Covid-19 test specialist Omega Diagnostics bullish after annual loss grows

Life sciences firm Omega Diagnostics has widened its full-year loss but said its outlook for the current financial year is “excellent” after expanding in Covid-19 testing.

The business’ role in Covid-19 testing includes being part of the UK Rapid Test Consortium. Picture: contributed.

Aim-quoted Omega has reported an adjusted pre-tax loss of £400,000 in the year to 31 March, up from a loss of £300,000 in the prior 12 months, while core earnings from continuing operations increased to £890,000 from £200,000. Like-for-like revenue of continuing operations increased by 12 per cent to £9.82 million, while the firm also noted previously flagged exceptional charges of £7.7m related to stopping its allergy development activities.

The business’ role in Covid-19 testing includes being part of the UK Rapid Test Consortium to produce an antibody lateral flow self-test.

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Aim-quoted Omega sees major potential in Covid-19 testing. Picture: contributed.

William Rhodes, interim non-executive chairman of Alva-based Omega, said: “We believe that our outlook for the coming fiscal year is excellent – while we have decided to stop development of the allergen product lines… we are rapidly developing new tests, together with our partners, for Covid-19 that will need to be made and sold, ultimately, in the hundreds of thousands of units, if not millions.”

The firm also offers Visitect, which tests the immune systems of HIV patients. Rhodes said: “We see our Visitec product lines once again growing significantly as the world balances Covid-19 with the need to test patients with other life-threatening, and in some cases chronic, diseases such as HIV.”

He added that Omega has been key in developing and making “much-needed” Covid-19 tests for use globally, and “to also be able to serve the needs of the people of the UK and Scotland”.

Analysts at FinnCap said they expect “strong” growth and a profitable current financial year for Omega.

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