TIDMSBI
RNS Number : 7430Y
SourceBio International PLC
18 January 2022
SourceBio International plc
("SourceBio", the "Company" or the "Group")
Full Year Trading Update
Full year results ahead of expectations
Strong 82% increase in revenues and approximately 70% increase
in adjusted EBITDA(1)
Robust balance sheet position, cash balance increased fourfold
since start of year, debt free
SourceBio International plc (AIM: SBI), the international
provider of integrated state of the art laboratory services and
products , provides a trading update for the year ended 31 December
2021 confirming considerable growth in both revenues and adjusted
EBITDA(1) .
The Company confirms that full year results will be
significantly ahead of market expectations, recording considerable
growth in both revenues and unaudited adjusted EBITDA. The Company
expects to report, subject to audit, revenues of approximately
GBP92.4 million, an increase of 82% on revenues of GBP50.7 million
recorded in 2020. The Company expects to report adjusted EBITDA(1)
, subject to audit, approximately 70% higher than the adjusted
EBITDA of GBP14.2 million recorded in 2020. Following strong
working capital management and robust cash conversion, the
Company's cash position was well ahead of market expectations with
cash at 31 December 2021 of GBP33.3 million (31 December 2020:
GBP8.4 million). The Company remains free of any bank and
shareholder borrowings.
As previously reported, the Group's long-standing business units
of Healthcare Diagnostics, Genomics and Stability Storage (together
the "Core Divisions") are all now back to pre-Covid levels of
trading and all are poised to accelerate their growth. The Group's
Cellular Pathology testing services saw very solid recovery from Q2
2021, although the pace of growth later in the year was slower than
had been anticipated, as COVID-19 continued to impact on the pace
of the return of elective surgeries. COVID-19 PCR testing revenues
were healthy in the full year but fluctuated considerably during
the year. Demand increased dramatically as travel restrictions
lifted in late Q2, then reduced in Q4 as Government policy switched
from the higher quality PCR testing to lateral flow testing for day
two arrivals. They then bounced back in the latter weeks of the
year as the Government mandated a return from lateral flow to PCR
testing for day 2 arrivals.
The Group has made a solid start to trading in the new year and
is optimistic in relation to growth opportunities in the Core
Divisions. PCR testing volumes have been subject to the pendulum
swings in Government policy regarding PCR or Lateral Flow testing
requirements for travel. Forecasting volumes for the Infectious
Disease Testing business unit remains difficult for 2022, but the
Group remains committed to maximise revenues and cash generation
primarily to redeploy towards funding growth opportunities, organic
and inorganic, to fuel the continued growth of our Core Division
business units.
Full details of the Group's financial performance for 2021
together with additional information on the outlook for 2022 will
be provided in the Company's preliminary results which it expects
to announce on 5 April 2022.
(1) Adjusted EBITDA is earnings before interest, tax,
depreciation and amortisation, and excluding exceptional items and
share based payments
Jay LeCoque, Executive Chairman, commented: "I am pleased to
report to shareholders substantial revenue and profit growth in
2021, in what has been a record trading year for SourceBio. It is
encouraging to see that our base business units have returned to
pre-Covid levels of trading and continue to capitalise on
significant new growth opportunities. Our Covid-19 testing business
performed very well in 2021, particularly given the continued
switches in Government policy regarding testing requirements for
travel.
"The Company remains well capitalised and has benefitted from
very strong cash conversion driving cash balances to over GBP33
million. With a balance sheet free of borrowings, the Group is well
positioned to fuel further growth in 2022 through our Core
Divisions and to contemplate attractive acquisition opportunities.
The Board is appreciative of the dedication and efforts from all
its staff in a very challenging year and is also grateful for the
support from its shareholders. We look forward to updating
shareholders in more detail in due course."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Contacts:
SourceBio International plc www.sourcebiointernational.com
Jay LeCoque, Executive Chairman Via Walbrook PR
Tony Ratcliffe, Chief Financial Officer
Liberum (Nominated Adviser and Broker) Tel: 020 3100 2000
Bidhi Bhoma / R ichard Lindley
Walbrook PR Limited Tel: 020 7933 8780 or sourcebio@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / 07748 651 727
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) 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.
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END
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January 18, 2022 02:00 ET (07:00 GMT)
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