Insider Media Limited

Revenue is up 6 per cent at Nottingham-based Source BioScience. The genetic analysis business said that sales hit £13.5m in the year ending 31 December 2010. The results were boosted by the recent acquisition of imaGenes, said the company. Following a positive set of results, Source BioScience said there were now “good opportunities for future growth across all divisions”.

Despite an increase in revenue, pre-tax profit at the company remained static at £200,000. Adjusted operating profit increased from zero in the company’s 2009 results to £200,000 for the 2010 year-end.

The newly acquired imaGenes, the Germany-based genetics specialist, contributed £200,000 of revenue to the year-end results, and £25,000 profit, said Source BioScience.

ImaGenes was purchased during the financial year for £1.8m cash. Cash balance at Source BioScience on 31 December 2010 stood at £4.2m.

Laurie Turnbull, chairman of Source BioScience, said: "Over the year we have made positive changes across the group that are already generating new business and revenue growth, for example the acquisition of imaGenes, our investment in new technologies and improvements to our e-commerce platform. As a result revenue and operating profit, before the impact of the transaction costs of the acquisition, have increased compared with last year and, overall, we are in a strong financial position.

"This is against a background of a demanding economic environment and highlights the strength and resilience inherent in our business model. There remain significant growth opportunities across the group and we expect to benefit from the continued growth of the markets for our diagnostic and genetic services and products."

Source BioScience also recently won an agreement with Cervical Screening Wales to perform cervical cancer screening. The contract is worth up to £5m over five years.