Scottish medical diagnostics company Omega has made “significant progress” in streamlining its business and focusing on the areas that can deliver shareholder value, it said today.
The Alva-based company said in a trading update that it expects annual turnover to be £9.74 million.
Scottish life sciences firm's HIV test moves a step closer to being put into use worldwide
The figure is 28 per cent down on last year’s turnover of £13.55 million following the board’s strategic decision to sell its infectious diseases business and discontinue its German-based allergy business.
But the figure is 3% ahead on a like-for-like basis and the board said that it was focusing on key growth areas and the company was now delivering against strategic growth targets.
It said that the Food Intolerance division had returned to revenue growth of seven per cent over the previous year and said it was making good progress in developing opportunities in China and the US, which the board said it anticipates will lead to further growth in the current year.
Omega’s VISITECT® CD4 Advanced Disease test, which is used with HIV patients, is clearing regulatory hurdles including currently undergoing the World Health Organisation Prequalification Programme.
Once this is done it will be available for purchase for aid organisations working in developing countries.
It is currently undergoing an evaluation programme in six states in Nigeria prior to a hoped-for national rollout there.
The company’s said its allergy test range was also making progress and had been officially launched by partner company, Immunodiagnostic Systems in March this year.
Colin King, CEO of Omega said: “We have made significant progress in the last 12 months to streamline our business and to focus on those areas that can deliver the most shareholder value.
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“Our Food Intolerance division has performed well and is positioned for further growth.
“I am also very pleased with the progress that the company has made over the last year in completing the development of our VISITECT® CD4 tests and assuring these tests meet the regulatory requirements in multiple countries.
“This will enable their purchase and use, benefiting the hundreds of thousands of people currently living with HIV, especially those living in resource limited settings.”
