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Source BioScience Half Year Report for the Six Months Ended 30 June 2014

Source BioScience Half Year Report for the Six Months Ended 30 June 2014

Nottingham, UK - 20 August 2014 - Source BioScience plc (LSE: SBS) the international laboratory services and products business publishes its Half Year Report for the six months ended 30 June 2014.

Financial highlights

  • Revenue increased by 46% to £12.8 million (2013: £8.8 million)
  • EBITDA increased by 55% to £2.4 million (2013: £1.5 million adjusted*)
  • Operating profit increased by 41% to £1.1 million (2013: £0.8 million adjusted*)
  • Profit before tax increased by 49% to £0.9 million (2013: £0.6 million)
  • EPS increased by 19% to 0.17p basic (2013: 0.14p basic)
  • Cash balance of £3.3 million (31 December 2013: £4.2 million) and net debt of £4.7 million (31 December 2013: £5.0 million)

*Adjusted results for 2013 are stated after eliminating the acquisition costs of £0.1 million for Inverclyde Biologicals.
The adjusted results have been included to present a fair comparison between 2013 and 2014.

Operational highlights

  • Commercial launch of the enhanced Source BioScience portfolio commenced in the USA
  • Overnight Service™ for DNA sequencing launched in Los Angeles; product distribution has started from Atlanta
  • Renewal of existing cervical cancer screening agreement with a current NHS customer, worth in excess of £1.1 million over the initial five year term
  • Renewal as a preferred provider of DNA sequencing services to the Research Councils UK for a further two years, which is worth in excess of £1.0 million over the period.

Laurie Turnbull, Chairman of Source BioScience, said: “The first half of the year has been another period of significant progression for Source BioScience. New opportunities are being crystallised for the enlarged Group, particularly in the US with our new facilities in Atlanta and Los Angeles. The period has also delivered the consolidation and integration of the two strategically important acquisitions made in 2013. The operational integration has been substantially concluded and the commercial integration continues as planned.

“Source BioScience can now offer a broader portfolio of services and products to customers in more geographical markets. This not only provides outstanding opportunities for increased sales, but also a more rounded and balanced shape to the business.

“I would also like to reiterate my welcome to Pam Liversidge to the Board as a Non-Executive Director. Pam has enjoyed a successful career in senior leadership roles across a broad spectrum of companies and her considerable knowledge will be invaluable to the enlarged Group. The Company is determined to recruit and retain the highest calibre individuals and Pam will bring experience and an important, additional skill base to the Board as we continue with the implementation of the Group’s growth strategy.

“For the rest of the year and beyond, our focus is to exploit the excellent platform we now have to further increase sales further and drive the expansion of our international business. Although it is still early days, we are seeing a positive response to the enlarged Group and enhanced offering, and we are pleased with the performance to date which is in line with market expectations for the full year.”

For the full release, please visit the company website at

Notes to Editors

About Source BioScience
Source BioScience is a trusted provider of state-of-the-art products and services to the healthcare and clinical, life and applied scientific and biopharma industries.  It is an international business with centres in four countries and customers in over 90 countries.  The Group offers a complementary portfolio of products and services that share common technologies, lab processes, infrastructure and expertise. These include clinical diagnostics, genomics, proteomics, drug discovery and development research as well as controlled environment storage and testing services for a diverse range of markets.  These products and services are provided to a large and diverse customer base including the top 50 pharmaceutical companies, leading universities and research institutes worldwide, the UK NHS and other healthcare providers. The Group is listed on the Premium Main Market of the London Stock Exchange (LSE: SBS).

Cautionary statement
This business review may contain forward-looking statements.  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.  Any forward-looking statements made by or on behalf of Source BioScience speak only as at the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared.  Source BioScience does not undertake to update forward-looking statements to reflect any changes in the Group’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Issued for and on behalf of Source BioScience by Instinctif Partners.

To contact the Source BioScience team at Instinctif Partners, email


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Melanie Toyne-SewellManaging Partner