Life sciences firm Omega Diagnostics today said its prospects were “bright” as it forecast a rise in annual sales.
The Alva-based maker of medical testing kits told investors that revenues for the 12 months to the end of March were expected to rise 5 per cent to £12.7 million.
Adjusted pre-tax profits are forecast to be in the range of £1.2m to £1.3m, in line with market expectations but down from £1.37m the previous year.
In today’s trading update, Omega said sales at its food intolerance testing division – its largest business – were up 19 per cent year-on-year, offsetting declines for allergies and infectious diseases.
The company has suffered setbacks with its testing kit that checks the immune systems of HIV patients, and last year moved the manufacturing of its Visitect CD4 device in-house after field trials in Kenya revealed “just below optimal performance”.
Chief executive Andrew Shepherd said today: “It is pleasing to see continued growth in the food intolerance business.
“While there are still challenges ahead, we remain confident that we will continue to see positive progress with the Visitect CD4 test development and together with the growth strategy as outlined we remain optimistic for a bright future for the company.”
The company’s full-year results are due to be announced on 27 June.
Mark Brewer, analyst at house broker FinnCap, said: “While the market would have perhaps wished for a more positive update with respect to CD4, much progress has been made.”