News blog
Omega Diagnostics
- BY: Andrew Hore |
- POSTED: 12/11/2008 |
Omega Diagnostics is growing its turnover but the failure to secure finance for an acquisition will lead to one-off costs.
Pro forma turnover for the seven months to October 2008 has grown 14%. The growth is coming from all parts of the diagnostics company’s business, including its food intolerance tests. This has gone hand in hand with increases in costs so that the company can cope with the growth that it expects.
The strengthening US dollar had a negative effect on the figures.
The failure to raise money for a proposed acquisition is a disappointment. Omega could not raise as much money as it needed. Costs of between £250,000 and £300,000 have been incurred by the company but 70% of these have been covered by third parties, including Omega directors Dr Mike Walker and David Evans. That means that Omega’s net cost will be between £75,000 and £90,000.
The shares fell 3.5p to 19p each, which values Omega at £2.83m.
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