OMEGA DIAGNOSTICS GROUP PLC FINAL RESULTS

Omega, the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces final results for the year ended 31 March 2012.

Omega is one of the UK’s leading companies in the fast growing area of food intolerance and also operates in markets supplying tests for allergies and autoimmune diseases and specific infectious diseases through a strong distribution network in over 100 countries, a direct presence in Germany and India, and with a growing network of global partnerships.
 
Financial Highlights:

• Turnover up 41% to £11.1m (2011: £7.9m)
• Allergy and autoimmune revenue up 191% to £4.48m (2011: £1.54m)
• Food Intolerance revenue up 10% to £3.90m (2011: £3.56m)
• Infectious disease/other revenue down 2% to £2.75m (2011: £2.80m)
• Gross profit up 49% to £7.0m (2011: £4.7m)
• Adjusted profit before tax up 36% to £1.0m (2011: £0.74m)
• Adjusted EPS 1.2p (2011: 1.7p)
• Net cash generated from operations of £0.69m (2011: £0.35m)
• Cash at year end of £1.16m (2011: £2.05m) – reflecting iSYS development expenditure
• Net debt at the period end of £0.1m (2011: net cash of £0.45m) 

Operational highlights:

• iSYS development programme; first batch of six allergens moving through optimisation with a further 18 allergens having commenced optimisation.
• Increase in average revenue per Genarrayt®system (excluding Spain) by 25% to £10,783.
• Strengthening of the Board with key appointment of Jag Grewal as Sales and Marketing Director.
• Direct access to Indian market achieved with incorporation of fully owned subsidiary Omega Dx (Asia) Pvt Ltd.
• Signing of license agreements with the Burnet Institute, Melbourne (“the Burnet”) for worldwide rights to Point-of-Care (“POC”) tests for CD4 and Syphilis with post year end production of first prototype CD4 test passing preliminary evaluation at the Burnet.

Regarding outlook, David Evans, Chairman, said: “As the Group looks to build on its progress to date, it is clear that to achieve significant year-on-year growth we either need to increase the level of automation for customers or to provide POC tests to provide solutions for unmet needs in developing markets. From a market perspective, a focus on the growing BRIC countries is expected to yield above average results. In particular, I believe the opportunity with CD4, which will commercially launch in July, offers the Group an ability to create significant strategic value based on the responses we have had to date from major global organisations.”