Year in Review & Year to Come
ITL Group (a G&H company) is pleased to report another strong performance for the financial year ended 30th September 2019.
Over the past 12 months, manufacturing at ITL has seen considerable growth, possibly due in part to some customers increasing their stock of finished goods to mitigate the potential effect of a disorderly Brexit. The transfer of new products from R&D into production and their subsequent commercial launch has boosted manufacturing output, and several new projects in R&D which are targeted for transfer into manufacture in the coming financial year will further support long-term growth. R&D has had an equally great year with an extensive pipeline of opportunities going forward.
The Group’s US subsidiary, ITL Virginia Inc., is set to see further growth from its servicing and support activities and the manufacture of key customers’ medical products in North America for sale into the US market. This has been supported by regulatory successes at the Richmond, Virginia site, including its recent recertification to ISO 13485:2016 and the passing of an extensive FDA audit in September.
This year Integrated Electronic Systems (IES), based in Shanghai, closed agreements with two large Chinese in vitro diagnostics (IVD) companies for IVD system development, with a third deal nearing closure. With increased demand for medical technology in China, IES has established a healthy pipeline of companies for future agreements, driven by the Chinese government seeking home-manufactured IVD systems and medical devices. This is truly a Group activity with IES finding the customers and nurturing those relationships, while ITL R&D take on the design and development, with IES scheduled for the future manufacturing of systems in Shanghai for sale into China.
Vitl Life Science Solutions, the Group’s in-house range of laboratory instruments and accessories, has contributed well to overall performance. The latest product, Lu-mini, an accurate, versatile and sensitive luminometer is breaking new ground as a platform reader which can be incorporated into third-party IVD test protocols. The Vitl design team are able to modify the design, including software, to accommodate customer requests for a bespoke reader. We currently have agreements in place with two IVD companies with more in the pipeline.
The new financial year has started with a well-filled order book, which has seen 25% growth when compared to the previous year, and a strong and steady pipeline of potential business. This allows us to continue to make a positive contribution to the turnover and profit of our parent company, Gooch & Housego PLC. We look forward to continuing our track record of growth and delivering on our strategic objectives.
Greg Smith Ph.D Business Development Director of ITL commented:
“ITL ended the 2019 financial year strongly with double digit growth, good margins and a strong order book spanning all divisions. The combination of a great management team, a dedicated workforce and loyal customers combined with a healthy pipeline of potential new customers means the ITL Group is vibrant and set to remain a key contributor to the continued success of G&H.”
Tom Cole, Managing Director of the Group said:
“We have a robust platform for continued growth over the coming years and are in a very strong position moving into 2020. We have loyal and hardworking employees, talented engineers and the motivation to move forward through innovation in medical diagnostics. We certainly look forward to the next chapter in our long history.”