Oxford Biomedica shares drop 13 per cent
Shares at gene and cell therapy company Oxford Biomedica have dropped 13 per cent today (23 September) following a drop in revenue and profits published in the firm’s interim reports earlier this week.
The company has said it plans to cut jobs and sell and then lease back its Cowley-based facility in order to cut costs.
The sale and leaseback of its Windrush Court buildings should raise around £55 million, while it will look to ‘right-size’ its number of staff. It employs around 959 people, but recruitment is currently frozen.
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At the start of the week, it was reported that for the six months to June 30 the company reported pretax loss of £27.4 million from a profit of £19.2 million a year ago while revenue declined by 21 per cent to £64 million from £81.4 million.
According to the firm, a wind-down of coronavirus vaccines are a major cause of the drops. Despite a currently cloudy outlook, chief executive Roch Doliveux said new partnership deals meant a 70 per cent rise in the firm’s number of customers.
He said: “Oxford Biomedica is in an excellent position to achieve long-term future profitable growth,” according to Oxford Mail.
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