IDS beats expectations

Jun 22 2009 By Andrew Mernin

MEDICAL test kit maker IDS has posted a 27% rise in annual profits on the back of sales growth across its product range.

The South Tyneside firm also said trading for the first two months of this financial year was in line with expectations.

Earlier this year IDS told nebusiness that it expected a 40% surge in annual revenue following, however the company has eclipsed this by posting a 51% climb in annual sales to £24.9m.

The producer of diagnostic testing kits said it was proposing a dividend of 1.65 pence, up 10% from last year's 1.5 pence.

For the year ended March 31, the company's pretax profit from continuing operations rose to £4.8m from £3.8m pounds last year.

For more on this story see tomorrow's Journal.