(Alliance News) - Immunodiagnostic Systems Holdings PLC has met its annual revenue growth target, it said Wednesday, though profit has fallen.
For the 12 months to March, Immunodiagnostic Systems posted revenue growth of 1%, all organic, to GBP38.5 million. The firm had been targeting a 1% like-for-like rise.
Pretax profit did fall, however, by 9.9% to GBP842,000, due to cost of sales rising faster than revenue growth, as well as increased research & development spending.
Total gross instrument additions were 127, from 103 the year before, meeting the company's target to add 120 diagnostic instruments.
"We met our target of returning the group to revenue growth, with revenues increasing 1%. Additionally, we placed or sold 127 instruments, compared to 103 in the prior year," said Chief Executive Jaap Stuut.
"Our gross margin declined year on year due to a sales mix swing towards lower margin distribution territories. We built good momentum towards the end of the financial year, and our objective will be to carry this forward into the next."
Shares were flat on Wednesday shortly before midday in London at a price of 200.00 pence each.