Life sciences firm Omega eyes jump in annual revenues

Medical testing kits maker Omega Diagnostics today said it was on track to deliver a 12 per cent rise in full-year revenues.

Omega is due to announce its annual results by the middle of July. Picture: Contributed

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.

• READ MORE: Green light for Omega Diagnostics’ Indian operation

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.

200 Voices: find out more about the people who have shaped Scotland

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.

• READ MORE: Positive moves provide shot in arm for life sciences

“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.

Click here to ‘Like’ The Scotsman Business on Facebook