Alva-based company predicts "substantial" market potential for its new HIV monitoring test, CD4
Allergy testing firm Omega Diagnostics has reported a 12 per cent drop in first-half profits.
The Alva-based company said the profit drop was largely from exchange rate losses at its German operations as a result of the weak euro against sterling.
Omega said revenues for the six months to September 30 was largely in line with a year ago at £5.5 million though pre-tax profits dropped from £430,000 last year to £380,000.
Profits were also hit by a £100,000 in one-off restructuring charges.
Revenues were bolstered by sales rises in the Americas and other European countries.
Omega announced this week it has been awarded Regional Selective Assistance ("RSA") grants worth up to £150,000 from Scottish Enterprise to scale up its manufacturing facilities in Alva to meet demand for its new CD4 test for monitoring HIV positive patients.
Chairman David Evans said: “The longer terms prospects for the group will be significantly enhanced by the commercialisation of the CD4 test.
“Early indications suggest the market potential is substantial.”