Financial highlights - Revenue increased by 6% to £13.5 million (2009: £12.7 million)
- Adjusted* EBITDA increased by 22% to £1.3 million (2009: £1.0 million)
- Adjusted* operating profit from continuing operations of £0.2 million (2009: nil)
- Adjusted* profit before tax from continuing operations of £0.2 million (2009: £0.2 million)
- The newly acquired imaGenes contributed £0.2 million of revenue and £25,000 profit
- Cash generated from operating activities of £0.9 million (2009: £0.9 million)
- Cash balance at 31 December 2010 of £4.2 million
Adjusted* results are after eliminating the transaction costs incurred on the acquisition of imaGenes, which are now required to be expensed through the Income Statement under revised IFRS 3.
Operational highlights
- Acquisition of imaGenes GmbH, a Berlin based genomics, proteomics and bioinformatics leader for £1.8 million cash. Combined with Source BioScience, it creates one of Europe’s strongest and most comprehensive businesses for genetic services and products
- Award by Cervical Screening Wales of cervical cancer screening agreement worth up to £5 million over 5 years
- Installation of the first Illumina HiSeq2000™ next generation sequencing platform in a commercial lab in the UK - significantly boosts sequencing capability and sales potential with customers
- Won highly prestigious international competitive bid to provide DNA sequencing to Research Councils UK - expected to generate revenue of at least £0.5 million per annum
- DNA sequencing services laboratory opened in Dublin – the first lab of its kind in Ireland
- Agreements signed with Astra Zeneca to provide genetic testing for lung cancer and with another leading global pharmaceutical company to provide companion diagnostic testing in stomach cancer
- Launch of LifeSciences website combining over 90,000 antibodies, 20 million clones and other resources in a single on-line platform
Post period events
- New DNA sequencing service launched from the newly acquired facility in Berlin
- SpeedREAD™ rapid data delivery service for DNA sequencing launched, providing the world’s fastest turnaround times for sequencing data in under 3 hours
- Investment in the second Illumina HiSeq 2000™ next generation sequencing platform; now installed in our new Berlin facility
Laurie Turnbull, Chairman of Source BioScience, said:
“Over the year we have made positive changes across the Group that are already generating new business and revenue growth, for example the acquisition of imaGenes, our investment in new technologies and improvements to our e-commerce platform. As a result revenue and operating profit, before the impact of the transaction costs of the acquisition, have increased compared with last year and, overall, we are in a strong financial position. This is against a background of a demanding economic environment and highlights the strength and resilience inherent in our business model. There remain significant growth opportunities across the Group and we expect to benefit from the continued growth of the markets for our diagnostic and genetic services and products.”
For further information
Source BioScience plc Nick Ash Chief Executive Officer Tel: +44 (0) 115 973 9010 www.sourcebioscience.com
For investor and media enquiries:
Singer Capital Markets Limited (Financial Advisor and Broker) Shaun Dobson/Claes Spång Tel: +44 (0) 203 205 7500 www.singercm.com
College Hill (PR Agency) Melanie Toyne-Sewell/Dimithri Wignarajah Tel: +44 (0) 207 457 2020 sourcebioscience@collegehill.com
