IDS reports strong preliminary results for 2010-11

IDS has reported a strong financial performance for the 12 months ending on March 31st 2011.

Preliminary results issued by the company show that its turnover figure for the period came to 50.2 million pounds, up by 35 percent on the year before, while earnings, profits and revenues also experienced double-digit growth.

During the 12 months, the company was able to launch three new automated assays on the IDS-iSYS platform, increase its average revenue per product, expand its workforce and improve efficiency.

David Evans, the company's chairman, noted that the performance of the company in the first quarter of the current fiscal year is indicative of further growth to come.

"Trading for the first three months of the year is in line with management expectations and the directors believe that this is a direct result of the market acceptance of the IDS-iSYS," he said.

Earlier this month, the company announced that Dr Roland Sackers, chief financial officer of Qiagen, has become an IDS non-executive director and chair of its audit committee.