South Tyneside pharmaceutical firm Immunodiagnostic Systems has seen revenues rise and profits return in the year after its £110m takeover by a US giant.
The Boldon company became part of life sciences group Revvity two years ago following the agreement of a $155m takeover deal to accelerate its growth – a move which also saw it de-list from the AIM market. The company, founded in 1977 as RIA UK, specialises in the development, manufacture, and marketing of diagnostic tests to the clinical laboratory market, and is also involved in research and development projects.
Now the firm, which has 55 employees, has posted accounts for the period ended January 1 2023, its first full set of results since the deal. The accounts show a 57% increase in revenue from £16.8m in the 40 weeks to January 1 2022 to £26.7m. It said its gross margin increased by 8.4% from the prior period to 23.7% as the business returned to pre-covid trading conditions.
