20th Aug 2014 07:21
LONDON (Alliance News) - Source BioScience PLC Wednesday expressed confidence in its outlook for the year, as its first-half pretax profit rose on the back of new product launches in the US and it consolidated two acquisitions it made in 2013.
The company posted a pretax profit of GBP853,000 for the six months to June 30, up from GBP572,000 a year earlier, as revenue rose to GBP12.8 million, from GBP8.8 million.
Revenue in its healthcare division rose to GBP5.1 million, from GBP4.6 million, driven by the launch of its sexually transmitted infection testing service in August last year, and the subsequent win of chlamydia screening tenders in the UK.
LifeSciences revenue was maintained at GBP3.7 million, although operating profit in this segment reduced to GBP300,000, from GBP600,000, due to a shift in the sales mix and further investment in headcount and operation capacity.
Revenue in its stability and bio storage business rose to GBP4.0 million, from GBP0.5 million, boosted by the integration of Vindon Healthcare PLC which it acquired in the third quarter of 2013.
It launched its Source BioScience US business in April, including the launch of its overnight service for DNA sequencing in Los Angeles, and the company said its commercial plans for the business are progressing in line with expectations.
In the second half of the year, the company will continue to refine the operational integration and laboratory infrastructure of its business, and it will roll out commercial initiatives to align its diagnostics laboratory services with its stability storage capability, it said.
It said that the "excellent momentum" it had seen in its first half is continuing into its second half, underpinning its confidence for further progress in the remainder of 2014.
Still, its shares were down 1.7% at 11.06 pence early Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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