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SourceBio swings to profit as Covid-19 testing boosts sales
StockMarketWire.com
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Laboratory services provider SourceBio International, which listed on AIM in October, swung to a full-year profit as its revenue more than doubled on the back of Covid-19 testing services.
Pre-tax profit for the year through December amounted to £2.8 million, compared to a year-on-year loss of £8.0 million.
Revenue jumped to £50.7 million, up from £21.2 million.
SourceBio had last May established a new business unit, infectious disease testing, with the launch of Covid-19 testing services, through high-volume laboratory based testing.
'The results have been dominated by the provision of Covid-19 testing services and, accepting the ongoing impact of the Covid-19 pandemic, the board remains pleased with performance across all areas of the business,' chief executive Jay LeCoque said.
'The group remains strongly capitalised with no borrowings, which positions us well to deliver further aggressive growth in 2021.'
At 9:03am: (LON:SBI) share price was 0p at 171p
Story provided by StockMarketWire.com
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