Strong financial performance as we transition to new brand
Following another year of growth, we have today announced strong financial performance for our financial year-ended 31 December 2013.
Revenue increased by £4.9m to £93 million compared to last year, representing growth of 5.7%; while net profits were £3.8m, up from £0.3m in 2012.
The two key drivers of this year’s improved revenue have been the increased activity and complexity of pathology testing provided for customers. Our profitability has also been enhanced by the continued progress of a cost improvement programme. We have developed and introduced new and innovative pathology tests for existing and new customers. Alongside this, the cost improvement programme is delivering sustainable operational efficiencies in the laboratories and improved quality of service.
This improved performance has enabled us to increase investment in our people, laboratory equipment and infrastructure and to launch an £11m enterprise Laboratory Information Management System (LIMS) programme, supporting our strategic plan.
