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.

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"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