Lab services firm on the hunt for acquisitions as profits soar

SourceBio, the Nottingham-based laboratory services company, has seen turnover and profits soar for the six months to June 30.

Revenue at the firm has soared by 252% to £37.3m, while the profits rose by the same amount from £4.6m last year to £16m this time around.

SourceBio puts the strong performance down to the strong uptake in PCR testing following the opening up of travel and relaxation of restrictions.

Jay LeCoque, executive chairman, said: “We are very pleased with progress in the first half of 2021. As we reported in July, the group has looked forward to capitalising on further opportunities in the second half, in particular driven by travel related COVID-19 testing and we have been delighted to see increased PCR testing throughput materialising in the third quarter of 2021.

“As recently reported, the recent news relating to changes in the travel testing requirements will materially impact our estimated level of PCR testing post October with a consequential impact on revenues for the year. However, we are well positioned to accelerate the rollout of lateral flow technology following the signing of two commercial deals, with Excalibur Healthcare and Everything Genetic, which is expected to mitigate some of the reduction in PCR testing. We are also particularly pleased to see the continued momentum in our Healthcare Diagnostics business unit as demand for Cellular Pathology services accelerates and the recovery of elective surgeries gathers pace.

“Our search for complementary M&A targets to drive further growth in revenues and earnings is progressing well. We anticipate a very busy fourth quarter of 2021 and financial year 2022.”