Immunodiagnostic Systems Holdings (IDS) is on track to boost its turnover to £18.8m for the first six months of the year.
In a trading update, the company, which makes specialists diagnostic kits for the clinical market, has said its expects its turnover to come in at £18.8m for the six months ending September 30 - up 2% on the same period in 2018.
IDS experienced a mix bag of results from its three main division: automated equipment, manual equipment, and technology.
The firm’s automated business experienced flat like-for-like sales during the six month period. Revenue from its 25-OH Vitamin testing equipment fell by 20%, but the firm managed to make this up by selling speciality assays developed by the company’s partners. These devices focused on autoimmunity and infectious diseases, with sales increasing by 52% on a like-for-like basis.
Meanwhile the manual business suffered an 8% door in sales. The decline was largely down to IDS winning a major contract in the previous year, which was not repeated.
IDS said it is aiming to boost revenue in its manual business during the second half of the year.
In more positive news, IDS’ technology business experienced huge growth, with sales jumping by a third.
In a statement to investors the company said: “Our technology business - comprising the sale of instruments and consumables to OEM (original equipment manufacturer) partners - continues to grow, with like-for-like growth of 32% versus H1 FY19, generated mainly from two active OEM partners.
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“We are currently in negotiations with several leads who are interested in using the IDS analyser technology on an OEM basis, and successful conclusion of these deals will allow us to diversify and continue to grow this business.”
Headcount at the company fell slightly during the period. The firm now employs 273 people, compared with 286 in September 2018.
IDS said it expects to hit its targets for the 2019/2020 financial year and issued a dividend of £200,000 during the first six months.