A leading producer of medical testing kits has announced plans to upgrade its South Tyneside manufacturing facility as part of a five-year strategic growth plan.
South Tyneside-headquartered Immunodiagnostic Systems Holdings makes testing kits for the research and clinical markets and currently operates three manufacturing sites at Boldon, Liege in Belgium and Pouilly in France, as well as four sales offices in France, Germany, here in the North East and the US.
As part of ambitious growth plans, which aim to double revenues and push into emerging markets in Brazil and China, the company said it plans to upgrade manufacturing and R&D facilities in Boldon and Liege – plans which include investment in the buildings and machinery as well as investing in staff.
The company, which employs 324 staff across the group, said the upgrade is vital for the operational teams to successfully manage a “significant increase in the number of assays under development and the number of assays to be manufactured”.
The announcement comes after the business announced turnover of £52.3m for the year ended March 2013, a rise of 5%.
Chief executive Patrik Dahlen said: “We believe the reported results highlight the continuing potential of our automated assays run on our proprietary instrument platform, the IDS-iSYS system, to be the core driver of growth.
“We are confident that the strategic plan for the group will allow us to fully unlock the potential in the business and offers a real opportunity to deliver significant and sustainable shareholder value creation in the medium term and beyond.”
Revenues for the firm’s main automated medical testing kit accounted for 42.8% of overall revenues, an increase of 21.0% to £22.4m in the period.
With the launch of its five-year plan, IDS hopes to become a leading solution provider to the clinical laboratory diagnostic market, doubling revenues from current levels by increasing IDS-iSYS installations by more than 1,000.
He added: “We strongly believe that the key to success is to substantially improve the utilisation of the IDS-iSYS and that this can be achieved through a significant increase in assay menu, both through internal development and partnership.
“With the right team now in place we have begun to execute on this ambitious strategy.”