Shares in Scotland-based diagnostics group Axis-Shield were given a boost yesterday on news that the company had turned in a strong set of results for the year 2007, including solid sales and profit increases.

The company saw its revenues climb nearly 10% to £66.7 million for the year, following good performances from its diagnostic products across the board, which helped the Point-of-Care division generate sales growth of 21% to £25 million.

International launches of the group’s flagship PoC system Afinion were a key driver of the division’s success, with the product generating turnover of £3.4 million compared to £400,000 booked in 2006, while NycoCard also did well, growing 9.6% to hit to £17.1 million.

On the downside, revenues from the firm’s laboratory division slipped 1.3% due to currency effects, but profit before tax and exceptional items still rocketed 41% to £2.9 million, with earnings per share coming in at 5.67 pence compared to 3.94 pence for the prior year.

The group closed the year with cash of £12.2 million in its back pocket, and remains positive about its potential going forward. “I am confident that Axis-Shield has a robust business strategy supported by an attractive and growing range of products and a sound operating base in an expanding and crucial area of healthcare,” commented its chairman Nigel Keen.

“With a new streamlined management team led by Ian Gilham, we expect to produce substantial and growing profitability leading to sustained growth in shareholder value,” he promised.