Omega Diagnostics in India move
Released: Tuesday 11th October 2011
Alva-based medical testing company Omega Diagnostics has set up a subsidiary in India as it looks to tap into the country's major growth potential for allergy products.
Omega said it had created the base as part of its focus on the Bric countries of Brazil, Russia, India and China.
The news came as the firm reported that first-half trading was slightly ahead of management expectations.
Turnover for the six months to 30 September is expected to be £5.53m.
In a trading update, the Clackmannanshire firm said: "India in particular has been one of the largest global markets for the group for many years and as such, having the right channels to market in place ahead of launching allergy tests is key.
"We therefore took the decision to set up a direct presence in India via the recent establishment of a wholly owned subsidiary - Omega Dx (Asia) Pvt Ltd.
"The initial costs of this operation will be minimal and scale-up will only take place to coincide with completion of product registrations."
It added: "Having a direct presence will enable us to retain control over the supply chain of allergy products to end-users but will also act as a resource that can provide distribution to other companies' products that could provide near-term benefits."
In its update, Omega said the expected 68% rise in turnover for the six months to the end of September was due to the acquisition of Germany-based allergy testing business Allergopharma Joachim Ganzer in December 2010.
Allergy and autoimmune revenue is expected to be up by 744% year-on-year to £2.28m, with food intolerance revenue up by 12% to £1.84m.
The update was released in advance of interim results due out on 25 November.