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.
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Axis-Shield is an innovative Scottish company focused on the development and manufacture of important in vitro diagnostic (IVD) tests for use in clinical laboratories.