Profits up at Source BioScience

Nottingham-based laboratory services and products business Source BioScience has reported a 15 per cent hike in profits for the six months to 30th June 2015.

Although revenue was unchanged at £12.8m, operating profit rose from £1.4m to £1.6m.The company recently bought Select Pharma Laboratories for £7.3m.

Laurie Turnbull, chairman of Source BioScience, said: “The first half of the year has been one of solid business performance and continued enhancements to our capability and our portfolio of services and products, as reported previously.Laboratory and manufacturing efficiency initiatives have driven further gross margin improvement, which is reflected in increased EBITDA, profit before tax and EPS.

“The acquisition of Select, completed during August, will bring additional skills and expertise to the Group and drive significant international expansion of our bioanalytical and regulatory services business.

“For the rest of the year our focus remains simple: to drive sales growth through our various platforms and successfully integrate the recently acquired Select business to leverage the evident cross-selling opportunities. Although it is still early days, we are experiencing a positive response to the expanded offering of the Group and we are pleased with the performance to date which is in line with our expectations for the full year.”