25th Mar 2015 10:33
LONDON (Alliance News) - Source BioScience PLC Wednesday posted a swing to pretax profit in 2014, as revenue was boosted by the integration of acquisitions it made in 2013.
The company posted a pretax profit of GBP1.4 million, swung from a pretax loss of GBP1.1 million in 2013, as revenue rose to GBP15.2 million from GBP19.5 million.
In its Healthcare business, revenue rose 7%, boosted by growth from its sexually transmitted infection testing service, as it won additional chlamydia screening contracts during the year. It also saw a rise in volumes for gene-based cancer companion diagnostic testing.
Acquisitions helped boost revenue in its Stability and Bio Storage business, taking revenue to GBP8.0 million from GBP2.5 million.
In its Life Sciences business, revenue declined to GBP7.2 million from GBP7.6 million as pricing pressures took a toll, particularly in DNA sequencing and genomics projects. The company is continuing to expand its products in this segment, launching its overnight testing service in more facilities, and opening a new laboratory in its Atlanta facility.
"The board's strategy is to expand the service and product offering, enabling greater market penetration, with the objective of delivering increasing returns for shareholders. The aim is to achieve this through continued organic growth from the enlarged infrastructure base in addition to further, carefully selected acquisitions when the opportunities arise, building on the strong foundations now established in the business," the company said in a statement.
Shares in Source Bioscience are trading down 1.7% at 13.02 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SBS.L