Gulf starts at Sheikh Adi-2 25/05/2012
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Omega in good health
Diagnostic kits supplier Omega (ODX) has reported a solid set of interim results, buoyed by good growth in all the continental regions it serves.
Omega is carving itself a useful niche in the fast growing area of food intolerance testing, as well as the allergy testing market. Selling into over 100 countries, the big push over the coming months will be in the BRIC countries - with a particular emphasis on India, where it has shifted its business model from being a distributor to going direct. The market is estimated at $300 million, so Omega is busy taking on staff and seeking third party products to sell.
In the six months to September, the acquisition of the Germany based IVD allergy business Allergopharma helped boost sales 67 per cent to £5.5 million as adjusted pre-tax profits edged ahead 6 per cent to £427,000. The IVD operation chipped in £2 million of sales, but underlying organic growth was a respectable 6.5 per cent.
Omega is making good progress on its collaboration with Immunodiagnostic Systems (IDS) as it targets sales of a new machine and consumables, which should be a solid profit contributor in future years. It has completed a feasibility study on eight of 600 allergens in its stable (including mites, animals food and trees) which has now moved on to an assay optimisation phase. Omega estimates that 50-100 allergens should cover 80 per cent of the market.
Speaking to Growth Company Investor, chief executive Andrew Shepherd said 'current trading is good, though we are historically second-half weighted.' Recently appointed broker Seymour Pierce predicts 2012 pre-tax profits of £1 million and EPS of 1p.
AIM listed Omega is investing for the future, so the real surge in numbers will show next year and beyond. We recommended the shares in July at 14.375p, at the current price of 14p there is no reason to change our view. Buy.
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