News blog
Omega Diagnostics
- BY: Andrew Hore |
- POSTED: 12/04/2011 |
Omega Diagnostics says that its revenues will rise 27% to £7.9m in the year to March 2011.
Omega produces diagnostic tests for food intolerances and infectious diseases. The allergy testing business bought in December contributed £950,000. Like-for-like revenue growth was 12%. The greatest growth came from food intolerance tests.
Pre-tax profit will be in line with house broker Cenkos’ forecast of £700,000. Cenkos forecasts a jump in profit to £1.8m in the year to March 2012.
Longer-term profit will be dependent on selling allergy-based products on the automated IDS-iSYS closed system instrument. These tests are still being developed. Once the instruments are in place in clinical laboratories there will be recurring revenues from tests. These will be higher margin revenues and profit should rise sharply.
At 15p a share, Omega is valued at £12.8m. The shares are trading on 10 times forecast earnings for 2011-12.
Omega will publish its full year results on 4 July.
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