SoureBio sees profits and revenues soar during record year

SourceBio International, the Nottingham-based lab services provider, saw revenues and profits soar during 2021.

Turnover was up 82% to £92.4m, while profits increased by 77% to £36.2m.

In March, SoureBio completed the acquisition of LDPath, a pioneer in digital scanning technology for histopathology. The acquisition strengthens SourceBio’s position to become the leading outsourced partner providing Cellular Pathology and Digital Pathology testing services to NHS Trusts and private healthcare providers in the UK.

Jay LeCoque, executive chairman, said: “I am pleased to report to shareholders record revenues and profits in an extremely busy year for SourceBio. The results have been dominated by the provision of COVID-19 PCR testing services which has been pivotal in allowing us to re-invest in our core Healthcare Diagnostics business unit, through acquisition. It is particularly encouraging to see our core business units meeting or beating pre-COVID-19 levels of trading.

“In particular, our Cellular Pathology business is seeing material month-on-month growth in volumes and revenues, fuelled by the return of elective surgeries and the Government initiatives to reduce the enormous backlog of patient waiting lists. This was the rationale for our recent acquisition of LDPath, which provides us with the wet laboratory and digital capacity to accelerate growth in market share and profitability.

2The integration of LDPath will take the best of the best from each of SourceBio and LDPath to create an unparalleled combined new business opportunity. 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.”