Sunday, September 19, 2021

SourceBio International hails “solid” half year results as revenues grow four-fold

SourceBio International, the provider of integrated laboratory services and products, has witnessed “considerable growth” in revenues, according to a trading update for the half year ended 30 June 2021.

Revenues are up almost four-fold to £37.3 million at the Nottingham business, in comparison to £10.6 million in H1 2020, driven by COVID-19 testing revenues.

The company has completed more than 600,000 PCR-based tests from its laboratory in Nottingham during the period, in addition to tests delivered through mobile units.

SourceBio is planning for a significant uplift in demand in the third quarter, driven by an anticipated increase in COVID-19 testing as travel restrictions continue to be lifted.

The firm has already seen an uptick during July, with daily testing volumes rising from under 4,000 tests per day in June to approximately 9,000 tests daily at present. Testing demand is expected to rise further and the group has made preparations to expand its capacity to more than 20,000 tests per day.

Jay LeCoque, Executive Chairman, said: “We are pleased with progress in the first half year and are looking forward to capitalising on the further opportunities we expect in the second half.

“More specifically, travel related COVID-19 testing services and the increased pace of elective surgeries leading to greater Cellular Pathology services demand. We are already seeing and expect a very busy second half year.”

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