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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.
SourceBio is a leading international provider of integrated state-of-the-art laboratory services and products 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:
· Healthcare Diagnostics - histopathology 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; and
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