27th Jun 2016 10:57
LONDON (Alliance News) - Omega Diagnostics Group PLC on Monday reported a slight decline in pretax profit in its recently ended financial year, and said it has a robust order book going forward.
The medical diagnostics company reported a pretax profit of GBP661,832 for the year to end-March, compared to GBP684,258 the year before, as a rise in revenue to GBP12.7 million from GBP12.1 million was offset by higher administrative costs.
Omega attributed its revenue growth to a strong performance from its food intolerance division, which offset a decline in its allergy and autoimmune division.
The company has focused during the year on resolving an issue with its Visitect CD4 testing product, caused by the so called 'ambient temperature effect'. It is currently undertaking "exhaustive" testing with patient samples. It said still believes that there is a substantial market for this product when launched.
"We have a solid and profitable core business. We have also identified a number of organic growth opportunities for all our business segments which we believe could significantly enhance shareholder value. We are evaluating all these opportunities, including those which could be delivered from existing resources, to ensure we are on the right side of under-promising and over-delivering," said Chairman David Evans in a statement.
Shares in Omega were up 2.4% at 15.88 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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