Omega Diagnostics unveils strong year

Medical diagnostics group Omega Diagnostics posted a strong set of full year results which saw turnover rise 41 per cent and gross profit leap 49 per cent.

Pre-tax profits came in at £0.48m (2011: £0.12m) on revenues of £11.1m, compared with £7.9m the previous year. Earning per share rose from 0.1p to 0.6p year-on-year.

Divisionally, Allergy and Autoimmune revenue was up 191% to £4.48m (2011: £1.54m), Food Intolerance revenue rose 10% to £3.90m (2011: £3.56m) and Infectious disease/other revenue declined 2.0% to £2.75m (2011: £2.80m).

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Net cash generated from operations during the year was £0.69m (2011: £0.35m), while cash at year end was £1.16m (2011: £2.05m), which the company said reflected iSYS development expenditure. Net debt at the period end was £0.1m (2011: net cash of £0.45m).

David Evans, Chairman, said: "As the group looks to build on its progress to date, it is clear that to achieve significant year-on-year growth we either need to increase the level of automation for customers or to provide POC tests to provide solutions for unmet needs in developing markets.

"The outlook for the new financial year is very encouraging with good growth potential across all segments of the business. The addition of the new test technologies licensed in from the Burnet Institute should allow us to make a major impact in Global Health markets as these tests satisfy a current unmet clinical demand.

"While there continues to be difficulties in the Eurozone countries, we believe our robust and diversified business model, BRIC-focused strategy and focus on new products not affected by these issues hold us in good stead for continued and profitable growth."

NR