Profits soar at Nottingham lab services firm
Nottingham-based laboratory services firm SoureBio International has reported a stellar 2020, with profits increasing five fold and profits rising by around 150%.
The company says the results are line with its expectations after a trading update in which it revealed turnover for the year will be around £50.7m, compared to £21.2m in 2019. Meanwhile, adjusted EBITDA for the year-ending December 31 2019 should be in the region of £14m – a huge rise from £3m in 2019.
The surge comes after SourceBio signed a deal with the Department of Health and Social Care for the supply of COVID-19 antigen RT-PCR testing services using the Company’s laboratory facility in Nottingham. SourceBio has been supplying testing services since mid-December, and could potentially process up to a maximum of 4,000 RT-PCR tests for the virus a day. This agreement, which is worth up tp £7.6m, expires on February 13 and could be extended for a further three months. SourceBio has already processed over 400,000 COVID-19 antigen RT-PCR tests for the DHSC and the NHS.
Jay LeCoque, executive chairman, said: “I am pleased to report to shareholders significant revenue growth with dramatically increased profitability in an extremely busy year for SourceBio, that included a successful AIM listing in October.
“The results have been dominated by robust COVID-19 testing services and, given the impact of the COVID-19 pandemic, the board remains pleased with performance across all areas of the business.
“The Company remains strongly capitalised with a loan free balance sheet which positions us well to deliver further aggressive growth in 2021.
“The board is appreciative of the strong support from both long standing and new shareholders and we look forward to updating shareholders in more detail in due course.”
