LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC said Thursday it saw a like for like growth in its financial 2019 revenue on a sharp rise from its technology business.
For the year to March 31, Immunodiagnostic Systems expects to report revenue of GBP38.5 million, 1% higher than the year before.
The company's Automated business is expected to post a slightly lower revenue of GBP22.6 million with Immunodiagnostic Systems' Manual business also expecting a slight slip to GBP12.3 million. The company's Technology business, however, expects a 32% jump in revenue to GBP3.6 million.
In a statement, Immunodiagnostic said: "During financial 2019 we achieved our short-term target of returning the business to positive revenue growth on a like for like basis. This was underpinned by a strong fourth quarter performance - in both sales and placements."
"Our strategy moving into 2020 remains unchanged," added Immunodiagnostic.
"We will look to grow the Automated business through additional sales via distributors, coupled with accelerated growth of our partner disease panels - in particular autoimmunity. Unfortunately, we anticipate this expected growth will be partially offset by further declines in our US business. This situation will only improve with the launch of additional FDA-approved assays. Having successfully stabilised our Manual business, we target returning this to growth during financial 2020."
Shares in Immunodiagnostic Systems ended untraded Thursday, having last closed at 179.50 pence each.
