Leading producer of specialist diagnostic testing kits, Immunodiagnostic Systems Holdings PLC, will be relying on a strong second half to the year in order to meet its financial targets.
In 2013/14, the Boldon-based firm increased it’s turnover by 5% to £52.3m and announced the launch of a five year strategic plan that would see it double revenues and push into emerging markets in Brazil and China.
At the firm’s AGM, chairman Dr Anthony Martin is to tell shareholders that performance since March this year performance has been satisfactory and in line with management expectations, in part due to the receipt of a milestone license payment earlier in the year than expected.
However, he will also say: “We are currently seeing a low level of placements and an acceleration in the decline in our manual revenues.
“In addition, unfavourable exchange rate movements are creating a ‘headwind’ for our reported numbers.
“Accordingly, delivering revenues in line, or slightly ahead of those reported to March 2014 will be dependent on the company’s success on placements (and manual revenues) in the remainder of the financial year.
“The timing of these factors means that the group’s revenues are expected to be weighted towards the second half of the financial year.
“We are committed to executing on our five year strategy announced in June and we look forward to keeping shareholders updated on progress.”