LONDON (ShareCast) - (Sharecast News) - Omega Diagnostics on Wednesday reported that annual revenues dropped following the sale and closure of the company's Omega GmbH and its infectious disease business unit.
The medical diagnostics company recorded a 28% year-on-year drop in revenue to £9.8m for the year ended 31 March, with revenues from its Allergy/Autoimmune and Infectious Disease/Other segments dropping by 70% to £1.0m and by 73% to £0.7m respectively.

Meanwhile, Food Intolerance revenue climbed by 7% to £8.1m and overall like-for-like comparison revenues, which eliminated the contributions from its German Omega GmbH business and the AIM-traded company's infectious disease business unit, showed a 3% improvement.

Omega said it expected to record a loss before tax of £0.3m, down from a loss of £6.9m for the year before.

Colin King, chief executive of Omega, said: "We have made significant progress in the last 12 months to streamline our business and to focus on those areas that can deliver the most shareholder value. Our Food Intolerance division has performed well and is positioned for further growth."

Omega now expects to submit a dossier to the Expert Review Panel for Diagnostics regarding its VISITECT CD4 Advanced Disease test, which received CE marking last month, by the end of April.

The first orders for the product have been received, resulting in shipments of a modest value within the financial year just ended, while a national performance evaluation of the product has started in six states in Nigeria, where commercialisation will be possible upon completion of the evaluation.

"I am also very pleased with the progress that the company has made over the last year in completing the development of our VISITECT CD4 tests and assuring these tests meet the regulatory requirements in multiple countries. This will enable their purchase and use, benefiting the hundreds of thousands of people currently living with HIV, especially those living in resource limited settings," said King.

Omega Diagnostics' shares were down 0.85% at 11.65p at 0945 BST.

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