19th May 2014 11:34
LONDON (Alliance News) - Source BioScience PLC Monday said revenues in the first quarter of 2014 were some 55% ahead of last year, boosted by strong trading in laboratory services activities and the acquisitions of Inverclyde and Vindon last year.
The laboratory services and products business group said trading so far in the current financial year has been in line with management expectations, and continues to build on a strong operational performance from the end of last year.
"The acquisitions made during 2013 have opened significant opportunities to the group, both from additional products and services and the extension of the group's geographic reach," the company said in a statement.
Source BioScience said it now has access to new markets and customers, across mainland Europe, as well as the east and west coasts of the US.
"The board remains confident of the outlook for the full year and anticipates that each of these factors will continue to contribute to the further progress of the group during the remainder of 2014 and beyond," the company added.
Source BioScience said that revenue from its healthcare and diagnostics division increased more than 20% in the first quarter ended March 31, driven by a strong performance from laboratory services activities.
The group said that DNA sequencing volumes, up 25% in the first quarter, benefited from market share gains in the UK, supported by the introduction of new services and the expansion of the laboratory network.
The company said revenue for its stability and bio-storage division rose 15% in the period, boosted by the acquisition of the stability storage business Vindon.
Shares in Source Bioscience were trading 4.8% higher at 13.89 pence Monday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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