German buy leaves Source Bioscience seeing red
Source BioScience has slipped into the red for the first six months of the year, it revealed this morning.
The Nottingham-based diagnostics and genetic analysis firm said it made a £200,000 loss after taking into account expenses from its acquisition of imaGenes earlier this year.
However, Source Bioscience said the acquisition, which cost the company £400,000, will lead to cost savings of £500,000 which are set to materialise in the second half of 2011.
Despite the operating loss, revenue increased 10 per cent over the six months to 30 June 2011.
The company revealed it spent £1m on its new LifeSciences website over the period, which it calls "an important first step in supporting and promoting growth in the life sciences market".
Source Bioscience also revealed this morning that it has been chosen by Trinity College Dublin and University College Dublin as a preferred supplier of DNA sequencing.
The terms of the framework agreement are to provide Ireland’s two leading universities with DNA sequencing for two years, with an option to extend the contract for a further year.
The contract is worth an expected minimum of £300,000 per year to the company.
Dr Nick Ash, chief executive of Source SioScience, said: "Winning a place as a preferred provider is a real vote of confidence in Source BioScience’s DNA sequencing services from TCD and UCD, the leading universities in Ireland. We are confident that this endorsement will open up new opportunities in Ireland and will lead to further expansion of our Irish business."
