One of the UK’s largest national education providers and Covid-19 testing firms, BioGrad Limited, has reported huge growth and profitability for the fiscal year ending September 2021.
Turnover in that time is reported at £17m, representing a record year for the Liverpool headquartered firm, with EBITDA also reported at £6m.
The company says the growth is largely driven by the demand for Covid-19 testing, which has enabled the firm to diversify into other areas and build on its medical diagnostics expertise and reputation.
The firm has recently increased capacity by adding to its headquarters in Liverpool Science Park, with the addition of a new 10,000 sq ft site at Wavertree Technology Park, representing a £2m investment in developing laboratory spaces to future-proof the requirement for testing and life-sciences.
There has also been further reinvestment into the company to fund development and growth, specifically into stem-cell research and a bursary scheme which supports students from disadvantaged backgrounds with course fees.
The last year has also seen a strengthening of the BioGrad leadership team, including new Group finance director, Faisal Arif, head of legal, Sue Wright, and commercial director, Lynsey Dalgish. BioGrad currently employs 100 people.
Dr Natalie Kenny, CEO, BioGrad Limited, said:
“When Covid hit, we had a duty to use our laboratory spaces to enable as many schools and businesses to stay open through the pandemic, by affording them best value, quality testing regimes. We responded with a low-cost, gold standard testing facility for our clients; then extended that to the wider public to keep the economy moving. I am therefore so very proud of these results, as it means we have been able to make a real difference during this crisis.
“We continue to stay true to our mission that everyone should have access to gold standard testing, healthcare and scientific education, and that focus has been instrumental in our success. That strive for quality meant that BioGrad was one of the founders of the Laboratory and Testing Industry Organisation (LTIO), an organisation created to monitor and ensure accurate, timely and competitively priced services are being provided by Covid-19 testing companies across the country.”
Faisal Arif, Group Finance Director, said:
“The BioGrad businesses are growing rapidly and we are now looking to increase it both in turnover and bottom line throughout the next 24 months. This will be done through diversifying into different areas, as we lead the way in medical diagnostics and life sciences. New revenue streams other than PCR testing will be introduced and will widen our customer base and offering. We also plan to work alongside the NHS for ECGs and ultrasounds, as well as other medical testing.
“Our new laboratories in Wavertree also provide us with a real opportunity to expand even further, and we actively welcome discussion with future partners and appraising strategic opportunities as they come by.
“At BioGrad, we aim to make sure that all of the financial milestones are met and that we are growing year on year , so we can continue to seek the right levels of investment when required. This will allow us to thrive and continue to be seen as leaders in the marketplace, with further acquisitions also on our radar, as and when these arise.”
Dr Kenny went on to say:
“I must say a special thank you to my amazing team, without whom none of this would be possible. They remain at the heart of the business, and that is why we have invested in numerous staff incentives over the last 12 months, such as the BioGrad Home Deposit Scheme, which allows all staff with more than 12 months service to apply for 50% of their annual salary towards a home deposit. This is something really important for me as a business owner. I want to see the people who support my business be able to reach their own goals such as home ownership.”
BioGrad Limited was set up in 2014 by Dr Kenny, as a way to offer highly regarded laboratory and clinical training to science students, graduate researchers and teachers from across the globe. BioGrad Education is the UK’s leading laboratory-based learning provider for scientists, attracting elite scientists from 526 institutes in 21 countries per year prior to the Covid-19 pandemic.
In 2020, the company pivoted in response to the Covid-19 pandemic, creating BioGrad Diagnostics – providing a responsive and dynamic Covid-19 testing facility. Through this new arm of the business, BioGrad helped to keep the country’s schools open during the crisis before expanding the service to businesses and the wider public.
BioGrad is accredited by UKAS, the independent United Kingdom Accreditation Service responsible for determining the technical competence and integrity of organisations offering testing, calibration and certification services.