Source BioScience makes significant progress in first half of 2014

Source BioScience has announced further strong financial results for the first six months of 2014, with double-digit growth and several key milestones achieved.

The firm's half-year revenue total of 12.8 million pounds was up by 46 percent year on year, while earnings increased 55 percent and operating profits surged by 41 percent.

During the six months, Source was able to launch its enhanced portfolio in the US, including the debut of its Overnight Service for DNA sequencing in Los Angeles. Meanwhile, its cervical cancer screening agreement with a current NHS customer and its status as a provider of DNA sequencing services to Research Councils UK were both renewed.

These achievements – plus the consolidation and integration of two strategically important acquisitions made in 2013 – have positioned the firm well for further growth in the months to come.

Laurie Turnbull, chairman of Source BioScience, said: "We are seeing a positive response to the enlarged group and enhanced offering, and we are pleased with the performance to date which is in line with market expectations for the full year."

This comes after the firm confirmed earlier this summer that so far in 2014, it has been trading in line with the management's expectations for the full year.