Transformational year for the Group; strong underlying growth combined with acquisitions
Nottingham, UK - 18 March 2014 - Source BioScience plc (LSE: SBS), the international laboratory services and products business announces its unaudited preliminary results for the year ended 31 December 2013.
*Adjusted results are stated after eliminating the aggregate £1.2 million acquisition costs for Vindon Healthcare plc (‘Vindon’) and Inverclyde Biologicals Limited (‘Inverclyde Biologicals’) in addition to post-acquisition restructuring costs of £1.1 million. The adjusted results have been included to present a fair comparison of the progress in the underlying business.
Laurie Turnbull, Chairman of Source BioScience, said:
“2013 has been a transformational year for Source BioScience both through organic and acquisitive growth.
“The underlying business generated good revenue and profitability growth, validating the Company’s organic growth model. At the same time, the Board reinforced its strategic aim of accelerated growth through acquisition with the purchase of Inverclyde Biologicals and Vindon. Both of these businesses provide significant growth opportunities by enhancing the products and services portfolio, extending the Group’s geographic reach and bringing a complementary customer base to the Group.
“We are working to ensure that these newly acquired businesses are integrated quickly and efficiently, and to date the integration is going to plan. We look forward to updating shareholders on the commercial initiatives planned for the enlarged Group.”
Issued for and on behalf of Source BioScience by Instinctif Partners.
To contact the Source BioScience team at Instinctif Partners, email firstname.lastname@example.org
Melanie Toyne-SewellManaging Partner