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Nottingham Post Business awards entrant: Source Bioscience

Though investing heavily for the post-recession future it still has significant cash in the bank and, during the past year, has managed to increase its turnover to almost £13m.

And, during the same period, it has moved out of operating losses and forward, by half a million, to record its first pre-tax profit - £200,000 on the year.

Investments have included more than £1m on trebling its state-of-the-art next generation DNA sequencing capacity - making it one of the leading European providers of that service.

And last month, it opened a new laboratory, providing DNA sequencing, at Dublin's Trinity College, the first commercial facility of its type in Ireland. The move gives the company greater penetration of the Emerald Isle's thriving life science research market.

Now it is also a nominee for the Evening Post's KPMG and Nottinghamshire County Council-sponsored Nottinghamshire Company of the Year Award.

"Our short-term objectives for 2009 were to deliver both profitability and cash generation, and we have achieved both of those targets," said managing director Nick Ash.
"It is a credit to our whole team that we have continued to deliver growth against the background of a difficult economic environment.

"We are in a strong financial position, and an ideal one from which to exploit opportunities in a market for our products and services that continues to grow."

Founded just over a decade ago, a wide spread of the company's services are used to aid the decision-making of practising clinicians, particularly those working with cancer patients.

Source BioScience already works with many leading names in the global pharmaceuticals sector, and expects growth as those firms outsource more work to control their in-house costs - giving it an increasingly important role in developing new drugs and technologies.

As part of that, it last year expanded its laboratory capability at University College London, with new technology to determine gene types, and it recently won a £900,000 contract for cytology testing with the cancer screening service for Wales.

And it gained accreditation to provide molecular genetic services which will work hand-in-hand with its investment in the latest, fastest, technology for DNA testing.

Source:www.thisisbusiness-eastmidlands.co.uk|

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