The fully-listed company’s pharma biotech services arm played a key role in the turnaround, converting a £100,000 loss into a £100,000 profit, helped by what chairman Laurie Turnbull highlights as ‘accelerated interest’ in pharmacogenomics, ‘the study of how a patient may respond to a therapy based upon his or her genetic make up’. Source, formerly Medical Solutions, increased turnover 14 per cent to £6.7 million in the six months to June, during which it won a £500,000 two-year deal to supply the Northwest National Health Service Region with its FocalPoint automated imaging platform for quality assurance.
Molecular diagnostic tests also enjoyed increasing demand, in particular Source’s K-RAS gene test. Turnbull says demand for ‘liquid-based cytology consumables’ for cervical cancer screening rose 25 per cent in the first half year, which he partly attributes to the publicity surrounding the death of TV personality Jade Goody.
Since the end of June, Source, which last year bought cash-generative life sciences outfit Autogen Bioclear UK, clinched a £900,000 deal with Central Screening Wales. Citing cash reserves of £7.7 million, Turnbull says the company has the resources to support further growth through acquisition as well as ‘selected, appropriate investment in our technology platforms’.