LONDON (Alliance News) - Omega Diagnostics Group PLC Thursday said it remains optimistic for a "bright future" and anticipates results for its recently ended financial year will meet market expectations.
Omega expects to report an adjusted pretax profit in the range of GBP1.2 million and GBP1.3 million for the year that ended in March, compared to GBP1.4 million in the previous year, on revenue of GBP12.7 million, up from GBP12.1 million.
Omega adjusts its pretax profit for acquisition costs, share-based payments and other exceptional costs.
The company said its Food Intolerance business achieved its targeted double-digit revenue growth in the period, up 19% to GBP7.1 million from GBP6.0 million. However, its allergy business in Germany continued decline as it saw a reduction in buying levels, hit by increased competition.
Omega said it had continued to move forward with the development programme for its Visitect CD4 tests.
The company said that it has identified a clear organic strategy growth across all of its segments, following the announcement of a business review last November.
"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," said Chief Executive Andrew Shepherd in a statement.
Shares in Omega were up 9.2% at 16.11 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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