A LIFE sciences company has set an ambitious five-year target to double turnover to £100m, that will include investment in new staff and equipment at its North-East base.

Following a major review, which has identified new markets, bosses at Immunodiagnostic Systems (IDS), are confident the firm can deliver on its growth plan.

Its global salesforce is set to expand and investment will be made at the firm’s headquarters in Boldon, near Sunderland.

In yesterday’s full year results announcement IDS posted a pre-tax profit of £8.3m, down from £10m, despite seeing revenue rise to £52.3m from £49.8m, due to higher distribution costs and exceptional charges of £1.9m, which included costs incurred by restructuring the business.

The firm, employing about 100 North-East staff, develops medical test kits and specialist instruments for clinical research.

“We are confident that the strategic plan for the group outlined today 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,” said Patrik Dahlen the IDS chief executive.

“Our Boldon head office includes manufacturing, sales, research and development as well as back office support functions, and it remains fundamental to our plans,”

“We will continue to invest there and we expect to recruit more staff in this region going forward,” he added.