News blog
Omega Diagnostics
- BY: Andrew Hore |
- POSTED: 10/10/2011 |
Omega Diagnostics says that its turnover will improve from £3.3m to £5.53m in the six months to September 2011.
Omega produces diagnostic tests for food intolerances and infectious diseases. The main growth comes from the allergy and autoimmune operations where revenues are 744% higher at £2.28m. That is partly down to the full six month contribution from the allergy diagnostics division of Allergopharma acquired for £4.9m last December. Food intolerance revenues rose 12% to £1.84m, while infectious disease revenues were flat at £1.41m.
An Indian distribution operation has been launched.
Trading is slightly ahead of expectations and the second half outcome will be dependent on the roll out of Allergozyme products. These products were officially launched at the end of September. House broker Cenkos forecasts a rise in full year profit from £700,000 to £1.8m.
At 14.12p a share, Omega is valued at £12m. The shares are trading on less than ten times 2011-12 prospective earnings.
The interim figures will be published on 25 November.
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