Omega Diagnostics in £2m loss; hires finance chief

Shares of Alva-based Omega Diagnostics Group fell about 5% on Tuesday after it announced its revenue fell 11% to £8.73 million in the year to March 31, 2021, and it made a statutory loss of £2.10 million.

Adjusted loss before tax was £3.15 million.

Omega chairman Simon Douglas said Covid-19 antigen testing still remains a significant opportunity for the firm although it is “very much dependent on the UK Government’s decisions as to test selection and timing.”

Omega also said group finance director Kieron Harbinson will step down after 19 years of service, and will be succeeded by former IndigoVision CFO Chris Lea.

Omega Diagnostics chairman Simon Douglas said:While conditions in the UK and in many parts of the world have improved significantly over the past few months, there remains considerable uncertainty around the world as countries ease or increase restrictions to manage the global Covid-19 pandemic. 

“Challenges remain for much of our international customer base but the board believes the company has the expertise to meet these challenges and capitalise on opportunities as we have done over the past year.

“CD4 is a unique product and gaining traction in countries where HIV remains a serious challenge.  

“We intend to build on this in the short term through further country registrations and international distribution. 

“In addition our strategy and focus to deliver high value instrument-free diagnostic products will be enhanced over the next 36 months through the introduction of a further range of lateral flow tests for diseases often associated with Advanced HIV and a damaged immune system.

“The recovery of the Health and Nutrition business should continue with growth in China and the USA anticipated over the next two years as their economies open up. 

“Covid-19 antigen testing still remains a significant opportunity for us, although very much dependent on the UK Government’s decisions as to test selection and timing.”

Omega CEO Colin King said: “I would like to personally thank Kieron for all the support and guidance he has provided me since I joined the company, he has been a great servant to Omega and I wish him all the best in whatever he decides to do in the future. 

“I would also like to welcome Chris Lea to Omega next month and look forward to working with him on the next phase of Omega’s exciting future”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.