StockMarketWire.com - Disease and allergy test kit supplier Omega Diagnostics swung to a full-year profit after it discontinued operations in Germany and India and sold its legacy infectious diseases business.

Pre-tax profit for the year through March amounted to £1.18m, compared to a loss of £6.91m on-year.

Revenue fell 28% to £9.76m, but rose 5% to £8.75m on a like-for-like basis.

Omega was currently marketing CD4 test kits for HIV diagnosis.

'We have made substantial, industry-leading advances in the area of CD4 testing, having achieved commercial launch of the first, and still only, handheld, lateral flow CD4 test and have rapidly progressed the advanced disease test to commercial launch as well,' chairman William Rhodes said.

'We are confident that we will receive the necessary approvals for CD4 but note the existence of material uncertainties with respect to timing of approvals and receipt of significant purchase orders and the resulting impact on short term working capital requirements.'



Story provided by StockMarketWire.com