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19 Jun 2019 | 15:00

Immunodiagnostic Systems posts modest profit as margins shrink

Immunodiagnostic Systems Holdings posted a modest annual profit after rising sales were offset by higher R&D and administrative spending.

Pre-tax profit for the year through March rose to £842k, down from £935k on-year.

Revenue rose 1% to £38.5m.

The company said margins had been adversely impacted by a change in sales mix, with greater levels of sales occurring in lower-margin distribution territories.

'We met our target of returning the group to revenue growth, with revenues increasing 1%,' chief executive Jaap Stuut said.

'Additionally, we placed or sold 127 instruments, compared to 103 in the prior year.'

'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.'

At 3:00pm: (LON:IDH) Immunodiagnostic Systems Holdings PLC share price was -10p at 190p

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