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Source BioScience Release: Preliminary Results For The Year Ended 31 December 2013

3/18/2014 8:46:33 AM

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March 18, 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.

Financial highlights

- Revenue increased by 19% to £19.5 million (2012: £16.4 million)
- Adjusted operating profit* increased by 23% to £1.4 million (2012: £1.2 million)
- Adjusted EBITDA* increased by 23% to £3.3 million (2012: £2.7 million)
- Loss before tax of £1.1 million (2012: profit of £1.0 million)
- Cash generated from operating activities of £2.1 million (2012: £3.3 million)
- Successful placing and open offer raising £10.3 million of new equity funding
- Cash balance of £4.2 million (2012: £2.2 million) and net debt of £5.0 million (2012: £0.9 million)
*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.
Operational highlights
- Transformational acquisitions of Vindon and Inverclyde Biologicals, broadening the Group’s product and service offering, and geographical reach
- Acquisition of Vindon for £12.2 million funded by means of a successful firm placing and open offer to raise £10.3 million in conjunction with new banking facilities
- Competitive tenders won for Kent County and Medway Councils and other commissioning groups under the National Chlamydia Screening Programme (‘NCSP’); contracts worth in excess of £1.0 million over three years
- New DNA sequencing facilities opened in Bellshill and Rochdale, enabling access to the Overnight Service™ in Scotland and North West England
Post-period events
- Competitive tenders won for Worcester County Council and other commissioning groups for chlamydia screening; chlamydia screening contracts now worth in excess of £2.0 million in aggregate over three years
- Commercial launch of the enhanced Source BioScience portfolio in the USA
- Opening of a new DNA sequencing facility in Tramore, Ireland

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.
For the full release, please visit
For further information, please contact:

Source BioScience plc
Nick Ash
Chief Executive Officer
Tel: +44 (0)115 973 9010
For investor and media enquiries:
N+1 Singer (Financial Advisor, Sponsor and Broker)
Aubrey Powell/Joe Stroud
Tel: +44 (0)207 496 3000
Instinctif Partners (PR Agency)
Melanie Toyne-Sewell/Donia Al Saffar
Tel: +44 (0)207 457 2020

Cautionary statement
This Business Review contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Source BioScience plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this Business Review should be construed as a profit forecast.

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