Profits soar at Nottingham lab services firm

SoureBio International, the Nottingham-based lab services firm, has confirmed that its full year results will be “significantly ahead” of market expectations with major rises in both turnover and profit.

The company says it expects revenues for 2021 to increase by 82% to £92.4m, while EBITDA will come in around 70% higher than the £14.2m posted in 2020.

SoureBio’s stellar year has been boosted by its ability to process Covid-19 PCR tests.

Jay LeCoque, executive chairman, said: “I am pleased to report to shareholders substantial revenue and profit growth in 2021, in what has been a record trading year for SourceBio. It is encouraging to see that our base business units have returned to pre-Covid levels of trading and continue to capitalise on significant new growth opportunities. Our Covid-19 testing business performed very well in 2021, particularly given the continued switches in Government policy regarding testing requirements for travel.

“With a balance sheet free of borrowings, the group is well positioned to fuel further growth in 2022 through our core divisions and to contemplate attractive acquisition opportunities. The board is appreciative of the dedication and efforts from all its staff in a very challenging year and is also grateful for the support from its shareholders. We look forward to updating shareholders in more detail in due course.”