receive the right treatment.

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