Insider Media Limited

Nottingham healthcare and biotechnology company Source BioScience says it aims to grow "through acquisition" and has been reviewing "numerous acquisition candidates". The company says it is in a "strong financial position" with £5.8m cash, as of the end of September 2010.

Its managing director Nick Ash made the comments as the company revealed its financial performance has been "in line with expectations" for the year to date in an interim management statement.

The company says it has been developing its companion diagnostic offering for diseases such as lung and stomach cancer. It has also been providing human papillomavirus (HPV) tests to detect risk of cervical cancer. BioScience says it is only one of four commercial laboratories in Europe to provide access to the Illumina HiSeq 2000 advanced DNA sequencing technology.

Ash said: "Growth through acquisition represents an important component of the long term business strategy of the board. The integration of previous acquisitions has been very successful and the group now has solid foundations with exciting opportunities to create and deliver growth.

"The criteria we apply when looking for suitable acquisitions are very exacting to ensure that both shareholders and company alike benefit.

"We have reviewed numerous acquisition candidates, in the UK and overseas, and we will progress those opportunities which the board believe will enhance our business, generate growth and increase shareholder value."

Ash said the business has also successfully launched a new website and e-commerce platform for its LifeSciences arm so customers can order sequencing services, clones, antibodies and other research tools.

In the statement, the company said of the three month period up to 30 September 2010: "The group has maintained the strong start to the financial year previously reported and revenue for the year to date is in line with expectations, representing a continuation of the strong growth and business performance achieved last year."

In its most recent accounts, dated 31 December 2009, Source BioScience reported sales of £12.7m with 101 employees. It had a profit before tax of £208,000.