Source BioScience reports improved performance in 2012

Source BioScience has announced its financial results for the 2012 business year, during which it was able to improve its financial position and achieve several key milestones.

The company's revenue increased by eight percent during the 12-month period to 16.4 million pounds, while its operating profit level more than doubled to 1.2 million pounds year over year.

During the period, Source BioScience carried out a rapid rollout of the BD FocalPoint automated imaging platform for cervical cancer screening, helping it to win the University Hospital of North Staffordshire NHS Trust's liquid based cytology contract.

It also introduced the Illumina MiSeq next generation sequencing platform – making it the only commercial provider of this technology in the UK – and consolidated its operations and infrastructure to improve its financial foundations.

Laurie Turnbull, chairman of Source BioScience, said: "Revenue and operating profits have increased again and the group is in a robust financial and structural position to accelerate the organic growth of the business."

This comes after the firm attended the ArabLab 2013 in Dubai earlier this month, as part of its ongoing efforts to expand its presence in the Middle East.