Immunodiagnostic on track to met revenue targets

Immunodiagnostic Systems Holdings, a firm which produces specialist dianostic testing kits, has said revenue for the year is expected to be six per cent ahead of the previous year at £53.4m (2011: £50.2m), in line with previous updates.

The company expects to have generated £6.9m in cash from operations during the year, with cash at the end of March at £6.8m. Borrowings decreased by £2.2m to £4.2m.

In a statement the company said: "Investment in new product development to expand the range of automated IDS-iSYS tests will increase in the current financial year and beyond. The board believes that IDS-iSYS' portfolio of specialised assay panels provides the group with an attractive market opportunity with appeal to a range of laboratories which will be enhanced as further assays are launched. As a consequence the board expects the volume of IDS-iSYS system placements to be at a similar level in the new financial year as those achieved in the year ended March 31st 2012.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

"The board maintains the view that overall revenues will show similar year on year growth in the new financial year with the decline in manual vitamin D test volumes combined with more competitive pricing being offset by increased IDS-iSYS revenues as a result of new placements and an increasing number of automated tests becoming available."

The share price rose 8.71% to 337p by 14:35.

NR