Sunday, January 17, 2021

Coronavirus testing sees revenues rise at Nottingham laboratory services firm

Revenues at Nottingham-based SourceBio International, the provider of integrated laboratory services and products, have risen as a result of Coronavirus testing.

Since May 2020, SourceBio has provided COVID-19 testing services as part of its newly formed Infectious Disease Testing business unit.

Due to the considerable ramp-up in COVID-19 testing revenues delivered in the second half of the year SourceBio expects to report total revenue of approximately £50.0m (2019: £21.2m) and EBITDA of approximately £14.0m (2019: £3.0m) for the year ending 31 December 2020, with the vast majority of this increase in expected earnings driven by the contribution of COVID-19 testing revenues.

Jay LeCoque, Executive Chairman, said: “A key part of our investment case has always been our positioning to deliver against an unprecedented COVID-19 testing opportunity. The funds from our IPO are enabling us to further scale our COVID-19 testing services, to successfully deliver against expected increases in future testing.

“We believe we are in a very strong position for the Lot4 bid, and when awards are made in the New Year we have the potential to increase our testing volumes over the course of this framework.”

The news follows the Company’s Admission to AIM in October 2020.

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