Covid-19 testing contracts provide revenue boost for Nottingham lab firm

SourceBio International (Credit: Twitter / @SourceBio)

SourceBio International, the recently floated Nottingham firm which provides laboratory services and products, has said its turnover for the year is set to more than double on the back of signing Covid-19 testing contracts.

Due to the considerable ramp-up in Covid-19 testing revenues delivered in the second half of the year SourceBio expects to report total revenue of approximately £50m (2019: £21.2m) and EBITDA of approximately £14m (2019: £3.0m) for the year ending 31 December 2020, with the vast majority of this increase in expected earnings driven by the contribution of COVID-19 testing revenues.

Jay LeCoque, executive chairman, said: “A key part of our investment case has always been our positioning to deliver against an unprecedented COVID-19 testing opportunity. The funds from our IPO are enabling us to further scale our COVID-19 testing services, to successfully deliver against expected increases in future testing. We believe we are in a very strong position for the Lot4 bid, and when awards are made in the New Year we have the potential to increase our testing volumes over the course of this framework.”