IDH.L Share News (IDH)

(ShareCast News) - Immunodiagnostic Systems reported a 15.6% decline in revenues for the year to 31 March on Wednesday, to £38.3m.The AIM-traded firm said that excluding the acquisition of Diametra and at constant exchange rates the decline was even larger at 18.4%.Its board reported automated revenues as being 48% of overall revenues at £18.3m, a decline of £3.7m.Immunodiagnostic said it was continuing to lose automated 25-OH Vitamin D business as the larger laboratories migrate test volumes previously run on its iSYS analyser to high-throughput analysers.Manual assay revenues were now contributing 33% of overall revenues, and were down 17.8% at £12.7m.It put this loss down to test volumes continuing to be lost to automated solutions offered both by itself and other businesses, coupled with weaknesses in the sales process.The company added a non-cash impacting exceptional impairment charge of £38.2m to write down intangible assets and goodwill to their recoverable amount.Immunodiagnostic's adjusted EBIT stood at £0.5m before exceptional items, down from £4.2m last year, with adjusted basic earnings per share of 4.7p, down from 11.1p.Statutory EBIT was a loss of £36.8, compared with earnings of £3.3m in 2015, and statutory basic losses per share were -109.7p, compared to earnings of 8.1p in the prior year.Net cash flow from operations totalled £8.2m, down from £8.8m, although free cash flow grew to £3.2m from £2.6m.The company had closing cash and equivalents of £26.6m, an increase of 12.2% from 2015's £23.7m."IDS is going through a profound and exciting transformation process," said CEO Patricio Lacalle."As we continue to lose commodity business to the big players we are building and expanding our speciality portfolio."Lacalle said the transformation was taking longer than expected, but is happening continuously with the company gaining momentum in the change process."Our teams understand the necessity for change across all functions and the need to adapt our cost structures."We strive towards actively engaging our internal talents as well as complementing our skills with talent from the outside," Lacalle explained.