Tecan reports ‘significant’ growth in Q2 2010

Tecan has expressed confidence in its long-term business prospects following strong sales growth in the second quarter of the year.

The laboratory technology firm saw its sales total for the three-month period grow by 9.1 per cent year-on-year to 178 million Swiss francs (109.8 million pounds), with profits and cash flow also seeing an increase.

Its performance in the European original equipment manufacturer market was noted as being particularly strong, while its key components/detection business and liquid handling/robotics unit also grew.

Moreover, the firm has been able to focus its strategy by selling off its REMP sample management unit to Nexus Biosystems.

The transaction, worth 12 million Swiss francs, was agreed last month and will see Tecan continue to collect payments based on REMP product sales until 2012.

Thomas Bachmann, chief executive officer of Tecan, said: "We are delighted to have achieved such significant growth in the first half of 2010. This shows that our strategy execution for long-term profitable growth is on track."