SourceBio International plc
(’SourceBio’, the ’Company’ or ’the Group’)
SourceBio International plc (AIM: SBI), a leading international provider of integrated state-of-the-art laboratory services and products, provides an update to shareholders ahead of its Annual General Meeting (“AGM”) which will be held at 1 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX and by means of electronic facility at 1pm today.
As previously announced, due to the UK Government restrictions on public gatherings and the overriding health and safety concerns, the Company has decided to hold the AGM as a closed physical meeting, with the minimum number of Directors who hold shares to be present, to form the necessary quorum. Regrettably, other shareholders will not be permitted to attend the meeting in person.
The Company has provided a facility for shareholders to join the AGM either online or telephonically via the Investor Meet Company (“IMC”) platform and there will be an opportunity for shareholders to ask questions.
The Executive Chairman’s AGM statement is produced below:
SourceBio has continued to trade well since 31 December 2020 with revenues, earnings and cash generation in the year-to-date significantly ahead of the equivalent period last year.
In relation to COVID-19 testing opportunities, the Group has moved quickly to evolve with the fast-paced and ever-changing market requirements necessary to support the ongoing testing needs in battling this pandemic. The Group remains focussed on expanding its offerings, technologies and routes to market and has also pivoted away from the heavy reliance on PCR testing for the Department of Health and Social Care (DHSC) that initially underpinned the Infectious Disease Testing business unit. SourceBio now supports a much broader portfolio of customers with whom we are already working or who are part of our growing pipeline.
The Board is pleased with progress in the year-to-date but recognises that it expects peak levels of revenue and earnings to be generated from the anticipated high levels of travel related testing expected in the coming months. The indicated demand of such travel related testing has provided the impetus to further expand the capacity of our Nottingham laboratory. We are also pursuing additional laboratory capacity elsewhere in the UK in order to cope with the anticipated peak in demand. If the forecasted volumes of business materialise, we would expect the 2021 financial results to be materially second-half weighted.
The Group’s base business lines have now all returned to pre-pandemic levels of trading. In the Healthcare Diagnostics business unit, we are pleased to report that we have seen progressive increases in the volume of Cellular Pathology business returning to us in recent months as the numbers of elective surgeries now appear to be increasing with some momentum. This business was the final offering within our three well-established business units (Healthcare Diagnostics, Genomics and Stability Storage) to return to more regular pre-COVID-19 levels of trading.
We continue our pursuit of strategically relevant, earnings enhancing acquisitions to augment the growth of our established business units and to further strengthen our capabilities and offerings to customers. The key criteria when exploring potential acquisitions will be how we can integrate these businesses into our current model to achieve accretive earnings.
The Group remains well positioned to support its customers and their requirements and we remain optimistic for the remainder of the year and beyond.
The Board would also like to thank shareholders for their continued support and all our dedicated staff and suppliers for their hard work and efforts in these challenging and changing times.
We look forward to providing further updates on the Group’s trading and progress in due course.
|SourceBio International plc|
Jay LeCoque, Executive Chairman
Via Walbrook PR
|Tony Ratcliffe, Chief Financial Officer|
|Liberum (Nominated Adviser and Broker)||
Tel: 020 3100 2000
|Walbrook PR Limited||
Tel: 020 7933 8780 or firstname.lastname@example.org
Paul McManus / Sam Allen
Mob: 07980 541 893 / 07502 558 258
About SourceBio International plc www.sourcebiointernational.com
SourceBio is a leading international provider of integrated state-of-the-art laboratory services and products with clients in the healthcare, clinical, life science research and biopharma industries, with a focus on improving patient diagnosis, management and care. Group revenues are derived from four core businesses areas:
- Infectious Disease Testing – a range of COVID-19 testing services for commercial enterprises, private healthcare groups, NHS and the DHSC. Utilising multiple technologies, SourceBio offers screening, gold standard RT-PCR and whole genome sequencing COVID-19 testing solutions and operates under ISO 15189 accreditation required by the DHSC. SourceBio also provides employee testing solutions to industry, direct to consumer home test kits (including ‘Fit to Fly’, ‘Test to Release’ and ‘2 & 8 Day International Travel’ approved tests) whilst also being the lead operator on mobile testing unit services to support outbreak testing for the DHSC, event and venue testing.
- Healthcare Diagnostics – histopathology cancer screening and clinical diagnostic services for the NHS and private healthcare across the UK and Ireland.
- Genomics – DNA sequencing services for pharmaceutical and biotechnology companies, academia, contract research organisations (CROs) and other research groups in the UK, Europe and North America.
- Stability Storage – shelf-life testing services and equipment for pharmaceutical and biotechnology companies, contract manufacturers and analytical testing companies from around the world but primarily in the UK, Ireland and the USA.
More details on Group operations can be found here: www.sourcebioscience.com.
SourceBio International plc (SBI) is listed on the AIM market of the London Stock Exchange.