Omega says turnover on track

Omega Diagnostics, the life sciences firm, has flagged a steady rise in turnover and profits in line with expectations.

The group, which is based in Alva, Clackmannanshire, and specialises in tests for allergies, infectious diseases and food intolerance, said first-half turnover was expected to come in at £4.46 million, marking a 5 per cent increase over the previous year, from continuing operations.

In a trading update for the six months to the end of September, Omega noted that there was expected to be a “minimal” currency impact on revenues while earnings before interest, tax, depreciation and amortisation and adjusted profit before tax were in line with management’s expectations.

Two customer orders at its food intolerance division, amounting to £200,000, were ready to be shipped prior to 30 September but were not collected until the first week of October. As a result, this revenue has not been included in the first-half results.

Chief executive Colin King said the group was also making progress with the roll-out of its key Visitect CD4 test.

“We have had a number of meetings with key stakeholders and NGOS over the past few weeks to progress the implementation of this important test and I look forward to providing further updates by the time we announce our interim results,” he added.

The firm is due to release its interim results on 2 December.

Last month, Omega said it was injecting £1.7m into the business after it warned of uncertainty over the timing of approvals and orders for its flagship testing kits.

Releasing its delayed results for the year to the end of March, the firm said like-forlike revenues from continuing operations increased by 5 per cent to just under £8.8m.

Analysts at Finncap said they were making no change to their forecasts.