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Home Industry News Source BioScience records first annual profit in 2009

Source BioScience records first annual profit in 2009

24th March 2010

Source BioScience has published its financial breakdown for 2009, a year which saw the company achieve profitability for the first time in its history.

The science company recorded a profit before tax of 200,000 pounds last year, compared to a 300,000 pound loss in 2008, while revenue and cash generation also showed a year-on-year improvement.

It attributed these gains to key achievements during 2009 such as the expansion of its laboratory capabilities and DNA sequencing capacity, as well as the extension of its liquid-based cytology agreement and automated cytology agreement with Cervical Screening Wales.

Laurie Turnbull, executive chairman of Source BioScience, described the company’s 2009 performance as an “important milestone” which represents the fulfilment of its short-term financial objectives.

She added: “This places Source BioScience in an ideal position to exploit opportunities that may arise during the current year whilst also providing financial stability and security for the business in the current economic environment.”

Last month, the company opened a new laboratory in Dublin for use in the provision of next-generation DNA sequencing and genotyping services.

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