LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC said revenue fell in the first half of its current financial year due to a diminished performance from its automated business segment.
In the six months to September 30, the diagnostic testing kit producer said its revenue was GBP18.5 million, down 1.0% year-on-year.
Automated business, which accounts for the majority of revenue, saw a decline of 6% in the period to GBP108 million.
Within that segment, instrument sales & service revenue declined 26% to GBP700,000 and automated 25-OH Vitamin D revenue dropped 12% to GBP2.8 million, while revenue from speciality partners increased 17% to GBP600,000.
Immunodiagnostic Systems saw an improved performance outside of its automated business, with Manual business revenue up 2% to GBP6.1 million and its Technology business up by a more considerable 51% to GBP1.6 million.
As at September 30, cash and cash equivalents stood at GBP27.8 million, down from GBP29.7 million on March 31.
On a like-for-like basis, the group's performance in the half year was flat, which the company said it intends to improve going forward. Immunodiagnostic's target for its current financial year is to return to like-for-like revenue growth for the first time since its financial 2014 year.
"We aim to achieve this primarily through growth of our manual business, additional sales of automated products via distributors, and accelerated growth of our autoimmune and infectious disease panels," said Immunodiagnostic Systems.
While these gains are likely to be offset by an expected decline in the company's US business, this guidance is maintained.
Shares in Immunodiagnostic Systems were untraded on Friday, last closed at 216.00 pence.