23 August 2011 -- The Board of Source BioScience plc (LSE: SBS) the international genetic analysis and diagnostics business, presents its half yearly report for the six months ended 30 June 2011.
Financial highlights
- Revenue increased by 10% to £7.6 million (2010: £6.9 million), with a major contribution from LifeSciences which showed a 31% increase in revenue in the period
- Loss before tax of £0.2 million (2010: £0.1 million profit) after £0.4 million of non-recurring and restructuring costs associated with the planned integration of the acquired imaGenes business
- EBITDA of £0.5 million (2010: £0.6 million)
- Annualised cost savings of approximately £0.5 million identified and will benefit the Group during H2 2011
- Cash balance of £3.0 million (31 December 2010: £4.2 million)
Operational highlights
- Major developments in LifeSciences business driving growth:
- Launch of the world’s largest clone and antibody portfolio, combining over 20 million clones and integrated antibody library
- Release of GenomeCube® a proprietary search engine and bioinformatics tool enabling researchers to access the entire portfolio quickly and easily
- SpeedREAD™ rapid data delivery service for DNA sequencing launched, providing the world’s fastest turnaround times for sequencing data of less than three hours; also, leading Overnight Service launched
- Installation and commissioning of the Company’s second HiSeq2000™ high throughput sequencing platform in the Berlin facility to meet increasing customer demand for genetic sequencing services
- New competitive advantage created for the Healthcare outsourcing business through direct connection to the NHS’ internal IT network
- Awarded European Union Framework 7 grant to study genetic causes of dementia in children, worth in excess of £0.2 million
Post period events
- Important revenue growth opportunity for Healthcare with NHS approval for the use of the BD FocalPoint™ “No Further Review” technology for cervical cancer screening in the UK with potential sales increase by up to 25% in the long term
- Won prestigious international competitive bid to provide DNA sequencing to Trinity College Dublin and University College Dublin – expected to generate revenue of at least £0.3 million per annum
Laurie Turnbull, Chairman of Source BioScience, said:
“In this period, we have seen significant growth in our LifeSciences business, boosted by the integration of the imaGenes acquisition and the growing demand for sequencing and genomic services in the life sciences research sector. This division will continue to be the major driver of growth for the business. We are also seeing longer term growth opportunities in the Healthcare division which has always been a solid performer. We have a significant competitive advantage following our approval to link in to the NHS hospitals IT network and from the approval of our BD FocalPoint™ “No Further Review” technology. This technology represents a major breakthrough in automation of cervical cancer screening and we are the sole provider. As a leader in the provision of genetic and diagnostic services, the business is cost-efficient, restructured and well-positioned to meet the growing demands of the European healthcare and life sciences sectors.”
For further information,
Source BioScience plc
Dr 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) 20 7866 7858
sourcebioscience@collegehill.com
There will be an analyst meeting at 11.30 am August the 23rd if you would like to participate in the meeting by phone please contact email sourcebioscience@collegehill.com
