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Omega Diagnostics
- BY: Andrew Hore |
- POSTED: 10/07/2011 |
Omega Diagnostics grew its profit for the year to March 2011 but the real return on investment will not show through until 2012-13.
Omega produces diagnostic tests for food intolerances and infectious diseases. Revenues grew 27% to £7.9m. That includes an initial contribution of £955,000 from the allergy diagnostics division of Allergopharma acquired for £4.9m last year. Like-for-like growth was 12%. There was particularly strong growth in Europe, helped by the acquisition, and in Brazil.
Underlying pre-tax profit rose 25% to £736,000. The majority of the profit growth came from the food intolerance side of the business.
Net cash was £447,000 at the end of March 2011. That does not include the remaining £550,000 due to be paid to Immunodiagnostic Systems Holdings for the right to use its IDS-iSYS automated instrument technology platform. Most of that cash will be paid out in this financial year. Omega has already paid £400,000 of the licence payment.
House broker Cenkos forecasts a profit of £1.8m in 2011-12, rising to £5.2m in 2012-13 as the recent acquisition and the investment in automated instrument really starts to pay off.
At 16p a share, Omega is valued at £13.6m. The shares are trading on 11 times 2011-12 prospective earnings, falling to less than four the following year.
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