Alva’s Omega Diagnostics sees underlying sales grow
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.
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Scotland is home to a large and vibrant medtech industry encompassing more than 250 companies, and with over 9,000 people employed within this sector. Read more about this, here.