TIDMSBI
RNS Number : 6927B
SourceBio International PLC
14 June 2021
14 June 2021
SourceBio International plc
('SourceBio', the 'Company' or 'the Group')
AGM Statement
SourceBio International plc (AIM: SBI), a leading international
provider of integrated state-of-the-art laboratory services and
products , provides an update to shareholders ahead of its Annual
General Meeting ("AGM") which will be held at 1 Orchard Place,
Nottingham Business Park, Nottingham, NG8 6PX and by means of
electronic facility at 1pm today.
As previously announced, d ue to the UK Government restrictions
on public gatherings and the overriding health and safety concerns,
the Company has decided to hold the AGM as a closed physical
meeting, with the minimum number of Directors who hold shares to be
present, to form the necessary quorum. Regrettably, other
shareholders will not be permitted to attend the meeting in
person.
The Company has provided a facility for shareholders to join the
AGM either online or telephonically via the Investor Meet Company
("IMC") platform and there will be an opportunity for shareholders
to ask questions.
The Executive Chairman's AGM statement is produced below:
SourceBio has continued to trade well since 31 December 2020
with revenues, earnings and cash generation in the year-to-date
significantly ahead of the equivalent period last year.
In relation to COVID-19 testing opportunities, the Group has
moved quickly to evolve with the fast-paced and ever-changing
market requirements necessary to support the ongoing testing needs
in battling this pandemic. The Group remains focussed on expanding
its offerings, technologies and routes to market and has also
pivoted away from the heavy reliance on PCR testing for the
Department of Health and Social Care (DHSC) that initially
underpinned the Infectious Disease Testing business unit. SourceBio
now supports a much broader portfolio of customers with whom we are
already working or who are part of our growing pipeline.
The Board is pleased with progress in the year-to-date but
recognises that it expects peak levels of revenue and earnings to
be generated from the anticipated high levels of travel related
testing expected in the coming months. The indicated demand of such
travel related testing has provided the impetus to further expand
the capacity of our Nottingham laboratory. We are also pursuing
additional laboratory capacity elsewhere in the UK in order to cope
with the anticipated peak in demand. If the forecasted volumes of
business materialise, we would expect the 2021 financial results to
be materially second-half weighted.
The Group's base business lines have now all returned to
pre-pandemic levels of trading. In the Healthcare Diagnostics
business unit, we are pleased to report that we have seen
progressive increases in the volume of Cellular Pathology business
returning to us in recent months as the numbers of elective
surgeries now appear to be increasing with some momentum. This
business was the final offering within our three well-established
business units (Healthcare Diagnostics, Genomics and Stability
Storage) to return to more regular pre-COVID-19 levels of
trading.
We continue our pursuit of strategically relevant, earnings
enhancing acquisitions to augment the growth of our established
business units and to further strengthen our capabilities and
offerings to customers. The key criteria when exploring potential
acquisitions will be how we can integrate these businesses into our
current model to achieve accretive earnings.
The Group remains well positioned to support its customers and
their requirements and we remain optimistic for the remainder of
the year and beyond.
The Board would also like to thank shareholders for their
continued support and all our dedicated staff and suppliers for
their hard work and efforts in these challenging and changing
times.
We look forward to providing further updates on the Group's
trading and progress in due course.
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
Richard Lindley
Euan Brown
Walbrook PR Limited Tel: 020 7933 8780 or sourcebio@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / 07502
558 258
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) whilst also being the
lead operator on mobile testing unit services to support outbreak
testing for the DHSC, event 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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