Life sciences firm Omega eyes jump in annual revenues

Omega is due to announce its annual results by the middle of July. Picture: Contributed
Omega is due to announce its annual results by the middle of July. Picture: Contributed
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Medical testing kits maker Omega Diagnostics today said it was on track to deliver a 12 per cent rise in full-year revenues.

The Alva-based life sciences firm, which focuses on allergies, food intolerances and infectious diseases, told investors that revenues for the 12 months to the end of March would come in at £14.3 million, up from £12.7m a year earlier. It also forecast an adjusted pre-tax profit of £1.1m.

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Omega, led by founder and chief executive Andrew Shepherd, said its sales had benefited from the weakness of sterling against the US dollar and euro, following a slide in the value of the currency in the wake of the Brexit vote.

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It also hailed a “milestone” in the development of its Visitect CD4 test for checking the immune systems of HIV patients after successful trials at three UK hospitals.

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“We remain confident in completing the verification and validation programme to deliver a unique product which we believe will meet a large unmet medical need for people living with HIV infections in resource-limited countries,” Omega said, adding that its food intolerance division was growing at a “healthy rate” while its allergy business in Germany had managed to reverse a recent decline in turnover.

The firm is due to announce its annual results by the middle of July.

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