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AGM Statement

Tue, 4th Aug 2015 07:00

RNS Number : 9383U
Immunodiagnostic Systems Hldgs PLC
04 August 2015

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Immunodiagnostic Systems Holdings plc

AGM Statement

4 August 2015

Immunodiagnostic Systems Holdings PLC ("the Company" or "the Group"), a leading producer of manual and automated specialist diagnostic testing kits and instrumentation for the clinical and research markets, will today hold its Annual General Meeting at 2.00 pm at its registered office at 10 Didcot Way, Boldon Business Park, Boldon, Tyne & Wear, NE35 9PD.

At the meeting, Chairman, Dr. Burkhard Wittek, will make the following statement to shareholders.

"The start to FY 2016 was challenging, continuing the negative momentum at the end of our last FY. In the first quarter revenues at group level declined 15% yoy. Excluding Diametra which was acquired last September, revenues were down 21% yoy.

In our automated business the sales decline amounted to 15% yoy, mainly driven by continuing pressure on automated vitamin D 25 OH from the "Big 4 workhorse suppliers". The remainder of our automated product range decreased by 6% yoy, mainly driven by competition from product specialists.

Manual assays continued their decline at a rate of 30% yoy excluding Diametra. We are setting up activities to increase the sales resources devoted to this business and to combine the manual assay programs of IDS and Diametra into an enlarged, more attractive catalogue.

The revenue developments in Q1 are in line with the guidance for £39-42m in revenues in FY 2016, as given in the trading update published on 29 May 2015.

Closing cash and cash equivalents were c. £24 million as at 30 June 2015 (31 March 2015: c. £24 million).

Currently IDS is facing a lot of challenges, but we believe we have addressed a good deal of those and are working hard to return the business to stability, and long term back to profitable growth."

For further information:

Immunodiagnostic Systems Holdings plc

Tel : +44 (0)191 519 0660

Patricio Lacalle, Chief Executive Officer

Peel Hunt LLP

Tel : +44 (0)207 418 8900

James Steel

Clare Terlouw

This information is provided by RNS
The company news service from the London Stock Exchange
END
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