LONDON (Alliance News) - Laboratory services and products company Source BioScience PLC on Tuesday posted a big rise in pretax profit thanks to lower one-off costs.
The company said its pretax profit rose 40% to GBP2.0 million for the year to the end of December, from GBP1.4 million a year earlier. The rise was driven by lower one-off restructuring and acquisition-related costs.
Revenue increased to GBP26.3 million from GBP25.2 million as the group delivered more than 1.0 million DNA sequencing reads in the year, up 15% on 2014. Source BioScience also launched its Just Between Us online sexual health service in the year and won its first contract with the European Centre for Disease Control for next-generation DNA sequencing.
Source BioScience also acquired Select Pharma Laboratories Ltd in August for GBP7.3 million, a deal which will expand its capacity and allow it to meet further demand for laboratory services and its associated products.
"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," said Chairman Laurie Turnbull.
Source BioScience shares were up 4.0% to 15.345 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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