Alva-based Omega Diagnostics Group, involved in developing new tests with its partners for COVID-19, said on Tuesday its reported revenues edged 1% higher to £9.82 million in the year ended March 31, 2020.

However, the firm had exceptional charges of £7.73 million and it reported a statutory loss for the year of £6.83 million.

Omega Diagnostics interim non-executive chairman William Rhodes said: “We believe that our outlook for the coming fiscal year is excellent — 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.

“We are meeting this challenge by deploying more of our company’s resources in this area, as well as looking to expand our manufacturing capabilities to handle the tremendous increases in volume that will be needed …

“Perhaps most importantly to us, and hopefully to you, our shareholders, Omega has been well positioned and highly proactive in playing a key role in developing and manufacturing much needed COVID-19 tests for use throughout the world and, more specifically, to also be able to serve the needs of the people of the UK and Scotland …”