Source BioScience highlights positive trends in interim statement

Source BioScience has published its interim management statement for the third quarter of the current fiscal year, highlighting a number of positive business developments.

The science company reported a 17 percent year-on-year increase in revenue for the period and 13 percent growth for the year to date, bringing its cash reserve level to 3.1 million pounds.

Its LifeSciences unit and cervical cancer screening business were cited as the primary drivers of growth, while cost-cutting measures and the recent acquisition of imaGenes also had a positive impact.

The firm has also been able to secure a number of new approvals and contract agreements, such as its successful bid to provide DNA sequencing for Trinity College Dublin, or the NHS ratification of the BD FocalPoint screening technology.

"Overall performance for the year to date is in line with management's expectations, representing a continuation of the strong growth and business performance achieved last year," the company said.

This comes after Source BioScience launched a new overnight DNA sequencing and data analysis service in Oxford earlier this month.