SourceBio ditches Covid-19 arm of business to concentrate on new growth areas

Nottingham-based lab services provider SourceBio International has taken a hit to its revenues and EBITDA after effectively parking the Covid-19 test processing side of its business.

The firm announced this morning (August 2) that it revenues have fallen to £20.5m for the six months to June 30 – down from £37.3m last year.

Adjusted EBITDA has also fallen from £11.2m to £2.1m over the same period.

Although SourceBio said it turned over £6.6m from its Covid PCR service during the period, this was a major fall of almost £22m – and the firm said it is ” no longer considered a core business line”.

Instead, SourceBio will now will to its cellular and digital pathology specialisms as an area of growth, according to Jay LeCoque, chairman, who said: “We are encouraged with the progress in the first half and are looking forward to capitalising on further opportunities that we expect in the second half across all core business units. Our operational focus is the continued rapid scale-up of cellular pathology and digital pathology volumes through the rest of the year and beyond. We expect a very busy second half and look forward to updating further in due course.”

SourceBio saw revenues and profits soar during 2021.

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