Alva-based company to focus on further expansion into emerging economies
Allergy testing firm Omega Diagnostics has posted a 41 per cent rise in turnover to £11.1 million for the 2011 financial year.
The Alva-based company, which makes testing kits for allergy, food intolerance and infectious diseases, said pre-tax profits for the year to March 31 were up 36 per cent on last year to £1 million.
Omega said it had broken through the £10 million turnover barrier on a strong year of global sales, and will now focus on expanding further in the BRIC (Brazil, Russia, India, China) economies.
Revenues from its allergy and auto-immune products rose by 191 per cent to £4.48 million against £1.54 million the previous year, lifting gross profits 49 per cent to £7 million.
Its food intolerance division saw revenues rise by 10 per cent on a year earlier to £3.9 million, though sales at its infectious disease division fell by two per cent to £2.7 million.
Omega announced last month a deal with the Burnet Institute in Melbourne, Australia, to develop testing kits for AIDS and syphilis using its point of care technology CD4 which will be officially launched at the 19th International AIDS Conference in Washington DC later this month.
Omega chairman David Evans 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 (point of care) 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.”