Omega Diagnostics, a medical testing company, has reported greater interim losses despite an increase in revenues.
The company pointed out “substantial growth possibilities” in areas such as food sensitivity, HIV testing, and antigen and antibody testing.
The six-month period ending September saw an 81% increase in revenue year-on-year to £5.73million. Global health revenue increased by 170 per cent, while sales of nutrition and health products rose by 62%.
The statutory losses for this period were however only £280,000 less than a year ago. The adjusted underlying loss for the group was £2.45m, as opposed to a deficit of £1.29m.
Chairman Simon Douglas stated: “We are confident in the second-half growth in revenues for health & nutrition, and our CD4 [HIV] products. While Covid-19 revenues are still extremely difficult to predict, they will be more dependent on commercial partnerships than UK government supply opportunities. They are also affected by the timing and impact of pending regulatory approvals.
“Overall, we expect an improvement in sales performance across the group during the full year and to reduce losses in the second half.”
He said, “We will continue to focus on improving operational efficiency and sensibly controlling our costs.”
Half-year reports also revealed that the cash balance for the diagnostics company, which is used in 75 countries’ hospitals, clinics, and laboratories, was approximately £4.7 million.
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