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SourceBio International expects to post large rise in annual earnings

By BFN News | 09:42 AM | Monday 18 January, 2021


Laboratory services provider SourceBio International said it expected to report a large rise in annual earnings on the back of a more than doubling of sales. Adjusted earnings before interest, tax, depreciation and amortisation for the year through December was expected to jump to around £14.0 million, up from £3.0 million in 2019. Revenue were expected to increase to about £50.7 million, up from £21.2 million in 2019. SourceBio International trading had started strongly in 2021, with it having signed a surge capacity agreement with the Department of Health and Social Care (DHSC) for the supply of Covid-19 testing services. The surge capacity agreement had maximum value of £7.6 million and expired on 13 February, though it may be extended for a further three months. SourceBio said it had already processed over 400,000 Covid-19 antigen RT-PCR tests for the DHSC and the National Health Service. Still, it added that it was expecting reduced demand for its cellular pathology testing services as the pandemic causes delays to elective surgeries. 'Following recent announcements, the company continues to explore further Covid-19 testing service capabilities and expand technology platforms and expects the strength of Covid-19 related revenues to counteract any impact on the cellular pathology business,' the company said. 'Therefore, the board's expectation for continued significant earnings growth for 2021 across the group as a whole remains unchanged.' At 9:42am: (LON:SBI) share price was 0p at 171p Story provided by StockMarketWire.com

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