18th Jan 2021 11:47
(Alliance News) - SourceBio International PLC on Monday confirmed that its full-year results will be in line with market expectations.
The laboratory services and products provider said it has recorded growth in both revenue and earnings before interest, tax, depreciation and amortization year-on-year. The company said it expects to report revenue of GBP50.7 million for 2020 compared to revenue of GBP21.2 million in 2019.
Adjusted Ebitda for the year ended December 31 was GBP14.0 million, an almost fivefold increase on 2019's GBP3.0 million.
Looking ahead, SourceBio said trading has started strongly in 2021. The company said it has signed a surge capacity agreement with the UK Department of Health & Social Care for the supply of Covid-19 antigen RT-PCR testing services using its laboratory facility in Nottingham.
Under the agreement, SourceBio has been supplying testing services since mid-December, and could potentially process up to a maximum of 4,000 RT-PCR tests for SARS-CoV-2 virus a day. This surge capacity agreement, which has a maximum value of GBP7.6 million, expires on February 13 and may be extended for a further three months.
SourceBio said it has already processed over 400,000 CovidD-19 antigen RT-PCR tests for the Department of Health & Social Care and the National Health Service.
"The results have been dominated by robust Covid-19 testing services and, given the impact of the Covid-19 pandemic, the board remains pleased with performance across all areas of the business. The company remains strongly capitalised with a loan free balance sheet which positions us well to deliver further aggressive growth in 2021," said Executive Chair Jay LeCoque.
AIM-listed SourceBio shares were trading 0.8% higher in London on Monday at 220.80 pence each.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
SBI.L