29th Jan 2016 09:06
LONDON (Alliance News) - Source BioScience PLC on Friday said it expects its pretax profit for 2015 to be GBP400,000 lower than expectations, as a result of charges related to its adoption of a new long-term incentive plan, and slightly lower-than-expected revenue.
Broker N+1 Singer had expected Source BioScience to report pretax profit of GBP3.6 million, up from GBP1.4 million in 2014.
The laboratory services and products business said revenue for 2015 will be ahead of 2014, but slightly lower than expected, as a boost from its acquisition of Select Pharma Laboratories was offset by the ongoing decline in the liquid-based cytology market for cervical cancer screening.
"We are pleased to report another record year, with continued improvement in the financial performance of the Group and are encouraged by the opportunities and outlook for 2016," said Chief Executive Officer Nick Ash in a statement.
"During 2015 we completed the acquisition of Select and invested in a number of significant infrastructure projects to improve operational efficiencies, enhance capacity to meet demand and address new markets for our expanded portfolio of Laboratory Services and Products," Ash added.
Shares in Source BioScience were down 9.3% at 15.76 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SBS.L