16 April 2012 – trading update

Medical diagnostics company Omega Diagnostics has announced that revenue for the year ended 31 March 2012 is expected to be £11.12m (2011: £7.90m), an increase 41%.  On a like-for-like basis, excluding the contribution from the acquisition of Allergopharma’s in vitro diagnostics business, sales growth was approximately 5%.  The company has said that profit before tax (before acquisition costs, share based payments, IFRS-related discount unwinds and amortisation of intangible assets) is expected to be in line with latest market forecasts.

The company is upbeat about prospects and has said that it is looking forward to opportunities presented by direct access into the Indian market, the launch of a range of allergy tests onto the automated IDS-iSYS platform and new prospects which could transform the performance within the Infectious Disease portfolio.  There is potential for considerable upside over the longer term and we continue to believe that this is a very interesting niche player.  BUY.