Sales up at Source BioScience
Healthcare company Source BioScience said revenue increased 19 per cent year-on-year for the first quarter of 2011. The Nottingham-based company said its "strong" start to the year was underpinned by growth in its diagnostics and life sciences work.
The company released its results in an interim management statement for 1 January to 17 May this morning.
During the period, Source BioScience completed the installation of its second Illumina HiSeq 2000 facility in Berlin. It also secured a £200,000 grant from the European Union Framework 7 to study genetic causes of dementia in children.
At the end of the first quarter the company had £3.3m cash, compared with £4.2m at the end of the previous quarter.
Source BioScience said the cash would "underpin investment and acquisition plans".
In a statement, the company said: "The group has maintained a strong start to the financial year and revenue for the first quarter is up 19 per cent compared with the same period last year.
"Overall performance for the year to date is in line with expectations, representing a continuation of the strong growth and business performance achieved last year."
