OMEGA DIAGNOSTICS GROUP PLC – Final Results

OMEGA DIAGNOSTICS GROUP PLC – Final Results

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2009
 
Omega, the AIM listed medical diagnostics company, announces results for the year ended 31 March 2009, a year in which the Group recorded like-for-like growth in turnover of 20%, in line with the external market expectation.

Omega is one of the UK’s leading companies in the fast growing area of food intolerance and operates in niche markets in supplying tests for specific infectious diseases and autoimmune diseases.  Omega has a strong distribution network in over 100 countries.

Financial Highlights:

  • Maiden full year contribution from Genesis and Cambridge Nutritional Sciences (2008 comparatives only include 7 months)
  • Turnover up 56% to £5.4m (2008: £3.5m) and up 20% on a like-for-like basis
  • Gross profit up 76% to £3.3m (2008: £1.9m)
  • Adjusted profit before tax risen sharply to £0.53m (2008: £0.08m)
  • IFRS profit before tax more than doubled to £0.27m (2008: £0.12m)
  • EPS 2.0p before exceptional items (2008: 2.4p) and 1.4p after exceptional items (2008: 2.4p)
  • Net cash at the period end of £0.6m

Operations highlights:

  • Roll-out of new Genarrayt™ colourimetric microarray for evaluation into 10 new territories
  • Investment in new state-of-the-art microarray printing technology
  • Launch of Food Detective™ macroarray test into 18 new countries
  • Sales growth in most regions around the world

Regarding outlook, David Evans, Chairman, said:
“Trading in the first three months of the year is in line with current management expectation.  As we move forward throughout the year we anticipate additional growth being generated through a combination of organic and acquisitive growth, a number of high quality value enhancing opportunities are currently being evaluated.”

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