Interim Results

Synexus Clinical Research PLC
05 December 2006


SNX.L

                         Synexus Clinical Research PLC
                          ("Synexus" or the "Company")


           Interim results for the six months ended 30 September 2006


Highlights

   •Turnover up 49% to £5.2m (2005: £3.5m)

   •Operating Profit up 50% to £0.38m (2005: £0.25m)

   •Operating Profit before Plc infrastructure costs up 215% to £0.8m (2005:
    £0.25m)

   •Cash up 354% to £1.2m (2005: £0.3m)

   •Successful integration of SCM (Poland) and DUH (Hungary) into the Group

   •Conditional acquisition of Clinical Research Centres (SA) Pty in South
    Africa in October 2006


Mike Redmond, Chairman of Synexus, said:

"Our flotation provided us with a platform upon which to develop the Group and,
in particular, our objective of rapid international expansion. This strategy has
been vigorously pursued. As a result, we now offer our customers in the global
pharmaceutical industry an ever more compelling service as we develop the
capacity to deliver greater numbers of patients for high volume clinical trials
at the lowest industry cost.

"The Group remains active in pursuing further opportunities to acquire
profitable operations in other markets to continue the expansion of our
capabilities to meet clients' needs."


Press enquiries

Synexus Clinical Research plc                 Tel: [phone]
Michael Redmond, Chairman
Michael Fort, Chief Executive

Biddicks - Financial Public Relations         Tel: [phone]
Zoe Biddick

Brewin Dolphin Securities                     Tel: [phone]
Mark Brady/Sarah Kent



Chairman's Statement

The Group continued to make strong progress during the six months to 30
September 2006, reflected in the financial results and in significant
developments within the business. For the comparative period in 2005, the Group
was private, prior to being admitted to AIM in November 2005. The flotation,
combined with the associated fund raising, provided us with a platform upon
which to develop the Group and, in particular, our objective of rapid
international expansion. This strategy has been vigorously pursued. As a result,
we now offer our customers in the global pharmaceutical industry an ever more
compelling service as we develop the capacity to deliver greater numbers of
patients for high volume clinical trials at the lowest industry cost.

Results

Turnover in the period increased by 49% to £5.2 million. The increase was driven
by strong organic growth in the UK operations, where turnover increased by 32%,
together with a full contribution from our acquisition in January of SCM in
Poland and the contribution for part of the period of our acquisition in June of
DUH in Hungary. Operating profit grew by 50% to £0.38 million and EBITDA by 56%
to £0.63 million.

During the reporting period, Synexus has been a public company with the
associated infrastructure costs. Excluding these costs for comparative purposes,
the operations grew profits by 215% to £0.8 million, demonstrating the benefits
of the increasing scale of our operations. Cash at the period end was £1.2
million.

Operations

Synexus' strategy is to build an international network of operations replicating
our UK capability of recruiting large numbers of patients into later stage
clinical trials. During the period, the acquisitions of SCM in Poland and DUH in
Hungary have been successfully integrated and these two profitable businesses
now form an important additional part of our offering to clients. In Bulgaria we
have concluded an arrangement with a hospital in Sofia for premises in which
trials can be conducted and expect to begin recruiting patients over the coming
months.

During the period, we also progressed the acquisition of CRC (SA) Pty in South
Africa, which, subject to South African Reserve Bank clearance, was completed in
October. The addition of CRC will be earnings accretive in the current financial
year and has not only provided Synexus with a footprint in the Southern
Hemisphere but extends the Group's therapeutic range.

In the UK, several of our research centres have been, or are being, consolidated
into larger, more efficient sites, which will allow us to absorb continued
expansion in the numbers of patients recruited to trials in the UK in a
cost-effective way.

Our partnership operation in India, Synexus-IRL, is now also active in
recruiting patients to studies.

In achieving these goals, our operations have been internationalised to meet the
growing demand for our services from clients, delivering on the strategy we
outlined at the time of the Group's listing on AIM.

Order Pipeline

We continue to make good progress in gaining acceptance by clients of our model
as we expand our international capability. Enquiries are running at record
levels.

As of the date of this announcement, our contracted forward orders represent a
30% increase over the previous twelve months sales, representing a book to bill
ratio of 1.3. We have a confirmed order book of £15.7 million. We also have
current bids to clients, based on enquiries to date, amounting to an additional
£22.8 million.

Outlook

Based on the existing confirmed order book and the level of enquiries and bids,
the Board has confidence in the Group's prospects for the financial year.

The Group also remains active in pursuing further opportunities to acquire
profitable operations in other markets to continue the expansion of our
capabilities to meet clients' needs.


Mike Redmond
Chairman
Synexus Clinical Research PLC
5 December 2006



Consolidated profit and loss account
for the six months ended 30 September 2006

                                      6 months to   6 months to  12 months to
                                     30 September  30 September      31 March 
                                             2006          2005          2006
                                        Unaudited     Unaudited       Audited                 
                                            £'000         £'000         £'000

Turnover                                    5,236         3,509         9,542
Cost of sales                              (2,756)       (1,795)       (4,719)

Gross profit                                2,480         1,714         4,823
Amortisation of goodwill                     (143)         (103)         (213)
Other operating expenses                   (1,959)       (1,359)       (3,079)

Operating profit                              378           252         1,531
Interest receivable                            28             3            27
Interest payable                              (20)         (269)         (326)

Profit/(loss) on ordinary
activities before taxation                    386           (14)        1,232
Taxation                                      (37)            -            29
Retained profit/(loss) for the
financial period                              349           (14)        1,261

Basic and diluted earnings per share          1.5p         (0.1)p         6.8p



Consolidated statement of total recognized gains and losses
for the six months ended 30 September 2006

The Group has no recognised gains and losses for the period other than those
stated above and therefore no separate statement of total recognised gains and
losses has been presented. The above results also represent the historical cost
profit/(loss).



Consolidated balance sheet
as at 30 September 2006

                                       30 September   30 September   31 March
                                               2006           2005       2006
                                          Unaudited      Unaudited    Audited
                                              £'000          £'000      £'000
Fixed assets
Intangible fixed assets                       4,794          3,044      3,881
Tangible fixed assets                           792            341        514

                                              5,586          3,385      4,395
Current assets
Debtors                                       3,315          2,181      2,428
Deferred tax                                    103             74        103
Cash at bank and in hand                      1,222            269      1,982

                                              4,640          2,524      4,513
Creditors: amounts falling due
within one year                              (2,624)        (5,113)    (2,020)

Net current assets/(liabilities)              2,016         (2,589)     2,493

Total assets less current liabilities         7,602            796      6,888
Creditors: amounts falling due after
more than one year                             (272)        (3,488)      (251)

Net assets/(liabilities)                      7,330         (2,692)     6,637

Capital and reserves
Called up share capital                       2,315          1,000      2,279
Share premium account                         2,491            296      2,491
Merger reserve                                1,520            515      1,253
Capital redemption reserve                    2,661              -      2,661
Profit and loss account                      (1,657)        (4,503)    (2,047)

                                              7,330         (2,692)     6,637



Consolidated cashflow statement
for the six months ended 30 September 2006

                                       30 September   30 September   31 March
                                               2006           2005       2006
                                          Unaudited      Unaudited    Audited
                                              £'000          £'000      £'000
Reconciliation of operating profit to
operating cash flows
Operating profit                                378            252      1,531
Depreciation and amortisation                   249            151        324
Increase in debtors                            (462)          (573)      (737)
Increase/(decrease) in creditors                132             42       (219)

                                                297           (128)       899

Net cash inflow/(outflow) from
operating activities                            297           (128)       899
Interest received/(paid)                         24            (20)       (28)
Purchase of tangible fixed assets              (308)           (11)       (71)
Purchase of subsidiary undertakings          (1,083)             -        (60)
Net cash acquired with subsidiary
undertakings                                     72              -          7

Net (outflow)/inflow before financing          (998)          (159)       747

Financing
Issue of share capital (net of issue
costs)                                            -              -      2,734
Repayment of loans                              (12)             -     (1,927)
New loans                                       250              -          -

                                                238              -        807

(Decrease)/increase in cash                    (760)          (159)     1,554

Opening cash                                  1,982            428        428
Closing cash                                  1,222            269      1,982

(Decrease)/Increase in cash                    (760)          (159)     1,554



Notes

 1.  The interim financial statements for the six months ended 30 September 2006
     have been prepared in accordance with the accounting policies detailed in
     the financial statements for the year ended 31 March 2006. The interim
     financial statements were approved by the Directors on 22 November 2006.

 2.  The comparative figures for the year ended 31 March 2006 do not constitute
     the Group's statutory accounts for that period. Those accounts, which were
     prepared under UK GAAP, have been reported on by the Group's auditor and
     delivered to the Registrar of Companies. The report of the auditors was
     unqualified and did not contain statements under section 237 (2) or (3) of
     the Companies Act 1985.

 3.  The charge for taxation is based on the estimated effective rate for the
     year as a whole, adjusted for taxation losses brought forward.

 4.  The calculation of basic earnings per share is based on the profit for the
     period of £349,000 (six months ended 30 September 2005 - loss of £14,000)
     and on the weighted average number of shares in issue during the period of
     23,033,180 (six months ended 30 September 2005 - 10,000,000).

 5.  On 5 June 2006 the Company purchased the entire share capital of Diagnostic
     Units Hungary Kft (DUH) for an initial consideration of 1.5 million euros
     which was satisfied by a payment of 1 million euros and the issue of
     362,976 shares at a price of 95 pence per share. On the first anniversary
     after completion 0.5 million euros of deferred consideration is payable in
     cash subject to continuation of employment. A further 0.75 million euros is
     payable based on the trading performance of DUH in the year ending 31 March
     2007 with the maximum payable if DUH generates profit after tax in the
     region of £259,000 in that period.

 6.  On 23 October 2006 the Company conditionally agreed to acquire the entire
     share capital of Clinical Research Centres SA (PTY) Ltd ('CRC') for an
     initial consideration of £0.81 million which is to be satisfied by the
     payment of £0.56 million in cash at completion and the issue of 266,109
     shares of the Company at a price of 92.5 pence per share. Further amounts
     of £0.25 million and £0.74 million are payable based on the trading
     performance of CRC during the periods ended 31 March 2007 and 31 March 2008
     respectively.

 7.  This report is being sent out to shareholders and copies will be made
     available from the Company's registered office at, Sandringham House,
     Ackhurst Park, Chorley, PR7 1NY.






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