Record-breaking Source Bioscience ready to expand

Source Bioscience, the listed laboratory services firm based in Nottingham, has posted a “record-breaking” set of results and hinted at expansion over the next 12 months.

For the year-ending 31st December 2015, the firm saw revenues rise from £25.2m to £26.3m, whilst profits before tax jumped from £1.4m in 2014 to £2m last year.

Last year Source Bioscience bought Select Pharma Industries for £7.3m.

Laurie Turnbull, chairman of Source BioScience, said: “I am delighted to be reporting to shareholders another year of record-breaking financial performance for Source BioScience.

“During 2015 we completed the acquisitions of Select and BritainsDNA and invested in a number of infrastructure projects to improve operational efficiencies, enhance capacity to meet demand and address new markets for our expanded portfolio of Laboratory Services and Products.

“The successful integration of the acquired businesses, both operationally and commercially, in conjunction with the ongoing delivery of a more efficient business, can be seen from the increase in gross margin to 50%. This highlights the ability of Source BioScience to leverage our laboratory infrastructure and expertise across the entire Group.

“Source BioScience now offers a broad portfolio of laboratory services and products to customers, extending its reach into new geographical markets, providing not only a more diversified and balanced business but also outstanding opportunities for increased sales and expansion of our business in the UK and internationally.”