Nottingham lab services firm sees four-fold rise in revenue

SourceBio International, the Nottingham laboratory services firm, has seen revenues increase four-fold for its half year to June 30.

Turnover soared to £37.3m – up from £10.6m last year – on the back of Covid testing revenues. SourceBio is currently processing some 9,000 Covid PCR test a day at its Nottingham lab – a number which the firm says could rise to 20,000 a day.

Meanwhile, EBITDA has risen seven-fold to £11.2m – up from £1.7m in 2020.

Jay LeCoque, executive chairman, said: “We are pleased with progress in the first half year and are looking forward to capitalising on the further opportunities we expect in the second half. More specifically, travel related Covid-19 testing services and the increased pace of elective surgeries leading to greater cellular pathology services demand. We are already seeing and expect a very busy second half year.”