26th Oct 2015 09:13
LONDON (Alliance News) - Medical diagnostics company Omega Diagnostics Group PLC Monday said it expects to report a pretax profit for its first half in line with the GBP208,418 in profit it reported in the first half of the previous year.
For the half-year to end-September Omega expects to report revenue of GBP6.2 million, up from the GBP5.7 million it reported the year before. This has been offset, however, with a rise in management costs in line with the company's growth plans, it said.
Omega Diagnostics said that its Visitect CD4 product "continues to dominate the perceived prospects for the group as a whole." In July the company had reported a stability issue with the storage of the CD4 product, a disposable, rapid test designed to test whether people with human immunodeficiency virus (HIV) or acquired immune deficiency syndrome (AIDS) can be moved onto antiretroviral treatment.
Monday the company said it has concentrated on its efforts to resolve this stability issue, and has recently discovered an ambient temperature effect, and identified the step responsible for the temperature effect. It will now focus on completing testing to determine which component from this step causes this effect, and once this is identified and replaced or adjusted, the verification and validation process will re-commence.
"We remain confident of resolving this, although the ultimate timing remains uncertain at this stage and we will provide further updates as soon as we can," Omega said in a statement.
Shares in Omega were up 1.5% at 13.95 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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