A Covid-19 testing company has reported a record turnover as its profits topped £6m during its latest financial year.
Liverpool-headquartered BioGrad, which also provides lab and clinical training, has posted a turnover of £17m for the 12 months to the end of September 2021, a rise of 80%, as well as an EBITDA of £6m, up 70%.
In a statement, the business said the growth was "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".
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The figures come after the company recently expanding into a 10,000 sq ft site at Wavertree Technology Park in a £2m investment.
BioGrad added it has also invested in stem-cell research and a bursary scheme which supports students from disadvantaged backgrounds with course fees.
Chief executive Natalie Kenny 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.
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"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."
Group finance director Faisal Arif 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.
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"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 added: "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."