Profits soar at Dundee life sciences business

Published

10th November 2020

A Tayside life sciences firm has seen profits soar by more than 50% as it responded to increased volume demands.

Dundee-based Axis-Shield Diagnostics specialise in products which diagnose and manage treatment for critical illnesses including cardiovascular and neurodengenerative conditions, rheumatoid arthritis, sepsis, vitamin deficiencies and diabetes. 

The company, which has a facility at the Technology Park, has been working on a number of Covid-19 related products since the beginning of the pandemic. 

Turnover at the firm rose by 26% from £24 million in 2018, to £30.2m for the year ending December 31, 2019. 

Pre-tax profits leapt from £8.2m in 2018, to £12.8m last year, an increase of 55%. 

The firm said it had introduced lean manaufacturing processes to assist with wate and cost reductions. 

With 96% of the company's revenues designated in US dollars, the weakening of the pound has favourably impacted the profit and loss account of the company. 

To read more on this story, visit The Courier online

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