LGC reports half year trading in line with expectations
Management confirms that trading is in line with expectations, with strong momentum in the underlying base business expected to continue through the second half of the year to 31 March 2022. Tailwinds from the sale of components supporting COVID-19 testing are expected to continue to subside through the second half of the year to 31 March 2022. This of course could change depending on how the pandemic continues to evolve.
Key highlights for the six months to 30 September 2021
LGC announces new CEO and other senior appointments
In September, LGC announced that Euan O’Sullivan has been appointed President and Chief Executive Officer (CEO) of the organisation, succeeding Tim Robinson, who has become Chairman of the board of LGC.
After joining LGC in 2007 as a Non-Executive Director, Euan served as Corporate Development Director from July 2010 before being appointed Managing Director of the Standards division in 2012. In 2017, Euan joined LGC’s Board as an Executive Director, before being appointed as Chief Operating Officer (COO) in June 2020 and President & COO in January 2021.
In July, LGC also announced that Judy Lewent joined its Board of Directors as a Non-Executive Director. Judy also serves as Chair of the Audit Committee.
COVID-19 update
LGC continued to support the global response to the COVID-19 pandemic, providing critical components and ultra high throughput PCR workflow solutions for diagnostic testing, providing proficiency testing and manufacturing quality control materials to support such tests and supporting enterprises developing vaccines and therapeutics to treat the disease.
LGC’s ultra-high throughput PCR testing system for SARS-CoV-2 detection was granted Emergency Use Authorisation in April, and its Nexar workflow was installed at the Rosalind Franklin Laboratory, part of the UK’s NHS Test and Trace laboratory network. The latter represents a milestone in the UK’s response to the pandemic, as the workflow enables up to 150,000 diagnostic tests per day per system, which is the highest PCR testing capacity per system worldwide.
In addition, LGC has launched its SARS-CoV-2 quality solution for antigen testing, for SARS-CoV-2 variant analysis, as well as its SARS-CoV-2 Delta Variant quality solution.
The Native Antigen Company, part of LGC's Clinical Diagnostics business unit, was delighted to receive Best COVID-19 Responder at the 2020 OBN Awards in June, for their efforts in supporting the research and development of diagnostics and vaccines for COVID-19.
LGC rebrands its supply chain assurance business unit
In July, LGC rebranded its supply chain assurance business to LGC ASSURE. The business unit provides intelligent assurance across supply chains and comprises: AXIO, a world leader in laboratory proficiency testing; BRCGS, the market-leading global brand that helps build confidence in the supply chain; INFORMED, the global quality assurance and supplement certification programme for sports supplements; Safefood 360, the developer of best-in-class food safety and supplier quality management software. In addition, LGC ASSURE offers world leading human drug and animal sports testing provided by Sport and Specialised Analytical Services (SSAS).
LGC employee awarded MBE
Dr Mike Rogers, Assistant Director in LGC's Grant Management Group (GMG), has been awarded an MBE for services to COVID-19 Research Funding in the Queen’s Birthday Honours List 2021.
In its contract with the Department of Health and Social Care (DHSC), LGC manages work for the National Institute for Health Research (NIHR) and during 2020, Dr Rogers acted as the NIHR lead for the COVID-19 schemes operated jointly with UKRI/MRC.
These schemes funded a range of important research projects tackling COVID-19, both in the UK and internationally. The projects funded included the rapid clinical development of the Oxford/AZ vaccine, the RECOVERY trial and the development of optimal critical care pathways for COVID-19 patients across seven African countries.
Notes since the end of LGC’s half year trading:
In November, LGC published its environmental, social and governance (ESG) report. It is LGC’s first ESG report using the Global Reporting Initiative Standards, the most widely used sustainability reporting framework globally. The company also announced that it is committing to being carbon net zero by 2050. By this date, LGC’s net greenhouse gas emissions, as a result of its business activities across the world, will be zero.
LGC also announced a major new expansion, the development of a new site in Berlin for its LGC Axolabs nucleic acid therapeutics unit. The site will be dedicated to medium-to-large-scale as well as early-to-late Phase Clinical GMP manufacturing of nucleic acid therapeutics. Operational start date is scheduled for 2024.
Finally, as the company continues to support the global response to the COVID-19 pandemic, LGC’s instruments have been implemented for UC Davis’s asymptomatic testing programme, as well as Northwell Health’s fight against COVID-19. This is a major installation of the company’s Nexar-based workflow in the U.S. and has the potential to change the U.S. COVID-19 testing landscape.
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