Omega Diagnostics, the Alva-based medical testing kit developer, said it had made “significant progress” restructuring its business as it flagged full-year results in line with market hopes.
In a trading update, the group noted that revenues for the year to the end of March 2019 would be around £9.74 million.
While that would mark a 28 per cent decline on the year before, Omega has significantly streamlined its operations having divested its infectious disease business and discontinued its German allergy division.
Like-for-like sales are up by 3 per cent while revenues at the group’s core food intolerance business are expected to have risen 7 per cent to £8.05m.
The firm said it was set to post an adjusted loss before tax – before share-based payments and amortisation of intangible assets – of about £300,000 for the year.
Omega, whose business is focused on allergies, food intolerance and infectious diseases, told investors: “The board’s decisions since the strategic review announced last year have enabled the company to focus on its key growth areas and to achieve delivery targets against development timelines.
“The board also continues to explore opportunities for realising value for shareholders in line with the company’s strategic review objectives.
“The food intolerance division has returned to revenue growth of 7 per cent over the prior year and has made good progress with partners in developing the opportunities for this division in China and the United States, which the board anticipates will lead to further growth in the current financial year.”
It added: “There are now two CE-marked versions of the company’s Visitect CD4 test and the board is confident that it can bring the advanced disease version of this unique test through the ERPD regulatory channel in the current financial year for the benefit of many people living with HIV.”
The group’s chief executive, Colin King, said: “We have made significant progress in the last 12 months to streamline our business and to focus on those areas that can deliver the most shareholder value.”