SourceBio International, the provider of laboratory services and products, has witnessed a record year, according to final results for the year ended 31 December 2021.
Revenue increased by 82% to £92.4 million at the Nottingham-based firm, up from £50.7 million in 2020. Meanwhile gross profit grew by 77% to £36.2 million, up from £20.5 million in 2020.
The news follows SourceBio’s acquisition of LDPath Limited, a pioneer in digital scanning technology for histopathology, in March 2022.
Jay LeCoque, executive chairman, said: “I am pleased to report to shareholders record revenues and profits in an extremely busy year for SourceBio. The results have been dominated by the provision of COVID-19 PCR testing services which has been pivotal in allowing us to re-invest in our core Healthcare Diagnostics business unit, through acquisition.
“It is particularly encouraging to see our core business units meeting or beating pre-COVID-19 levels of trading. In particular, our Cellular Pathology business is seeing material month-on-month growth in volumes and revenues, fuelled by the return of elective surgeries and the Government initiatives to reduce the enormous backlog of patient waiting lists.
“This was the rationale for our recent acquisition of LDPath, which provides us with the wet laboratory and Digital capacity to accelerate growth in market share and profitability. The integration of LDPath will take the best of the best from each of SourceBio and LDPath to create an unparalleled combined new business opportunity. The Board is appreciative of the dedication and efforts from all its staff in a very challenging year and is also grateful for the support from its shareholders.”
