Preliminary Results for the year ended 31 March 2009

Immunodiagnostic Systems Holdings plc, a leading producer of diagnostic testing kits for the clinical and research markets, announces its preliminary results for the year ended 31 March 2009. Full results attached.

IDS operates in the in-vitro diagnostics market. The Company designs, manufactures and sells immunoassay kits which are used to measure or detect particular substances within a sample, thus aiding the diagnosis or monitoring of a disease or providing information for research studies. In 2007 the immunoassay sector of the IVD market was estimated to be worth US$ 10bn.

Financial Highlights:

  • Revenue up 51.4% to £24.94m (2008: £16.47m)*
  • Gross profit up 61.6% to £16.58m (2008: £10.26m)*
  • Profit from operations up 27.9% to £5.37m (2008: £4.20m)*
  • Pre-tax profit up 27.1% to £4.78m (2008: £3.76m)*
  • Overall Profitability attributable to Ordinary shareholders was up 69.9% to £4.82m (2008: £2.8m)
  • Fully diluted earnings per share (continuing) up 21.8% to 16.2p (2008: 13.3p)
  • Fully diluted earnings per share (including discontinued) up 37.7% to 18.6p (2008: 13.5p)
  • Strong balance sheet with minimal gearing of 18.7% (comprising cash £4.5m and debt of £14.0m)
  • Dividend up 10% to 1.65p (2008: 1.5p)

Operational Highlights:

  • Sales of flagship Vitamin D product up 85.5% compared to same period last year
  • Integration of acquisitions and disposal of haematology division
  • Launch of IDS iSYS automated Vitamin D assay in February 2009
  • Strong pipeline of complementary products for the IDS iSYS
    * from continuing operations

David Evans, Chairman said:
“If we continue to deliver against the outlined strategic plan then we will be on track to be not only the largest independent IVD Company in the UK but its most profitable and one of the most prized within the niche we operate in.
“The trading for the first two months of the year is in line with management expectations.
“To date (since acquiring Biocode Hycel) we have placed or sold circa 40 instruments, as we move on throughout the year I anticipate that the rate of evaluations and placements of the IDS-iSYS will increase and that additional infrastructure is currently being put in place to ensure that the rate of placements is increased.”

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