Almost fivefold increase in adjusted EBITDA and strong balance sheet position
SourceBio International plc (AIM: SBI), the international provider of integrated state of the art laboratory services and products, provides the following trading update for the year ended 31 December 2020.
The Company confirms that full year results will be in line with market expectations, recording considerable growth in both revenues and EBITDA year-on-year. The Company expects to report, subject to audit, revenues of approximately £50.7 million, compared to revenues of £21.2 million recorded in 2019. Adjusted EBITDA 1 for the year ended 31 December 2020, subject to audit, was approximately £14.0 million, an almost fivefold increase on 2019 (2019: £3.0 million). Following careful working capital management, the Company's cash position was well ahead of market expectations with cash at 31 December 2020 of £8.4 million (31 December 2019: £1.2 million). At the year end the Company had also eliminated all outstanding bank and shareholder borrowings, compared to borrowings on 31 December 2019 of £95.9 million.