Financial reports

Annual Report and Financial Statements for the year ended 31 December 2017

Viapath has made significant advances during 2017, despite continuing market challenges. 

Revenue grew by 8.7% to £114m compared to 2016.  This increase was attributable to a full year of the contracts to deliver laboratory and pathology services to the Princess Royal University Hospital in Kent, increased growth in third-party customers and the introduction of newly-developed tests.

Viapath group Annual Report & Financial Statement 2017.pdf

Annual Report and Financial Statements for the year ended 31 December 2014

Viapath continues to deliver on Innovation and Growth - a number of factors have contributed to continued success, amidst one of the most challenging periods for the NHS.

Annual Report and Financial Statements for the year ended 31 December 2013

Revenue has increased due to the successful introduction of new tests in the year and the successful bid and implementation of new contract work.

Annual Report and Financial Statements for the year ended 31 December 2012

2012 generated £87.6 million of revenue, an increase of 3.7% on the previous year and a profit of £0.3m.  These results reflect the management team’s focus on quality, innovation, improving efficiency and driving cost reductions for its NHS customers.

The Annual Accounts show that during 2011 GSTS Pathology LLP generated £85 million of revenue which was an increase of 32% on the previous year, and made a loss of £5.9 million.  The increase in revenue was largely due to the full year impact of King’s College Hospital joining the joint venture.  On a like for like basis revenue was broadly flat in comparison to 2010.

 The loss was due to a combination of factors. Laboratory costs were higher than planned during 2011 as the level of transformation and consolidation of services achieved was below that originally envisaged in the business plan.  Consequently a new management team, led by Richard Jones as CEO was appointed early in 2011.  A management restructuring led to a one-off increase in costs at corporate level and some prudent balance sheet write-downs during that year.

 Following the inclusion of King’s College Hospital in the Joint Venture has launched a programme to consolidate laboratories across our London sites.  These projects will enable the existing business to make a positive contribution in 2012. 

 The implementation of the GSTS business plan included a commitment by the members to write down a portion of the previous transformation costs and to make further cash injections.

 This has enabled the GSTS to actively engage in tendering for two regional NHS pathology consolidation programmes, in the East of England and South London, which have the potential to deliver significant growth to the business during 2013.

 Richard Jones, CEO, GSTS Pathology said: “2011 saw significant changes in the leadership capability and operational plans within GSTS Pathology.  We have the backing of our members for a programme to transform our laboratory operating model to secure increased efficiency in our existing NHS pathology contract delivery which will bring the core business to breakeven in 2012.    At the same time we are building on our reputation as a high quality provider to partner with NHS customers to secure a significant expansion of our pathology business.  The principal growth opportunities are being pursued through tenders as part of the NHS pathology modernisation programmes in East of England and South East London which we expect to mobilise in 2013.  We are confident that having taken the necessary steps to secure the profitability of the existing business, GSTS is well-placed to win substantial new NHS contracts and embark on a significant expansion phase.“

 In anticipation of the future growth of the business the board has appointed Christopher Baker as GSTS’ first independent non-executive Chair. Christopher has a wealth of relevant experience from both the public and private sectors and his appointment is integral in helping GSTS through the next phase of its development and growth.