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Omega's previous targets have boosted profit

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Omega looking for targets

By Paul Driscoll on July 08 2008

Omega Diagnostics Plc has announced that it is again looking at potential targets after the company’s acquisitions late last year turned its fortunes around.

The company, a supplier of medical diagnostic kits, reported a pre-tax profit of £124,000 in the last financial year, compared to a £1.14 million loss the previous 12 months.

Following the £5.7 million acquisition of Genises Diagnostics and Cambridge Nutricianal Sciences last August, turnover rose 72 per cent to £3.49 million. On the basis of the first quarter’s results, Omega’s turnover is forecast to be some £5.5 million for the current financial year.

Omega joined AIM through a reverse takeover of Quintessentially English in 2006. Its strategy is to buy companies with strong products but poor sales and utilising its own distribution network. Post-purchase a company’s products will have access to Omega’s distribution network of more than 100 countries.

Chief executive Andrew Shepherd said there were enough technologically-driven companies with good products but a lack of sales and marketing, making them good targets.

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