Drug testing firm IDS sees profit soar
A COMPANY which makes kits used to detect diseases inlcuding cancer has posted a 44% rise in first-half pretax profit boosted by a strong growth in US sales.
Boldon-based Immunodiagnostic Systems saw its revenues rise 34% to £22.6m and pre-tax profits up 44% to £6.6m for the six months to the end of March.
Shares in the company rose by 4.6% to an all-time high of 1025p this morning after it confirmed the record half-year results which had been outlined in a trading statement last month.
Immunodiagnostic is currently waitijng U.S. regulatory approval for its automated immunoanalyser IDS-iSYS device, hopes to expand its product range by the first half of next year and this will drive revenues further up in the year. US sales were already up 60% this year.
The company is predicted to make full year sales of around £46.6m and pre-tax profits of £16m for its full year ending in March 2011, according to its broker Brewin Dolphin.