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.