StockMarketWire.com - Disease test kit supplier Omega Diagnostics swung to a full-year loss on the back of a writedown of a discontinued allergy operation.

Pre-tax losses for the year through March amounted to £6.8m, compared to a profit of £1.0m on-year, as revenue edged up 1% to £9.82m.

The company did not declare a dividend.

Losses for the year included a £7.7m write-off reflecting a recent decision to stop development of an allergy product range.

Like-for-like revenue from continuing operations rose 12%, while operating profit from continuing operations rose to £0.89m, up from £0.20m.

'We believe that our outlook for the coming fiscal year is excellent,' chairman William Rhodes said.

'While we have decided to stop development of the allergen product lines, and the food intolerance revenues are slowed by Covid-19, we are rapidly developing new tests, together with our partners, for Covid-19 that will need to be made and sold, ultimately, in the hundreds of thousands of units, if not millions.'

Rhodes said the company also say its Visitect HIV testing products growing significantly as the world balances Covid-19 with the need to test patients with other life threatening, and in some cases chronic, diseases such as HIV.




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