Omega Diagnostics FY revenues surge, sees 'minimal' ongoing Covid income

Medical diagnostics company Omega said on Thursday that full-year revenues were expected to have surged in 2021 but cautioned that ongoing Covid-related income was now anticipated to be minimal.

Omega expects to report a 41% increase in revenues to £12.3m, with its health and nutrition division contributing £8.6m over the twelve months ended 31 March, driven by an 82% increase in Food Print product sales - one of the company's key areas of strategic focus.

The AIM-listed firm stated its global health unit also saw substantial growth in the period, up 97% to £3.8m, as CD4 revenues increased from £100,000 to £1.0m as further progress was made to implement CD4 testing in high HIV prevalence countries and demand from aid agencies and non-governmental organisations continued to grow.

However, Omega warned that while Covid-19 related revenues contributed £2.6m in 2021, ongoing income related to the coronavirus was expected to be minimal.

Omega's net cash balance was £1.5m at the end of the period and, whilst an overdraft facility of £2.0m remains in place and unutilised, the company said it was continuing to actively explore alternative options to generate additional funds.

As of 1105 BST, Omega shares had slumped 10.71% to 5.0p.