The company said that differences in the timing of its distribution activities and the mix of deliveries were entirely responsible for the drop in both profit and sales with respect to those earned in the final three months of 2006.

For the full year ended December 31, 2007, however, IMA's standing was more positive. According to preliminary figures reviewed by the firm's board, annual operating profit increased 30.3 per cent to just under €70m. The group's revenue was also higher, growing 6.9 per cent to €455m.

IMA said that its favourable performance in 2007 had been driven by an increase in orders from the pharmaceutical industry as well as a further improvement in its margins. It went on to say that, at the end of the last year, it had a consolidated order book worth around €243m, up 26.5 per cent on the figure it recorded a year earlier.

In addition, IMA reported that its debt at the end of 2007, which at €87m was down 16.9 per cent on the previous year, had fallen despite an outlay of over €3m for the purchase of treasury shares. The firm also said that the period had seen it distribute around €22m in dividends to shareholders.

Alberto Vacchi, IMA's chairman and managing director, said that: "the group had a very positive year, which was characterised by a strong concentration of revenues and margins in the first nine months, confirming the growth and development target announced during 2007."

He added that the 2007 results were a further validation of the group's investment activities and strategic acquisitions.

The most recent of these purchases, Tonawanda USA-based BOC Edwards Pharmaceutical Systems, a former subsidiary of Germany's Linde group AG, is a specialist developer and producer of freeze-drying technology for the pharmaceutical industry.

IMA said that its new acquisition, under which it gains production facilities in the Netherlands and China, furthering its presence in both countries, would facilitate its entry into the industrial freeze-drying sector and provide a useful expansion of its product portfolio. IMA expects the enterprise to contribute around €75m to its annual revenue when it is fully integrated.

For the full year 2008, IMA said its revenue will reach around €560m, providing a gross operating profit of around €87m. Vacchi said that is an indication of the firm's confidence and optimism for the future.