Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIDH.L Share News (IDH)

  • There is currently no data for IDH

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Omega Diagnostic Profit Up, Optimistic As It Ramps Up Visitect CD4 Commercialisation

Mon, 23rd Jun 2014 09:58

LONDON (Alliance News) - Omega Diagnostics Group PLC Monday posted a rise in pretax profit for the year to end-March, boosted by strong growth in its food intolerance products, as it prepares for commercialisation of its Visitect CD4 tests for infectious diseases.

The medical diagnostics company posted a pretax profit of GBP543,041, up from GBP276,224 in the previous year, as revenue rose to GBP11.6 million from GBP11.3 million.

Revenue growth was driven by a strong performance from the company's food intolerance division, boosted by 35% sales growth for its Food Detective products and 15% sales growth for its Genarrayt reagent products.

The company has continued to develop its programme to launch allergy tests on Immunodiagnostic Systems Holdings PLC's IDS-iSYS automated analyser, although it noted that it has taken "longer to reach a marketable product than first anticipated."

During the year Omega Diagnostics established a UK facility for the production of Visitect CD4, and will shortly begin an interior build of a manufacturing base in Pune, India.

The company said its trading in the new financial year to-date is in line with expectations, with growth in food intolerance offsetting a decline in Allergy and Infectious Disease testing.

Omega expressed confidence for the new financial year as its Visitect CD4 test moves closer to commercialisation. The company said that the sales potential for the product is high, however, there are some hurdles to overcome including individual country evaluations and approvals.

"Our future landscape is brightened, as well as dominated, by the prospects for our Visitect CD4 test, which is now well into its field trials," said Chairman David Evans in a statement.

Whilst the company is confident for the prospects of the product, it remains cautious, noting that as the product's success will be primarily based on global tenders, it will be affected by the availability of funds and the needs of governments.

As a result of this uncertainty, the company said it had erred on the side of caution in terms of revenues and building its overhead base ahead of the products launch.

Shares in Omega Diagnostics were trading down 16%% at 23.82 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

More News
23 Oct 2020 17:37

IN BRIEF: Immunodiagnostic Systems Interim Revenue Falls By 21%

IN BRIEF: Immunodiagnostic Systems Interim Revenue Falls By 21%

Read more
9 Oct 2020 14:34

IN BRIEF: Immunodiagnostic Systems Launches Covid Assay Test For Sale

IN BRIEF: Immunodiagnostic Systems Launches Covid Assay Test For Sale

Read more
9 Oct 2020 13:20

Immunodiagnostic Systems starts selling automated Covid-19 antibody test

(Sharecast News) - Immunodiagnostic Systems announced on Friday that its fully-automated SARS-CoV-2 IgM antibody test for Covid-19 was now available for sale.

Read more
16 Sep 2020 22:14

UK TRADING UPDATE SUMMARY: Games Workshop Notes AGM Revolt Over Chair

UK TRADING UPDATE SUMMARY: Games Workshop Notes AGM Revolt Over Chair

Read more
16 Sep 2020 14:28

Immunodiagnostic Systems launches four new assays

(Sharecast News) - Laboratory diagnostics specialist Immunodiagnostic Systems announced the launch of four new 'i-Tracker' assays designed to run on its automated 'IDS-iSYS' analyser on Wednesday.

Read more
27 Aug 2020 15:01

UK TRADING UPDATE SUMMARY: BATM Gets First Tier One NFVTime Customer

UK TRADING UPDATE SUMMARY: BATM Gets First Tier One NFVTime Customer

Read more
13 Aug 2020 14:29

UK TRADING UPDATE SUMMARY: Topps Tiles Sales Up As Lockdowns Ease

UK TRADING UPDATE SUMMARY: Topps Tiles Sales Up As Lockdowns Ease

Read more
4 Aug 2020 21:58

IN BRIEF: Immunodiagnostic Systems Launches Automated Cortisol Test

IN BRIEF: Immunodiagnostic Systems Launches Automated Cortisol Test

Read more
23 Jul 2020 18:02

UK TRADING UPDATE SUMMARY: Gear4music Strikes Right Note As Sales Jump

UK TRADING UPDATE SUMMARY: Gear4music Strikes Right Note As Sales Jump

Read more
30 Jun 2020 21:33

IN BRIEF: Immunodiagnostic Launches Virus Antibody Test

IN BRIEF: Immunodiagnostic Launches Virus Antibody Test

Read more
30 Jun 2020 16:22

Immunodiagnostic Systems starts sale of Covid antibody test

(Sharecast News) - Laboratory diagnostic services provider Immunodiagnostic Systems announced on Tuesday that its "fully automated" SARS-CoV-2 (Covid-19) IgG antibody test was available for sale.

Read more
17 Jun 2020 12:08

Revenue and earnings rise at Immunodiagnostic Systems

(Sharecast News) - In-vitro diagnostics provider Immunodiagnostic Systems met its target of maintaining like-for-like revenue in its final results on Wednesday, with group revenue rising by 2% on a like-for-like basis to £39.3m, making for its second consecutive year of revenue growth.

Read more
17 Jun 2020 12:05

Immunodiagnostic Annual Profit Soars But Warns Of Hit From Less Work

Immunodiagnostic Annual Profit Soars But Warns Of Hit From Less Work

Read more
12 Jun 2020 11:42

Immunodiagnostic Shares Soar As Covid Testing Product Gets CE Marking

Immunodiagnostic Shares Soar As Covid Testing Product Gets CE Marking

Read more
12 Jun 2020 10:55

UK WINNERS & LOSERS SUMMARY: Immunodiagnostic Virus Test Now For Sale

UK WINNERS & LOSERS SUMMARY: Immunodiagnostic Virus Test Now For Sale

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.