An electronic medical device manufacturer has recorded its biggest ever profit as people live longer and wealth increases in emerging economies.

Integrated Technologies Limited, known as ITL, increased pre-tax profits by 30% to £2.3 million last year as it continued to win a number of key research and development projects.

The Ashford firm’s turnover was up 6% to £10.6 million according to its latest accounts filed to Companies House, with bosses predicting the medical sector would continue to defy low growth in economies around the world, particularly in the eurozone.

They said demand for healthcare is increasing due to the expanding population of the world, increasing age, an increase in chronic diseases and greater affluence, while technology has advanced dramatically.

Chairman Patrick Greenwood said future prospects are at “record levels” with competition among its customers to diagnose diseases sooner providing “a solid and reliable foundation” for its research and development business.

He said: “Despite the fragility of the economy and weakness in the eurozone, turnover and profits have continued to grow.

“Technology advances have resulted in an explosion of new technologies, particularly in DNA and RNA processing. ITL has kept pace with these developments and is involved in a diverse range of leading edge research and development and manufacturing contracts.

“Continuing to grow our business, increasing turnover and achieving record profits during the worst recession for a generation represents a significant achievement.”

The UK remains by far ITL’s biggest market, making up £7.8 million of turnover, compared to £1.4 million in the rest of Europe, £1.3 million in the US and £43,000 in the rest of the world.

The firm, which employs about 85 people, has subsidiaries in the US and China.

Mr Greenwood added: “The company has offset weakness in European markets by expanding the range of services offered by its subsidiaries, IES in China (the fastest growing market in the world) and ITL VA in the USA (the largest sophisticated market in the world).”