Lab services specialist SourceBio International PLC (AIM:SBI) said its full-year revenues and earnings will exceed market expectations following the return of its ‘base businesses’ back to pre-Coronavirus (COVID-19) levels.
Driven by strong performances from the healthcare diagnostics and genomics and stability storage arms, turnover for the 12 months to December 31 grew 82% to £92.4mln, while EBITDA was 70% ahead of the £14.2mln posted in 2020.
There was a four-fold increase in cash to £33.3mln at the end of December, while SourceBio said it had no bank borrowings.
“Our Covid-19 testing business performed very well in 2021, particularly given the continued switches in government policy regarding testing requirements for travel,” said chairman Jay LeCoque.
The group’s cellular pathology testing services saw a very solid recovery from the second quarter of last year, though the firm said the pace of growth in 2021 was slower than anticipated.
SourceBio said it has made a ‘solid’ start to the new year, adding it is “optimistic in relation to growth opportunities in the core divisions”.