27th Nov 2013 11:26
LONDON (Alliance News) - Omega Diagnostics Group PLC said Wednesday that it was "very confident" in its ability to deliver "significant shareholder value" in the next financial year, as its two key projects reached advanced stages.
The medical diagnostics company said trading remained in line with expectations, but cautioned that its ability to meet expectations for the current financial year required a contribution from its CD4 project before the end of the year.
In the half year ended September 30, Omega Diagnostics posted revenue of GBP5.6 million, up slightly from GBP5.5 million in the previous year. Revenue grew in Asia and the Americas, remained stable in the UK and Europe, but declined slightly in Africa and the Middle East.
Pretax profit increased to GBP163,480 from GBP131,591 as a result of the increased revenue, an improved gross margin and a steady cost base.
Omega cautioned that its progress towards future growth centred on the success of its two key projects: CD4 and IDS-iSYS.
CD4, used to check blood for patients with HIV, was granted a US patent during the period. Omega said that it has generated interest in the product through pre-launch marketing activities, which it expects to translate into significant sales.
The company also is developing products for use with Immunodiagnostic Systems Holdings PLC's IDS-iSYS system through a distribution agreement. The company said that it had made good progress on this project, and continued to focus on the commercialisation of a panel of allergy tests for use with the IDS-iSYS instrument. IDS-iSYS is used to detect particular substances in samples to aid diagnosis or monitor a disease.
Immunodiagnostic Systems also reported interim results Wednesday, reiterating its full-year outlook for modest revenue growth and pretax profit in line with the previous year.
Shares in Omega Diagnostics were trading up 2.5% at 14.35 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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