Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015
Fighting global
health challenges
through innovation Front cover: Uzma Bari, Development Scientist.
Find up-to-date information at  
www.omegadiagnostics.com
Omega Diagnostics Group PLC
Omega Diagnostics Group PLC
@OmegaDiagnostic Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 01
Overview
01 Operational and Financial Highlights
02 At a Glance
05 Our Strategy and Key Performance Indicators
06 Chairman’s Statement
Strategic Report
08 Our Business Model
10 Our Core Markets
12 Chief Executive’s Review
14 Our Business Model in Action
16 Risks and Risk Management
18 Financial Review
Governance
20 Board of Directors
22 Senior Management Team
23 Corporate Governance Report
25 Advisers
26 Directors’ Report
27  Directors’ Remuneration Report
29  Statement of Directors’ Responsibilities
Financial Statements
30 Independent Auditor’s Report
31  Consolidated Statement of Comprehensive Income
31 Adjusted Profit Before Taxation
32 Consolidated Balance Sheet
33  Consolidated Statement of Changes in Equity
34 Consolidated Cash Flow Statement
35 Company Balance Sheet
36 Company Statement of Changes in Equity
37 Company Cash Flow Statement
38 Notes to the Financial Statements
59 Notice of Annual General Meeting
60 Notes to the Notice of Annual General Meeting
Contents
   V i si t e c t
®
 CD4 test manufacturing process 
fully in-house following further recruitment 
to the scientific team.
   Engagement with experts in lateral 
flow diagnostics and completion of 
investigation phase for Visitect
®
 CD4.
   V i si t e c t
®
 CD4 final product stability being 
evaluated prior to further field evaluation.
   Continuing progress with allergy development 
programme with 32 allergens now optimised.
   Finished kits for 27 allergens available on the 
shelf and external site evaluations started.
   Appointment of Colin King as 
Chief Operating Officer from 3 August 2015.
   Manufacturing facility in Pune, 
India, progressing with fit-out 
substantially completed.
Operational Highlights
At a Glance
Page 2
Our Business Model
Page 8
Sales (£m)
£12.1m
2013 2014 2015
11.3
11.6
12.1
 4%
Adjusted profit before tax (£m)
£1.4m
0.8
1.1
1.4
2013 2014 2015
 25%
Gross profit (£m)
£7.7m
2013 2014 2015
7.1
7.4
7.7
 4%
Gross profit (%)
63.4%
2013 2014 2015
 0.2%
62.6
63.6 63.4
Financial Highlights
Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 02
At a Glance
A leading company in the fast growing 
area of immunoassay, with a global 
presence in over 100 countries
The Group provides a range of tests 
and instrumentation associated with 
food intolerance and gut health. Based 
on quantifying total IgG reactions to 
over 220 different foods, these tests 
are designed to support both health 
practitioners and individuals who 
wish to make informed decisions 
when managing their health.
The Group specialises in a range of diagnostic 
kits for infectious diseases, in particular 
syphilis, febrile antigens and dengue fever. 
Enzyme immunoassays are available for a 
variety of viral, bacterial and fungal infections, 
complemented by a diverse selection of 
agglutination, fluorescence and rapid tests.
Our focus
Infectious Diseases Food Intolerance Allergy and Autoimmune
Our range of products
Omega Diagnostics Group PLC’s subsidiaries provide high quality IVD (in-vitro diagnostics) 
products for use in hospitals, blood banks, clinics and laboratories in over 100 countries and 
specialise in the areas of allergy and autoimmune, food intolerance and infectious diseases.
600+
Over 600 specific IgE 
allergens available.
220+
IgG reactions to over 
220 different foods.
26m
26 million people living with HIV 
in remote settings need improved 
access to CD4 testing.
Revenue share
£3.6m
Allergy and Autoimmune
Main products:
 − Allergozyme
 − Allergodip
 − Genesis Elisa
Revenue share
£6m
Food Intolerance
Main products:
 − Genarrayt
®
/Foodprint
®
 − Food Detective
®
 − CNS laboratory service
Revenue share
£2.5m
Infectious Diseases
Main products:
 − Immutrep Syphilis
 − Micropath Bacterial tests
 − Dengue Elisa
30% 50% 20%
The Group develops, manufactures and sells 
allergy tests for over 600 allergens. It has more 
than 20 years’ experience in the development 
of products for the diagnosis of allergies and 
a substantial understanding and knowledge 
in the production and standardisation of 
allergen extracts. The autoimmune panel 
is a range of enzyme immunoassay (EIA) 
tests for the detection and quantification 
of multiple autoimmune diseases. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 03
  Countries where our products are distributed
 Countries where we have a direct presence
Where we operate
A global reach allows the Group 
to benefit from fast growing 
economies in emerging markets 
while simultaneously mitigating 
challenging economic and 
political instability in certain 
regions of the world.
Our Core Markets
Page 10
Chief Executive’s Review
Page 12
Our progress
Progress being made to deliver
the full value of Visitect
®
 CD4
By increasing the number of local sites available to us for testing 
and performing a number of internal investigations, we have identified 
and corrected the root cause issues that have previously led to 
test variability. The next steps are to complete the verification 
and validation of the in-house manufacturing processes.
Read more on page 14
Double-digit growth in Food 
Intolerance sales
The Food Intolerance division has again outperformed expections 
with increased sales of Food Detective
®
 kits and Genarrayt
®
/Foodprint
®
 
reagents as well as our CNS laboratory service increasing test numbers. 
A further 18 Genarrayt
®
/Foodprint
®
 instruments have been placed 
during the year, taking total installations to 150 across 38 countries.
Read more on pages 12 and 13
Strong financial performance
Adjusted profit before tax for the year has increased by 25% on the 
prior year, helped by increased sales and ongoing close management 
of overheads. This result was achieved despite reported turnover 
being approximately £0.4 million lower than it would have been 
if euro and dollar-denominated turnover had been translated 
at prior year exchange rates.
Read more on page 18
Continuing progress on the IDS/Allersys
®
automated analyser
Progress with the allergy development programme has focused on 
validation and scale up of the manufacturing process. Commercial 
scale quantities of 27 allergens have been produced and all have 
passed internal quality control procedures. Beta evaluations across 
two European sites in Italy and Spain are now underway.
Read more on page 15
 Kayleigh Bruce, Quality Control Supervisor.
Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 04
About us
We’re committed 
to addressing global 
health challenges
Our mission is to improve human health and 
well-being through innovative diagnostic products 
and global partnerships.
Omega is one of the UK’s leading companies in the fast growing area of food intolerance testing 
and also operates in markets supplying tests for allergies and autoimmune diseases and specific 
infectious diseases through a strong distribution network in over 100 countries.
 Left: Rory Ironside, Development Scientist.
 Right: Chris McMurran, Rapid Test Systems Manager.
At a Glance continued Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 05
Our Strategy and Key Performance Indicators
A clear strategy 
to further the 
Group’s progress
The core business remains in good shape as evidenced by the increase 
in adjusted profit before tax and Food Intolerance sales.
Food Detective
®
 sales (£m)
£2.1m
2013 2014 2015
1.3
1.7
2.1
 23%
Food Intolerance –  
Genarrayt
®
/Foodprint
®
 (£m)
£2.5m
2013 2014 2015
1.8
2.1
2.5
 19%
Sales (£m)
£12.1m
2013 2014 2015
11.3
11.6
12.1
 4%
Gross profit (%)
63.4%
2013 2014 2015
62.6
63.6 63.4
 0.2%
Adjusted profit before tax (£m)
£1.4m
2013 2014 2015
0.8
1.1
1.4
 25%
A clear strategy to leverage the Group’s 
business model through focusing on its strengths 
and differentiating with its use of innovative 
technologies and global partners.
   To maintain leadership in Food Intolerance testing 
and expand to provide a wider portfolio of related 
health and well-being tests.
   To become a leader in Allergy IVD testing through 
automation and mid-tier market targeting.
   Identifying Global Health opportunities and 
commercialising novel POC diagnostics tests for 
resource-poor areas with high unmet clinical needs. 
   Collaborating with NGO networks to gain mass 
distribution of products.
Overview Chairman’s Statement
I am confident that we now have 
the right team to deliver the inherent 
value that exists within our two main 
strategic opportunities
The Group remains in a
strong cash position with
cash reserves of £2.0 million.”
David Evans Non-executive Chairman
In summary
 – Confirmation that Visitect
®
 CD4 
completed its investigation phase 
but technical challenges remain.
 – External evaluations underway to support 
CE marking of the Allersys
®
 reagents.
 – Adjusted profit before tax 
increased by 25% to £1.4 million.
 – Appointment of Colin King 
as Chief Operating Officer. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 07
Strategy
Point-of-care (POC) testing
The Group’s strategy remains undiminished in wanting to become a 
market leader in the provision of POC testing for infectious diseases in 
large parts of the world where resources remain constrained and where 
there are substantial unmet needs. Our strategic priority for the year 
was to establish that our Visitect
®
 CD4 test was capable of achieving 
acceptable performance in a field setting.
Following a three-batch validation in February 2014, the Visitect
®
 CD4 
test underwent pilot studies in India and Kenya in the first half of the 
year. The results from the Indian study showed acceptable performance 
whereas the results from Kenya were sub-optimal, as compared to our 
design goals. In order to determine the cause behind the Kenyan results, 
further batches were made which, when tested on samples in the UK, 
demonstrated unacceptable levels of batch-to-batch variability.
We decided that we needed to make a number of changes to the 
programme to determine the root cause of variability. Firstly, we brought the 
previously outsourced manufacturing process in-house. Secondly, we 
engaged with experts in lateral flow device development and manufacture 
who were able to investigate the issues with co-inventors from the 
Burnet Institute. Thirdly, we shifted internal management responsibility 
to our Development team from Operations. Finally, we agreed access 
to a local hospital with a much higher throughput of patient samples. 
During the second half of the year, we sought to manufacture the test 
using the benchtop methods exactly as developed by the Burnet Institute 
and, in the process, we have been able to deconstruct and reconstruct 
the test and to characterise fully all the key components. We have been 
able to make thousands of devices, tested on hundreds of samples, which 
has resulted in the recent achievement of confirming that we now have 
a process of making test devices which is capable of meeting certain 
design goals. We have now moved into a period of verification and validation 
and we are concentrating our efforts on overcoming a stability issue 
that has become evident that manifests after a period of five weeks of 
storage at room temperature. This requires further investigation as to 
root cause, which is being undertaken now. Verification and validation is 
a necessary process undertaken to establish finished product performance 
and we will not put product back into field evaluation until we have 
addressed this issue and the product meets the needs of the target 
market. Once resolved, we will restart the earlier field trials.
Allergy automation
Our strategic aim in Allergy remains unaltered: to launch a panel of 40 
allergens on the automated IDS/Allersys
®
 system followed by a programme 
of menu extensions to achieve a number two market position. During 
the year, we transferred the optimisation work from our external contractor 
to a newly recruited in-house scientific team. Our external contractor 
remains a key contributor and retains responsibility for the claim support 
work. In total, we have six IDS/Allersys
®
 instruments across two sites 
supporting the work programmes.
Following a successful pilot study in June 2014, comparing the performance 
of eight Allersys
®
 allergens with the predicate device, ThermoFisher’s 
ImmunoCAP
®
 system, the results were presented in June this year at 
the European Academy of Allergy and Clinical Immunology (EAACI) annual 
meeting in Barcelona which has generated a lot of follow-on interest.
We now have a fully validated in-house manufacturing system with 
finished kits for 27 allergens available on the shelf. All these kits have 
recently begun external evaluations at sites in Spain and Italy and will 
provide performance data for the technical file needed to support CE 
marking the product. Commercialisation discussions continue, both 
with IDS in markets where it has a direct presence, and with IDS’ 
partners, which have developed a complementary range of 
autoimmune tests on the IDS/Allersys
®
 platform.
Financial performance
The Group has seen growth in revenue of 4%, achieving £12.1 million 
for the year (2014: £11.6 million). This is despite the weaker euro 
exchange rate against sterling throughout the year. Revenue would 
have been £0.4 million higher on a constant currency basis. Gross profit 
increased to £7.7 million (2014: £7.4 million) and adjusted profit before 
tax (our preferred measure of profit and as defined on page 31) increased 
by 25% to £1.4 million (2014: £1.1 million). Adjusted earnings per share 
was 1.3 pence (2014: 1.2 pence), the smaller rate of growth reflecting the 
higher average number of shares in issue throughout the current year.
The Group’s cash position remains strong with cash reserves of 
£2.0 million (2014: £3.1 million) at the year end following another year 
of efficient working capital management in the conversion of operating 
profit into operating cash.
Corporate governance
The size and structure of the Board and its committees are kept under 
review to ensure an appropriate level of governance operates throughout 
the year. The Board comprises two Non-executive Directors and three 
Executive Directors, with one more Executive Director joining the Board 
on 3 August 2015 (see below), who meet frequently during the year to 
discuss strategy and to review progress and outcomes against objectives. 
Whilst, as an AIM-quoted company, the Group is not required to comply 
with the full requirements of the UK Corporate Governance Code, we 
believe the Board has a good mix of skills and experience and a culture 
that easily enables the Non-executive members of the Board to challenge 
and advise the Executive team as appropriate.
The Audit Committee and the Remuneration Committee are comprised 
of the two Non-executive Directors and the Board believes the current 
make-up and the number of committees remain appropriate for a group 
of our size.
Board and employees
In transitioning through to our next phase of growth, I am very pleased 
that Colin King has agreed to join the Board as Chief Operating Officer, 
joining us from the Alere Group. Colin’s appointment will take effect 
from 3 August 2015 and a separate announcement with the relevant 
AIM disclosures will be made at that time. I have known Colin for many 
years and he has a wealth of experience in managing change, leading 
teams and delivering to targets. I am sure he will prove to be a valuable 
addition to our team at this exciting phase of our development.
Andrew Shepherd, whilst retaining his overall CEO remit and focus on 
delivering CD4 to the market, has been given responsibility for identifying 
new product opportunities in global health with a focus on achieving 
new product launch targets.
Last but not least, I would like to thank all our employees, who work 
very hard to deliver improving results year after year, and much of our 
progress is down to a team effort across the Group as a whole. 
Outlook
Trading in our core business in the new financial year to date is in line 
with management expectations. We continue to foresee growth 
opportunities in Food Intolerance which will mitigate the ongoing 
pressures of reimbursement for our Allergy business in Germany. 
Since our last update on Visitect
®
 CD4 confirming completion of the 
internal investigation phase, we moved into the process of verification 
and validation. This includes testing the longer-term stability of in-house 
manufactured finished devices, and as such, could not commence until 
the manufacturing process had been selected. We are now concentrating 
our efforts on overcoming the stability issue and we will put the product 
back into field evaluation only once we have addressed this issue.
We have continued to demonstrate that the combination of an increasing 
number of Allersys
®
 reagents on IDS’ automated analyser can achieve 
comparable performance with the market-leading predicate instrument and 
we have recently commenced the first of our external evaluations using 
product manufactured in-house with validated manufacturing methods. 
Our future prospects will be improved considerably by the successful 
outcomes to our two key strategic projects. Whilst we still face technical 
challenges, I am confident that we now have the right team to deliver the 
inherent value that exists within both these strategic opportunities.
David Evans
Non-executive Chairman
6 July 2015
Overview Our aim is to leverage core competencies 
to generate strategic opportunities 
to maximise shareholder value
Omega’s foundation 
of extensive knowledge 
and know-how, R&D 
capability, manufacturing 
and marketing expertise and 
an existing cash-generative 
core business enables the 
Group to commercialise 
innovative diagnostics 
products through 
global partnerships.
Our focus encompasses:
Manufacturer of quality IVD products
Omega has acquired more than 25 years’ experience in the 
development and manufacture of products within three segments: 
Allergy and Autoimmune, Food Intolerance and Infectious Disease, 
with each of its sites possessing ISO 9001 and ISO 13485 accreditation 
and being compliant with directive 98/79/EC on medical devices. 
Omega has a skilled and experienced global marketing team which 
is highly knowledgeable of the Group’s products and the markets 
that they are sold into.
Generating cash from our core business
The Group always aims to manage its working capital efficiently 
and has a track record of conversion of operating profit into 
operating cash.
Investing in our R&D programme
The majority of Omega’s products across all segments have been 
developed over many years through an investment in skilled teams 
of scientists.
People and knowledge
In recent years Omega has significantly expanded the senior management 
team, recruiting a number of key staff with years of experience within 
the medical diagnostics industry. Four additional development scientists 
have been recruited since the year end, further increasing in-house 
resource to accelerate the development projects. Bill Rhodes was also 
appointed in the year as a Non-executive Director and brings a wealth 
of global experience to Omega.
Build on core competencies
1
Our Business Model Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 09
We achieve this through:
Innovation
Omega’s global reputation stems from its beginnings as a manufacturer 
of tests for a range of infectious diseases. This reputation led to the 
opportunity to license the CD4 technology to develop a point-of-care 
(POC) test for an estimated 17 million HIV positive patients who cannot 
currently access testing. We also have access to a POC test for syphilis 
which can differentiate between active and past infections. WHO estimates 
there are 12 million new cases of syphilis each year, with currently no 
POC assays on the market for detecting specific IgG and IgM antibodies.
Licensing
The Group will license in its needs in areas where it does not have 
in-house expertise, with the IDS/Allersys
®
 instrument being an example 
of this. The Group looks to collaborate with world-leading global health 
partners who are well placed to undertake the early research phase 
and who then look to license out those opportunities, the Burnet Institute 
being an example of this.
Partnerships
Partnership with the Burnet Institute in Australia resulted in Omega 
securing an exclusive global licence to a unique, simple, lateral flow POC 
device which confirms whether a patient’s CD4 count is above or below 
a clinical cut off. This has the opportunity to reduce significantly the 
number of patients lost to care as a result of the length of time between 
testing and treatment.
Partnership with Immunodiagnostic Systems Group plc (IDS) enabling 
Omega to develop a range of allergy immunoassays on IDS’s automated 
system. Combined with Omega’s experience in assay development, 
this forms a strong platform for allergy testing.
This is accomplished via:
Global network and distribution capability
Omega has a strong distribution network in over 100 countries and a 
number of the distributors in place have had long-standing relationships 
with Omega and sell a wide range of the Company’s products.
Direct market presence
In Germany and India, where Omega has a direct presence, we have 
sales teams focused on the needs of end user customers.
NGO/Aid agencies
Collaborating with NGO networks to gain mass distribution of products.
Chief Executive’s Review
Page 12
Our Business Model in Action 
Page 14
Accessing strategic opportunities Commercialisation
2 3
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 10
Well positioned to benefit 
from a truly global business
Americas
Market dynamics
 – Weakening economy in Brazil and US dollar currency exchange.
 – Strong growing economy in Mexico.
 – Huge regulatory requirement in the US (FDA).
Performance highlights
 – Growth of 79% of Food Intolerance products in Brazil and Canada.
Market outlook
 – Continued growth in Latin America. Focus on Mexico 
for growth opportunities.
 – Expand on a strong market position for Food Intolerance in Canada.
 – Explore longer-term options for US entry.
North America
South and 
Central America
Key
 Infectious Diseases
 Allergy and Autoimmune
 Food Intolerance
Our strategy is to leverage a truly global business platform and 
continue to grow our core business. Continued growth is planned 
through continued geographic expansion, distribution partner 
optimisation and expanding the menu to broaden our offering. 
Our Core Markets
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
4%
 31%
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
 27%
8%
Our combination
of direct subsidiaries
and a strong distribution
network give Omega
a worldwide presence. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 11
Europe
Market dynamics
 – Continued reimbursement pressure on domestic 
business in Germany.
 – Weaker euro versus sterling.
 – Depressed markets in Southern Europe.
 – New markets opening in Eastern Europe.
Performance highlights
 – Slowly declining business in Germany.
 – Regional Allergodip panel development to support export sales.
 – Food Intolerance remains strong in Southern Europe despite 
economic conditions.
 – Food Intolerance continues to grow.
Market outlook
 – Introduce large allergen panel on Allergodip and grow export 
business out of Germany to mitigate domestic decline.
 – Diversification of business in Germany to maximise resources.
 – Continued growth in Food Intolerance.
Middle East and Africa
Market dynamics
 – Political and economic instability.
 – Currency availability and devaluation.
 – Strong market in Africa for current 
infectious disease products but increased 
competition and price pressure.
Performance highlights
 – Launch of Foodprint
®
 Arabia 
in Gulf countries.
 – Registration of Foodprint
®
 
and Food Detective
®
 in Saudi Arabia.
 – Strong growth in Nigeria and Iran.
Market outlook
 – Continued growth of Food Intolerance 
in Gulf countries.
 – Reverse trend in Infectious Diseases 
through Visitect
®
 CD4 sales.
Asia and Far East
Market dynamics
 – Fast growing economies and 
increased expenditure on healthcare.
 – Currency devaluation in India.
Performance highlights
 – Continued growth in India despite 
currency devaluation combined 
with improved product mix.
 – Strong growth in China.
 – New Food Intolerance partners 
in Hong Kong and the Philippines.
Market outlook
 – Diversification of portfolio in India 
and continued growth.
 – Focus on tier 2 and 3 cities in India.
 – Implement manufacturing facility in India 
to gain access to lower production costs.
 – Continued growth in Food Intolerance 
in India, China and SE Asia.
UK
Middle East 
and Africa
Asia and 
Far East
Europe
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
 12%
11%
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
 24%
16%
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
8%
 16%
North America
South/
Central America
Africa and 
Middle East
Asia and 
Far East
UK
Europe
53%
 2%
Financial statements Governance Strategic Report Overview Chief Executive’s Review
In summary
 – Group revenue increased by 4% to 
£12.1 million, despite currency headwinds.
 – Adjusted profit before tax increased 
by 25% to £1.4 million.
 – Important changes made to technical 
management of CD4 programme lead 
to completion of investigation phase.
 – Growing team focused on Global 
Health activities and opportunities.
 – Continued investment in in-house 
scientific resource.
The core business remains in good 
shape as evidenced by the increase 
in Food Intolerance sales
Dear fellow shareholder
During the year we made progress with the core business, mostly 
driven by the Food Intolerance division, which delivered another good 
year of growth and profitability. Although we faced challenging issues 
with the production transfer of the CD4 product, it also gave us the 
opportunity to review our overall operation to make it more efficient.
Operations and organisational change
The CD4 opportunity remains the major factor in what we see 
as the potential for transformational growth in the near future but, 
in acknowledging the issues that we faced with the technology transfer 
and subsequent initial trial results in India and Kenya, we clearly had 
to make some internal changes to how we work.
As David has mentioned in his Chairman’s Statement, additional important 
changes have been made to the technical management of the CD4 
programme with all technical activity now falling under the control of our 
R&D Director, Dr Edward Valente. As reported elsewhere we have recently 
encountered a stability issue which still needs to be resolved and I am 
confident we have the right team in place to do that.
We have also established a new division, Global Health, reporting 
directly to me, which encompasses all aspects of the CD4 product 
roll-out and promotion along with assessment and development of 
new product opportunities. This new division has a dedicated team 
of sales and product specialists who have built up extensive experience 
in the global health arena over the last few years. It also includes market 
development and promotional activities for the schistosomiasis and 
syphilis POC products.
In January 2015 we appointed Dr Nigel Abraham as Group Scientific 
Director for Food Intolerance Products and Services. A fellow of the 
Institute of Biomedical Science for over 30 years, Nigel joins us from 
Genova Diagnostics Europe, where he was Scientific Director and 
Board Member. Nigel is a specialist in allergy and food intolerance and 
has been involved in extensive research in the field of chemical mediators 
of allergic disease. His extensive knowledge and expertise will bring 
support to new product development as we extend our range, ongoing 
assay improvement programmes and customer service.
In appreciating the challenges ahead of us, we have expanded and 
broadened our Board Executive team with the appointment of Colin King 
as Chief Operating Officer (COO). We are all looking forward to Colin 
joining the Board in August 2015. His wealth of relevant industry 
experience and his depth and breadth of knowledge of the in-vitro 
diagnostics sector will greatly benefit the Company going forward.
In addition to the strengthened Board change we have a high quality 
senior management team, consisting of site managers from our subsidiary 
operations and other key managers from Operations, Development and 
Sales. This group meets on a regular basis to discuss and troubleshoot 
and contribute to the overall strategic goals of the Group.
Core business
Segmental revenue performance
Food Intolerance
The Food Intolerance division has consistently performed well since we 
acquired the Genesis/CNS business in 2007 and has maintained a 17.5% 
compound annual growth rate in revenue over the last six years. For 
this year, total Food Intolerance sales increased by 15% to £5.95 million 
(2014: £5.18 million).
Sales of Food Detective
®
 grew by a further 23% in the year to £2.08 million 
(2014: £1.69 million) with impressive growth performances in Poland,  Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 13
Brazil and China. Total volumes achieved were just over 163,000 units 
(2014: 106,000 units). Excluding component sales to China, the average 
selling price per kit was £20.66 (2014: £22.55), the fall over the previous 
year reflecting targeted promotional activities in Poland.
Sales of Genarrayt
®
/Foodprint
®
 reagents grew by 19% to £2.52 million 
(2014: £2.12 million) with strong performances in Spain, France, Canada 
and Brazil. Spain and France both exceeded annual revenues of £0.5 
million and the next five markets measured by revenue all exceeded 
£0.1 million each. The Group sold a further 18 instruments in the year, 
taking the cumulative number of installations to 150 instruments in 38 
countries, and revenue per instrument (excluding Spain) increased by 
4% to £14,354 (2014: £13,746). The lower percentage growth rate of 
revenue per instrument (as compared to the overall growth in reagent 
sales) reflects the investment being made into newer Far Eastern markets.
Our CNS laboratory service achieved a modest increase of 3% in 
sales to £0.65 million (2014: £0.64 million), dominated by the markets in the 
UK and Ireland. We produced and sold 8,241 patient reports in the year 
(2014: 7 ,985), maintaining an average price of £79.33 per report (2014: £79.55).
As our Food Intolerance business continues to be a key growth driver 
and contributor to the bottom line, it has become increasingly clear that 
we need the right resource to provide high level scientific and technical 
support for the CNS product range. The clear strategic intention is to 
continue on a growth trajectory with this core business supported by 
increasing the range of products in the health and well-being market, 
which now extends beyond 75 countries.
Allergy and Autoimmune
Sales for the Allergy and Autoimmune division are comprised of Allergy 
sales of £3.08 million (2014: £3.52 million) and sales of Autoimmune 
products of £0.53 million (2014: £0.45 million). The Allergy sales continue 
to be derived almost exclusively from our Omega GmbH business in 
Germany, which has experienced a reduction in sales due to continued 
reimbursement restrictions in all but five of the 17 regions we operate in. 
The overall reduction in Omega GmbH allergy sales was limited to 6% 
in euro terms. In reported sterling terms, the reduction was 13% due to 
the weakening of the euro against sterling rate throughout most of the 
year, the average rate being 1.275 (2014: 1.186). The strategy remains to 
focus on retaining customer relationships through training, service and 
education. The modest growth in Autoimmune sales reverses a recent 
downward trend due principally to growth in the Middle East.
Significant efforts continue to be made with the Allersys
®
 Allergy 
development programme with steady progress having been made 
towards commercial launch. With 32 allergens having been optimised 
and showing equivalent performance to the market leader and with 
external site evaluations still to be concluded there is still some work 
ahead of us but we have confidence that when we launch the test 
platform it will be well accepted.
Infectious Diseases 
Infectious Diseases sales increased by 4% to £2.55 million 
(2014: £2.45 million). The increase is principally down to two factors. 
First, the recovery in business fortunes of a UK customer that, in the 
previous year, experienced financial difficulties but which has now 
secured a more stable footing. Second, a combination of improved 
market and product mix in Africa and Asia has more than mitigated 
for some reductions in the Middle East.
Whilst remaining in a very competitive environment we foresee a future 
increase in sales coming from the introduction of new products such as 
CD4 and other products coming through the Global Health programme.
Global Health
Visitect
® 
CD4
Over the last year, there has been a tremendous effort made by the technical 
team in resolving the production issues surrounding the test following the 
results of earlier trials in India and Kenya. With assistance from the inventor 
scientists from the Burnet Institute together with additional support from 
expert consultants in rapid diagnostic test (RDT) development, we have now 
reached the point where all of the potential variables have been analysed 
and investigated, effectively rebuilding the test from base raw materials to 
finished product. Whilst we have successfully made three pilot batches we 
have yet to complete verification and validation studies to confirm robustness 
and manufacturing at scale. A repeat of the earlier field trials in India and 
Kenya to demonstrate utility in field conditions will only commence once the 
stability issue is resolved. Several other evaluation sites are under discussion 
with other NGO partners as the interest in the test remains very high.
In addition to full scale production in the UK, our production facility in 
Pune, India, is taking shape with a completion date expected within the 
next six months. This will eventually provide us with capacity of 2 million 
tests per annum in addition to the 2.5 million tests able to be produced 
in a single shift in the Alva, UK, facility.
Commercialisation 
Efforts in priming the market for the test entry onto the market have 
continued unabated throughout the year and we are at a stage where 
all the major groups in this field recognise and appreciate that Visitect
®
 
CD4 is going to fulfil a vital role in initiating antiretroviral treatment for 
millions of people living with HIV. Visitect
®
 CD4 is still the only 
instrument-free, disposable CD4 test available in the world.
Visitect
®
 CD4 is planned to be initially introduced and implemented in 13 
countries in Sub-Saharan Africa through working with major NGO networks.
As part of the commercialisation process there are certain regulatory 
hurdles to overcome in addition to gaining the CE mark approval for 
the test itself. WHO Prequalification (WHO PQ) for the test which aims to 
promote and facilitate access to safe, appropriate and affordable in-vitro 
diagnostics of good quality in an equitable manner. Focus is placed on 
in-vitro diagnostics for priority diseases such as HIV (including CD4) 
and their suitability for use in resource-limited settings. We are already 
engaged with WHO to gain PQ for Visitect
®
 CD4 but the timescale for this 
is likely to be in excess of one year. In the absence of WHO PQ approval 
there is also Expert Review Panel for Diagnostics (ERPD), which aims to 
provide guidance to procurement agencies. ERPD has been designed 
to assess the risks associated with procurement of diagnostic products 
that have high public health impact, but that have not yet undergone 
assessment by WHO or a stringent national regulatory authority (SRA) 
such as the US FDA. 
It is not intended to replace WHO PQ or stringent regulatory assessment. 
Rather, it provides an interim assessment decision, valid for a time-limited 
period, in anticipation of completion of stringent regulatory review. 
The short-term goal is to obtain ERPD approval for Visitect
®
 CD4 
well in advance of WHO PQ, which will allow the earliest procurement 
of product.
mHealth
The field trials of the Android smartphone app to record and transmit 
Visitect
®
 CD4 test results have also been delayed during the CD4 
investigation phase but will be capable of being recommenced once 
the results from India and Kenya show that the test device itself works 
in the field. NGOs and global health organisations are very enthusiastic 
as the test/app combination offers a complete information solution from 
test site to management headquarters. Our activities and involvement 
with the GSMA (Groupe Speciale Mobile Association) consortium 
continue to attract attention from major players in Africa such as mining 
companies which operate across the continent and in areas which are 
remote and have poor healthcare facilities and a high HIV burden.
Outlook
This last year has been challenging for the Company and frustrating 
for staff and shareholders alike with the delays in the launch of the 
CD4 test. However, we have made good progress over the last few 
months to have a test which is capable of being made which meets 
certain design goals, but technical challenges remain. Once we resolve 
these issues we will repeat the earlier field trials in Kenya and India, and 
are confident that we will deliver a product which meets the demands 
of the Global Health community.
Our core business has performed well again despite some headwinds 
in relation to foreign exchange issues which brought our turnover down 
by £0.4 million. However, once again, Food Intolerance kept up its good 
performance for both principal products, Food Detective
®
 and Genarrayt
®
/
Foodprint
®
, which we expect to see continuing this coming year.
However, we all appreciate that the focus is on Visitect
®
 CD4 as this 
product has the ability to be truly transformational for the Group. I would 
like to thank all the Group employees who have made great efforts 
throughout the year.
Andrew Shepherd
Chief Executive
6 July 2015
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 14
Our Business Model in Action
Omega has proven to be an outstanding partner
– I have been impressed with the technical capability 
of the Omega R&D team in Alva.”
David Anderson, Co-Inventor of Visitect
® 
CD4, and team 
Burnet Institute, Melbourne, Australia
Visitect
®
 prospects still key to value
Technical transfer from Burnet to Omega. Three pilot batches successfully manufactured – May 2015.
Visitect
®
 CD4 summary to date:
Phase 1 Phase 2 Phase 3
Phase 1 completion of full 
scale manufacturing validation 
and verification which will lead 
to devices being released for 
evaluation in India and Kenya.
Successful field evaluation 
leading to CE marking 
and submission to ERPD.
Positive opinion from ERPD 
process providing clearance 
for NGO procurement. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 15
Allersys
®
 – A progressive year
Significant efforts continue to be made with steady progress towards commercial launch.
Allersys
®
:
Optimised
Create assay and ensure 
equivalent performance 
to predicate device.
32 allergens.
Claim 
Support
Verification phase – ensures 
design goals are met.
22 allergens.
CE Mark 
& Transfer
Final transfer to manufacturing.
 Beta site (customer lab) 
studies in Q2 2015.
27 allergens.
Addressing a growth market
Addressing a growth market dominated by a single competitor with 
large barriers to entry, we have made significant progress towards 
our launch target of 40 allergens. 
Offering a true choice in the marketplace, recent feedback from the first evaluation sites endorses 
both the competitiveness and performance of our Allersys
®
 reagent system for the IDS/Allersys
®
 instrument.
Further external evaluations are planned using reagents made in commercial quantities from a fully validated 
in-house manufacturing facility.
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 16
Risks and Risk Management
Operating a system of internal 
control and risk management
The long-term success of the Group depends on the continual review, 
assessment and control of the key business risks it faces. The Group’s 
principal risks and uncertainties are briefly outlined below.
Risk and description Mitigating actions Change
General economic conditions
The Group may be faced with changes in the general economic climate 
in each territory in which it operates that may adversely affect the financial 
performance of the Group. Factors which may contribute include the 
level of direct and indirect competition against the Group, industrial 
disruption, rate of growth of the Group’s product segments 
and interest rates.
The Group seeks to mitigate this risk 
by conducting operations on a broad 
geographic basis and by introducing 
new technologies to remain innovative.
World economies in which 
the Group operates continue 
to steadily recover from the 
recent economic downturns.
Regulatory risk
The manufacturing, marketing and use of the Group’s products are 
subject to regulation by government and regulatory agencies in many 
countries. Of particular importance is the requirement to obtain and 
maintain approval for a product from the applicable regulatory agencies 
to enable the Group’s products to be marketed. Approvals can require 
clinical evaluation of data relating to safety, quality and efficacy 
of a product.
The Group seeks to mitigate 
regulatory risk by increasing 
the resource in this area and by 
conducting its operations within 
recognised quality assurance 
systems and undergoes external 
assessment to ensure compliance 
with these systems.
Increased risk recognises 
there are changes ahead 
around the new IVD regulations 
but already timelines are 
being deferred.
Acquisition risk
The success of the Group depends on the ability of the Directors 
to assimilate and integrate the operations, personnel, technologies 
and products of acquired companies.
The Group seeks to mitigate this risk 
by selecting companies that meet 
certain criteria and by conducting 
a detailed due diligence review.
No acquisitions in the year. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 17
Key 
 Increase in risk
 No change in risk
 Decrease in risk
Risk and description Mitigating actions Change
Eurozone risk
The euro area combines 19 countries with multiple domestic policies 
all having to operate under common monetary conditions. The legacy 
of the financial crisis and differing policy choices will continue to weigh 
more heavily on some than others.
The Group monitors those countries 
under pressure and mitigates the risk 
in those countries where it has trading 
relationships, with tighter credit 
control procedures and credit 
limits where necessary.
The ability of certain countries 
to remain within the Eurozone 
has come under an increased 
threat which could lead to 
further weakening of the euro 
against major currencies.
Development risk
The Group continues to undertake an increased level of development 
activity than in the past with the aim of launching new products 
in the future. 
There is no guarantee that development activity will lead to the future 
launch of products. Such development activity can meet technical 
hurdles that are unable to be overcome and market and competition 
activity can render the output from development activities obsolete.
The Group seeks to mitigate 
the risk around development 
activities by ensuring that 
development programmes 
are planned in accordance 
with recognised industry quality 
standards, managed by people 
with the requisite skills. 
The Group also continues to monitor 
industry trends and customers’ 
needs to ensure its development 
targets remain relevant.
Resolution of previously 
reported variability issues 
leads to increasing confidence 
regarding CD4. Competitor 
landscape less crowded. 
Continued increase in number 
of allergens optimised against 
main competitor predicate device.
Foreign currency risk
A significant proportion of the Group’s sales are denominated in euros 
through Omega GmbH and in US dollars and the growing business 
through Omega Dx in India means that the Group is subject to risks 
associated with currency movements. Geopolitical tensions also 
exist in certain parts of the world which can lead to a tightening 
of monetary conditions.
Natural hedging is adopted where 
possible whereby certain goods and 
services are sourced in euros and 
US dollars to match liabilities with 
trading income in these currencies. 
It is currently the Group’s policy to 
settle intercompany balances with 
Omega GmbH and Omega Dx within 
a short timescale. 
With Omega GmbH and 
Omega Dx there is increasing 
exposure to the investment 
in foreign subsidiaries.
Financial statements Governance Strategic Report Overview Financial Review
The Group’s performance and efficient 
managing of working capital resulted 
in £2 million of cash at the year end
In summary
 – Group revenue increased by 4% 
to £12.1 million.
 – Food Intolerance sales increased 
by 15% to £5.95 million.
 – Gross margin maintained at 63.4%.
 – Adjusted profit before tax increased 
by 25% to £1.4 million.
 – Adjusted earnings per share of 1.3 pence.
 – Cash in hand at the end of the year 
of £2.0 million.
Financial performance
Our core business has continued to perform well against currency and 
reimbursement headwinds in Germany. Total revenue was up by 4.4% 
to £12.1 million (2014: £11.6 million), with our Food Intolerance division 
delivering another strong performance, maintaining its year-on-year 
growth. But for weaker exchange rates during the year, compared 
to the prior year, reported sales would have been £0.4 million higher. 
Gross profit increased by 4.1% to £7.7 million (2014: £7.4 million), 
with the gross margin being maintained at 63.4% (2014: 63.6%).
Costs, net of other operating income, have risen slightly to £7.0 million 
(2014: £6.8 million), the principal reasons being an increase in costs 
related to Visitect
®
 CD4, a near full-year charge for the manufacturing 
space in Pune, India, and investment in regulatory staff, offset by true 
savings in Omega GmbH coupled with a positive exchange effect in 
German overheads. Adjusted profit before tax increased significantly 
to £1.4 million compared to £1.1 million the year before. The lack of 
profitability in segmental performance as presented in the notes to the 
financial statements on page 42 will be addressed by the opportunities 
outlined throughout this Strategic Report. The UK companies continue 
to benefit from the enhanced R&D tax credit system and a net tax credit 
of £0.1 million (2014: £0.15 million) has been recognised in the year. 
Accordingly, adjusted profit after tax of £1.43 million (2014: £1.25 million), 
on a fully diluted 109.5 million shares in issue, resulted in adjusted 
earnings per share of 1.3 pence (2014: 1.2 pence). 
Other operating income of £173k through the income statement 
comprised a credit of £74k from the UNITAID grant received at the end 
of last year. Further income of £54k from a Scottish Enterprise Regional 
Selective Assistance grant awarded in 2012 was credited on the attainment 
of additional employment targets and capital expenditure incurred. 
The balance of £45k relates to compensation received from Lloyds 
Bank for previous hedging products that the Company was required 
to take out as part of borrowings entered into in 2007.
Research and development
Total investment in research and development was £1.81 million 
(2014: £1.61 million) representing 15% of Group turnover. Expenditure 
continues to be focused on our two key strategic opportunities. Expenditure 
on our Allersys
®
 project increased to £0.98 million (2014: £0.93 million), 
the marginal increase reflecting additional staff costs in expanding our 
in-house scientific team. Expenditure on our Visitect
®
 CD4 project increased 
to £0.48 million (2014: £0.43 million) as we progressed and completed 
our internal investigation phase. The total expenditure of £1.5 million 
has been capitalised on the balance sheet in accordance with IAS 38 
– Development Costs. Earlier stage R&D expenditure amounted to 
£0.31 million (2014: £0.24 million), which has been expensed through 
the income statement. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 19
Intangible assets
The Group’s intangible asset bank has grown to £12.1 million 
(2014: £11.3 million), comprising goodwill of £4.5 million, separately 
identifiable intangible assets of £3.4 million and capitalised development 
costs of £4.2 million. 
Goodwill
There has been no impairment of goodwill on any of the acquisitions 
to date. A reduction of total goodwill to £4.5 million (2014: £4.7 million) 
in the year relates to a £0.2 million retranslation of goodwill to £1.1 million 
(2014: £1.3 million) in acquiring the Allergy IVD business in Germany in 
2010. £0.4 million arose on acquiring Co-Tek in 2009 and £3.0 million 
arose on acquiring Genesis/CNS in 2007.
Intangible assets
Separately identifiable intangible assets have been recognised on 
acquisition: £2.0 million on Genesis/CNS, of which £0.7 million has been 
amortised to date; £0.1 million on Co-Tek, which has been fully amortised; 
and £1.7 million on Omega GmbH, of which £1.1 million has been amortised 
to date. A purchased licence of £1.5 million relates to the exclusive global 
access rights to the IDS–iSYS platform for allergy testing, which, to date, 
has not been amortised. 
Capitalised development costs
£1.5 million of capitalised development costs have been incurred 
in the year (as outlined above), bringing the cumulative spend to date 
to £3.1 million on the Allergy iSYS project and £1.1 million on the Visitect
®
 
CD4 project, neither of which has been amortised to date. The amortisation 
of these capitalised development costs, along with the purchased licence 
referred to above, will only start after commercialisation of these assets. 
As stated last year, this particular subset of amortisation charges will 
not be added back in the computation of the Group’s routinely reported 
adjusted profit before tax.
Property, plant and equipment
The Group has invested £0.7 million (2014: £0.5 million) in the year 
across all its operations. This included a further £0.3 million in Alva on 
expanding its Visitect
®
 CD4 manufacturing assembly facility following 
the decision to bring the entire process in-house, of which 90% has been 
funded through an asset finance facility. In India, £0.1 million has been 
paid on account to the contractor responsible for the fit-out of the new 
manufacturing facility in Pune. Approximately £0.2 million has been 
invested in Genesis/CNS to ensure it keeps pace with the growth 
experienced in our Food Intolerance business. The balance of 
expenditure covers normal replacement of smaller laboratory 
equipment items.
Financing
The Group continues to enjoy a good relationship with its principal 
bankers and, in May of this year, we renewed our £1 million overdraft 
facility for a further year; this remains undrawn and, accordingly, the 
Group remains in a strong position to fund its two key strategic objectives.
Operating cash flow
The Group always aims to manage its working capital efficiently and 
generated operating cash of £1.25 million (2014: £1.67 million) in the year. 
The Group has achieved a conversion rate of adjusted operating profit 
(operating profit plus amortisation of intangible assets plus share-based 
payments) to operating cash of 93% (2014: 122%). The reduction in 
percentage from the prior year is principally attributable to the intentional 
decision to lock in and hold key raw materials for our Visitect
®
 CD4 test, 
worth £0.3 million (2014: £Nil) at the year end. Overall, we ended the 
year with cash reserves of £1.97 million (2014: £3.12 million).
Foreign exchange
The Group has investments in overseas operations and conducts trading 
transactions in currencies other than sterling. The principal currencies 
used and the average foreign exchange rates in the year are as follows:
2014/15 2013/14
Sterling/US dollar 1.60 1.60
Sterling/euro 1.275 1.186
Sterling/Indian rupee 98.57 96.33
Profit and loss account
The Group has foreign-denominated bank accounts to allow for the 
receipt and settlement of amounts in connection with its normal trading 
operations. These transactions are subject to timing differences between 
when they are transacted and when they are settled, which can give 
rise to foreign exchange differences. Foreign-denominated receivables, 
payables and bank balances are restated into sterling at closing balance 
sheet dates, which also gives rise to foreign exchange differences. 
During the year, the Group benefited from an exchange gain of £6,000 
(2014: £74,000 exchange loss) on these transactions which has been 
credited through the income statement.
Other comprehensive income
The Group has net assets in Germany and India, held in fully owned 
subsidiaries. The original investments in these subsidiaries are held at 
historic exchange rates. The difference between these historic balances 
and their restated amounts at the most recent closing balance sheet rates 
gives rise to movements which are recorded through other comprehensive 
income and carried as a balance sheet reserve. During the year, there 
has been a charge of £524,000 (2014: £127,000) on the retranslation 
of foreign operations.
Kieron Harbinson  Andrew Shepherd
Group Finance Director Chief Executive
6 July 2015  6 July 2015
The Strategic Report was approved by the Board of Directors 
on 6 July 2015 and signed on its behalf by Kieron Harbinson, 
Group Finance Director, and Andrew Shepherd, Chief Executive.
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 20
Board of Directors
In transitioning through to our next 
phase of growth, Colin King will 
join the Board as Chief Operating 
Officer on 3 August 2015 
David Evans
Non-executive Chairman
A
 
R
Appointed August 2000 
David joined Omega in 2000 as Non-executive 
Chairman. He has considerable experience within 
the diagnostics industry. As Financial Director 
he was a key member of the team that floated 
Shield Diagnostics Limited in 1993. He became 
Chief Executive Officer responsible for the 
merger of Shield Diagnostics Group plc with 
Axis Biochemicals ASA of Norway in 1999 to 
create Axis-Shield plc. In addition to his role as 
Non-executive Chairman of Omega, he holds 
Non-executive Directorships in a number 
of other companies.
Andrew Shepherd
Chief Executive
Founder 
Andrew is the Founder and Chief Executive 
of Omega. He has worked in the medical 
diagnostics industry for 41 years. In 1986 
he moved to Scotland to join Bioscot Limited 
and, shortly afterwards, established Omega. 
He has used his technical experience and 
knowledge of exporting to oversee the significant 
growth of the export of Omega products. He is 
an active member of a number of relevant trade 
associations, and was a member of the Bill and 
Melinda Gates Foundation’s (BMGF) Global 
Health Diagnostics Forum, which provided 
guidance to BMGF in advising on technology 
and future investments in worldwide diagnostics 
programmes for developing countries.
Kieron Harbinson
Finance Director
Appointed August 2002 
Kieron joined Omega in August 2002 as 
Finance Director. He has a broad experience in 
technology and related businesses. He started 
his career with Scotia Holdings PLC in 1984 
and remained with the company for 14 years, 
occupying various senior finance roles. These 
roles enabled him to acquire experience in 
corporate acquisitions, disposals and intellectual 
property matters. In addition he gained 
experience in various debt and equity transactions, 
and was involved in raising over £100 million 
for the company. He then joined Kymata Limited, 
a start-up optoelectronics company, as 
Finance Director. Over a period of 18 months, 
he was involved in raising approximately 
US$85 million of venture capital funding. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 21
Corporate Governance Report
Page 23
Jag Grewal
Sales and Marketing Director
Appointed June 2011 
Jag joined Omega in June 2011 as Group 
Sales and Marketing Director. He has worked 
in the medical diagnostics industry for 21 years 
having started out as a Clinical Biochemist in 
the NHS. In 1995 he joined Beckman Instruments 
where he developed a career spanning 15 years 
in sales and marketing holding a variety of 
positions in sales, product management and 
marketing management. In 2009 he left as 
Northern Europe Marketing Manager to join 
Serco Health where he helped create the first 
joint venture within UK pathology between Serco 
and Guys and St Thomas’ Hospital. He is also 
past Chairman and current treasurer of the 
British In-Vitro Diagnostics Association (BIVDA).
William Rhodes
Non-executive Director
A
 
R
Appointed 1 May 2013 
During his 14 year career with Becton, 
Dickinson and Co., one of the world’s leading 
suppliers of medical, diagnostic and life science 
research products, Bill held a number of senior 
leadership positions and, until the end of 2012, 
was BD’s Senior Vice President, Corporate 
Strategy and Development, being responsible 
for BD’s worldwide mergers and acquisitions 
and corporate strategies. Previously, he was 
Worldwide President of BD Biosciences, 
a business segment with turnover of over 
US$1.0 billion, including the provision of flow 
cytometry instruments and their associated 
reagents for CD4 testing used in a wide range 
of laboratory settings. Prior to working for BD, 
Bill held senior business development positions 
with Pfizer Inc. and Johnson and Johnson.
Key 
A
 Audit Committee
R
 Remuneration Committee
 Committee Chairman
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 22
Senior Management Team
Dr Edward Valente
Group Research and 
Development Director
Edward joined Omega in March 2011 as 
Allergy Systems Director. He has worked in 
the medical diagnostics industry for 30 years. 
He started his career with Amersham International 
in 1983 where he held scientific and managerial 
positions in clinical diagnostics research and 
development. He then joined Shield Diagnostics 
in 1988 and held managerial positions in R&D 
and marketing. Latterly, he was responsible for 
market development of new markers, including 
clinical studies, and design and development 
of immunoassay products on automated 
platforms for industry majors.
Mike Gordon
Group Operations Director 
Mike joined Omega in October 2011 as Group 
Operations Director. He has worked in the 
medical diagnostics industry for 30 years. 
He started his career with Inveresk Research 
International as a Development Scientist. 
He then joined Bioscot Ltd working through 
its transition to Cogent Diagnostics Ltd and 
onwards to Hycor Biomedical Ltd. During this 
time he has held the positions of Quality 
Manager, Production Director and latterly as 
Production and Logistics Manager for its last 
corporate owners. During this period he was 
responsible for the implementation of ISO 9001 
and for successfully navigating the company 
through the process of US FDA registration 
and inspection.
Iain Logan
Group Financial Controller 
Iain joined Omega in November 2010 
as Group Financial Controller. He qualified 
as a Chartered Accountant in 2002 with 
PricewaterhouseCoopers in Edinburgh. 
He then worked at Murray International 
Holdings Limited in the head office finance 
team for three years performing a variety 
of financial accounting roles. He then moved 
on to Murray Capital Limited, the investment 
management company of Murray International 
Holdings Limited, gaining experience in 
all aspects of acquisitions, disposals and 
investment portfolio company analysis 
and management. His current role primarily 
covers responsibility for the financial 
reporting of the Group and management 
of the Group finance team.
Prashant Maniar
Managing Director – 
Omega Dx (Asia) Pvt Limited 
Prashant joined Omega Dx (Asia) in October 
2011 as Managing Director. He has worked 
in the diagnostics industry for 25 years. 
He started his career as Production Head in 
Cadila Laboratories. He then spent 15 years 
working for GlaxoSmithKline and ThermoFisher 
Scientific in various roles establishing their 
diagnostic business in India with 14 collaborations 
with national and multinational companies. In his 
most recent role he established the Microbial 
Control business for Lonza India. He has been 
responsible for the commercial set up of 
Omega Dx (Asia) Pvt Ltd and has transitioned 
the Group’s business in India from distributor 
to wholly owned subsidiary.
Jamie Yexley
Site Manager – Genesis 
Diagnostics Limited, Cambridge 
Nutritional Sciences Limited
Jamie joined Genesis and CNS in June 1999 
as a Production Laboratory Assistant. He was 
promoted to Production Manager in 2005 and 
Operations Manager in 2009. He has been 
instrumental in seeing the Company through 
a sustained period of rapid growth and change. 
In 2012 he moved to the role of Site Manager. 
He has 21 years’ manufacturing experience 
with 14 years specifically in the medical 
diagnostics industry. Educated in Cambridge 
he has spent his professional career working 
in the manufacturing industry starting in an 
FMCG environment. Throughout his time with 
the Company he has been responsible for ICT 
where he is recognised as the Group’s 
foremost expert.
Karsten Brenzke
Site Manager – 
Omega Diagnostics GmbH 
Karsten joined Omega GmbH in November 2010 
as a consultant to facilitate the acquisition of 
the IVD business from Allergopharma. He was 
then appointed on a permanent basis initially 
as Finance Manager before being appointed 
as Site Manager in May 2012. He has worked 
for different industry companies in the finance 
control function with his longest stay of seven 
years at Zeppelin Power Systems where 
he gained experience in mergers and 
post-merger integration. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 23
Corporate Governance Report
As an AIM-quoted company, the Group is not required to produce 
a corporate governance report nor comply with the requirements of the 
UK Corporate Governance Code. However, the Directors are committed 
to providing information on an open basis and present their Corporate 
Governance Report as follows:
The Board of Directors
The Board currently comprises one Non-executive Chairman; one 
Non-executive Director; and three Executive Directors, who are the 
Chief Executive, the Finance Director and the Sales and Marketing 
Director. David Evans, Non-executive Chairman, and William Rhodes, 
Non-executive Director, are considered by the Board to be independent 
in character and judgement. The Board meets at regular intervals and is 
responsible for setting corporate strategy, approving the annual budget, 
reviewing financial performance, agreeing the renewal of and any new 
banking/treasury facilities, approving major items of capital expenditure 
and reviewing and approving acquisitions. The Board is provided with 
appropriate information in advance of Board meetings to enable 
it to discharge its duties effectively.
During the financial year, the Board met on eight occasions. Of the eight 
meetings David Evans, Kieron Harbinson and Jag Grewal attended all 
eight and Andrew Shepherd and William Rhodes attended seven out 
of the eight meetings they were entitled to attend. 
The Chairman has additional Non-executive Directorships of the 
following companies:
 – Scancell Holdings plc
 – EKF Diagnostics plc
 – Venn Life Sciences plc
 – Diagnostic Capital Limited
 – Lochglen Whisky Limited
 – Fine Art of Golf Limited
 – OptiBiotix Health plc
 – Premaitha plc
 – Integrated Magnetic Systems Limited
 – Collagen Solutions plc
The Audit Committee
The Audit Committee has met on two occasions during the year and 
once since the year end. The Committee is comprised of David Evans, 
as Chairman, and William Rhodes and has primary responsibility for 
monitoring the quality of internal controls, ensuring that the financial 
performance of the Group is properly measured and reported on, and 
for reviewing reports from the Group’s auditors relating to the Group’s 
accounting and financial reporting, in all cases having due regard to the 
interests of shareholders. The Committee shall also review preliminary 
results announcements, summary financial statements, significant financial 
returns to regulators and any financial information contained in certain 
other documents, such as announcements of a price-sensitive nature. 
The Committee considers and makes recommendations to the Board, 
to be put to shareholders for approval at the Annual General Meeting, in 
relation to the appointment, re-appointment and removal of the Group’s 
external auditors. The Committee also oversees the relationship with the 
external auditors including approval of remuneration levels, approval of 
terms of engagement and assessment of their independence and objectivity. 
In so doing, they take into account relevant UK professional and regulatory 
requirements and the relationship with the auditors as a whole, including 
the provision of any non-audit services. Ernst & Young LLP have been 
auditors to Omega Diagnostics Limited (ODL) since 2000 and were 
appointed as auditors to the Group following completion of the reverse 
takeover of ODL in September 2006.
Responsibilities of the Board
 – Setting corporate strategy
 – Approving the annual budget
 – Reviewing financial performance
 – Agreeing the renewal of and any new  
banking/treasury facilities
 – Approving major items of capital expenditure
 – Reviewing and approving acquisitions
The Board is provided with appropriate 
information in advance of Board meetings 
to enable it to discharge its duties effectively.
Executive/Non-executive 
Board membership
Board attendance throughout the year
Board
Audit
Committee
Remuneration
Committee
David Evans 8/8 3/3 3/3
Andrew Shepherd 7/8 — —
Kieron Harbinson 8/8 — —
Jag Grewal 8/8 — —
William Rhodes 7/8 3/3 3/3
1
1
3
Key
 Non-executive Chairman 1
 Non-executive Director 1
 Executive Director 3
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 24
Corporate Governance Report continued
The Audit Committee continued
The Committee has reviewed the effectiveness of the Group’s system 
of internal controls and has considered the need for an internal audit 
function. At this stage of the Group’s size and development, the Committee 
has decided that an internal audit function is not required, as the Group’s 
internal controls system in place is appropriate for its size. The Committee 
will review this position on an annual basis.
The Committee also reviews the Group’s arrangements for its employees 
raising concerns, in confidence, about possible wrongdoing in financial 
reporting or other matters. The Committee ensures that such arrangements 
allow for independent investigation and follow-up action.
The Remuneration Committee
The Remuneration Committee has met on three occasions during 
the year. The Committee is comprised of David Evans, as Chairman, 
and William Rhodes and has primary responsibility for determining 
and agreeing with the Board the remuneration of the Company’s 
Chief Executive, Chairman, Executive Directors, Company Secretary 
and such other members of the Executive management as it is designated 
to consider. The remuneration of the Non-executive Directors shall be 
a matter for the Chairman and the Executive Directors of the Board. 
No Director or manager shall be involved in any decisions regarding 
their own remuneration.
Internal control
The Board is responsible for the Group’s system of internal control and 
for reviewing its effectiveness throughout the year. Such a system can 
only provide reasonable assurance against misstatement or loss.
The Board monitors financial controls through the setting and approval of 
an annual budget and the regular review of monthly management accounts. 
Management accounts contain a number of indicators that are designed 
to reduce the possibility of misstatement in financial statements.
Where the management of operational risk requires outside advice, 
this is sought from expert consultants, and the Group receives this 
in the areas of employment law and health and safety management.
The Group is compliant with industry standard quality assurance 
measures and undergoes regular external audits to ensure that 
accreditation is maintained.
Communication with shareholders
The Board recognises the importance of communication with its 
shareholders. The Group maintains informative websites for Omega 
Diagnostics Limited, Cambridge Nutritional Sciences Limited and 
Omega GmbH containing information likely to be of interest to existing 
and new investors. In addition, the Group retains the services of financial 
PR consultants, providing an additional contact point for investors. 
The Board encourages shareholder participation at its Annual General 
Meeting, where shareholders can be updated on the Group’s activities 
and plans.
Going concern
The Group’s business activities, together with the factors likely to 
affect its future development, performance and position are set out 
in the Strategic Report, which runs from page 8 to page 19. The financial 
position of the Group, its cash flows, liquidity position and borrowing 
facilities are described in the Financial Review on pages 18 and 19. 
In addition, Note 21 to the financial statements includes the Group’s 
objectives, policies and processes for its financial risk management 
objectives; details of its financial instruments and hedging activities; 
and its exposures to credit risk and liquidity risk. The Group has recently 
renewed a £1 million overdraft facility for a further year and this, together 
with a cash-generative core business and the application of working 
capital discipline, means that the Group maintains cash levels within 
its business to meet its short and longer-term objectives.
As a consequence, the Directors believe that the Group is well placed 
to manage its business risks successfully and fully capitalise on the 
new product opportunities despite continued uncertainties with 
the macroeconomic outlook.
The Directors have a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable future. 
Accordingly, they continue to adopt the going concern basis of accounting 
in preparing the annual financial statements.
By order of the Board
Kieron Harbinson
Company Secretary
6 July 2015 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 25
Advisers
Nominated adviser and broker
finnCap Limited
60 New Broad Street
London EC2M 1JJ
Auditors
Ernst & Young LLP
G1
5 George Square
Glasgow G2 1DY
Solicitors
Brodies LLP
15 Atholl Crescent
Edinburgh EH3 8HA
Registrar
Share Registrars Limited
Suite E
First Floor, 9 Lion and Lamb Yard
Farnham
Surrey GU9 7LL
Public relations
Walbrook PR Limited
4 Lombard Street
London EC3V 9HD
Country of incorporation 
England & Wales
Omega Diagnostics Group PLC
Registered number: 5017761
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 26
Directors’ Report
The Directors present their Annual Report and Group financial 
statements for the year ended 31 March 2015.
Principal activities
The principal activity of the Company is as a holding company. 
The principal activity of the Group is the manufacture, development 
and distribution of medical diagnostics products.
Results and dividends
The result for the year is a profit of £739,046 (2014: £692,851) which 
has been taken to reserves. The Directors do not propose to pay 
a dividend. The results are disclosed in more detail in the Strategic 
Report on pages 8 to 19.
The Company has taken advantage of the exemption allowed under 
section 408 of the Companies Act 2006 and has not presented its own 
income statement in these financial statements. The Company loss for 
the year ended 31 March 2015 is £434,233 (2014: profit of £65,166).
Business review and future development
A review of business and future development is discussed in more 
detail in the Strategic Report. Key performance indicators are disclosed 
on page 5.
Research and development
Details of research and development activity are contained in the Financial 
Review on pages 18 and 19. Costs in the year amounted to £1,807,661 
(2014: £1,615,240). Costs of £307,149 in relation to research activities 
(2014: £245,873) were expensed through the statement of comprehensive 
income and costs of £1,500,512 in relation to product development 
(2014: £1,369,367) were capitalised and included within intangible 
assets as detailed in Note 8.
Directors
The names of the Directors who have served the Group throughout 
the year are:
 – David Evans
 – Kieron Harbinson
 – Andrew Shepherd
 – Jag Grewal
 – William Rhodes 
Biographies of all Directors serving at the year end are on pages 20 and 21.
Directors’ interests
The beneficial interests of Directors who have served throughout the 
year are listed in the Directors’ Remuneration Report on pages 27 and 28. 
There are no non-beneficial interests held by Directors. There have been 
no changes to any Director’s interests in the shares of the Group between 
31 March 2015 and the date of this report.
Employees
The Group encourages communication with its employees and favours 
an environment where staff can put forward their ideas, suggestions 
and concerns on any matter that involves them. The Group gives full 
and fair consideration to applications for employment made by disabled 
people, having regard to their particular aptitudes and abilities. Where 
an employee becomes disabled in the course of their employment, 
where possible, arrangements will be made for appropriate retraining 
to match their abilities with their duties.
Principal risks and uncertainties
The Board meets regularly to review operations and to discuss risk 
areas. The Strategic Report contains details of the Group’s system 
of internal control. Note 21 to the financial statements contains details 
of financial risks faced by the Group.
Auditors
The auditors, Ernst & Young LLP, have indicated their willingness 
to continue in office and a resolution for their re-appointment will 
be proposed at the forthcoming Annual General Meeting.
Directors’ statement as to disclosure 
of information to auditors
The Directors who were members of the Board at the time of approving 
the Directors’ Report are listed on pages 20 and 21. Having made 
enquiries of fellow Directors and of the Company’s auditors, each 
of these Directors confirms that:
 – to the best of each Director’s knowledge and belief, there is no 
information (that is, information needed by the Group’s auditors in 
connection with preparing their report) of which the Group’s auditors 
are unaware; and
 – each Director has taken all the steps a Director might reasonably be 
expected to have taken to be aware of relevant audit information and 
to establish that the Group’s auditors are aware of that information.
By order of the Board
Kieron Harbinson
Company Secretary
6 July 2015
Major interests in shares
As at 30 June 2015 the following shareholders held more than 3% of the Group’s issued ordinary share capital:
Number of 4 pence
ordinary shares Percentage
Legal & General Investment Management 19,476,471 17.91%
Liontrust Asset Management 8,711,494 8.01%
Octopus Investments Limited 6,676,930 6.14%
Mobeus Equity Partners LLP 6,541,600 6.02%
Hargreaves Lansdown Stockbrokers 5,005,199 4.60%
Richard Sneller 4,400,000 4.05%
Unicorn Asset Management 4,266,750 3.92%
Charles Stanley Stockbrokers 3,918,600 3.60%
SG Private Banking 3,350,265 3.08% Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 27
Directors’ Remuneration Report
As an AIM-quoted company, the Group is not required to produce a 
remuneration report that satisfies all the requirements of the Companies 
Act. However, the Directors are committed to providing information on 
an open basis and present their Remuneration Report as follows:
Remuneration Committee
The Remuneration Committee is comprised of David Evans and 
William Rhodes. The Committee meets as and when required to determine 
and agree with the Board the policy for the remuneration of the Group’s 
Chief Executive, Chairman and Executive Directors. The objective of this 
policy shall be to ensure that members of the Executive management of 
the Group are provided with appropriate incentives to encourage enhanced 
performance and are, in a fair and reasonable manner, rewarded for their 
individual contributions to the success of the Group. No Director or 
manager shall be involved in any decisions as to their own remuneration.
Remuneration policy
The Group’s policy is that the remuneration arrangements, including 
pensions, for subsequent financial years should be sufficiently competitive 
to attract, retain and motivate high quality Executives capable of achieving 
the Group’s objectives, thereby enhancing shareholder value.
Incentive schemes/share option schemes
During the prior year, Andrew Shepherd was issued with an option over 
800,000 ordinary shares of the Group, Kieron Harbinson was issued with 
an option over 640,000 ordinary shares of the Group and Jag Grewal 
was issued with an option over 610,000 ordinary shares of the Group. 
All of the options were granted on 25 February 2014 and were under 
the Company’s EMI Option Scheme.
William Rhodes was issued in the prior year with an option over 
2,130,406 ordinary shares of the Group. The option was granted 
under the Company’s third Unapproved Option Scheme.
Directors’ service contracts
Andrew Shepherd entered into a service contract with the Group on 
23 August 2006, under which he was appointed as Chief Executive 
on an annual salary of £85,000. His salary was increased to £131,250 
per annum from 1 April 2009 and then further increased to £145,000 
per annum from 1 April 2011. The agreement will continue until terminated 
by either party giving to the other not less than twelve months’ notice 
in writing.
Kieron Harbinson entered into a service contract with the Group on 
23 August 2006, under which he was appointed as Finance Director 
and Company Secretary on an annual salary of £72,500. His salary was 
increased to £94,500 per annum from 1 April 2009 and then further 
increased to £115,000 per annum from 1 April 2011. The agreement will 
continue until terminated by either party giving to the other not less than 
three months’ notice in writing.
David Evans was appointed a Non-executive Director of the Group on 
19 September 2006 and was entitled to an annual fee of £25,000 from 
1 April 2008. The agreement will continue until terminated by either 
party giving to the other not less than one month’s notice in writing.
Jag Grewal entered into a service contract with the Group on 30 June 2011, 
under which he was appointed as an Executive Director on an annual 
salary of £110,000. The agreement will continue until terminated by either 
party giving to the other not less than three months’ notice in writing. 
William Rhodes was appointed a Non-executive Director of the Group 
on 1 May 2013 and is entitled to an annual fee of £40,000. The agreement 
will continue until terminated by either party giving to the other not less 
than one month’s notice in writing.
Directors’ emoluments
Fees/basic Benefits Total Total
 salary Bonuses in kind 2015 2014
£ £ £ £ £
Executive
Andrew Shepherd 145,000 — — 145,000 145,000
Kieron Harbinson 115,000 — 1,789 116,789 116,561
Jag Grewal 110,000 — — 110,000 110,000
Non-executive
David Evans 25,000 — — 25,000 25,000
William Rhodes 40,000 — — 40,000 36,667
The amounts paid in the year towards Directors’ pension contributions were as follows:
Directors’ pension contributions
2015 2014
£ £
Andrew Shepherd 7,250 7,250
Kieron Harbinson 5,750 5,750
Jag Grewal 5,500 5,500
Directors’ interests in the 4 pence ordinary shares of Omega Diagnostics Group PLC are as follows:
31 March 31 March
2015 2014
David Evans 3,043,634 2,870,134
Kieron Harbinson 426,062 363,562
Andrew Shepherd 2,708,180 2,677,206
Jag Grewal 99,913 68,604
William Rhodes — —
The Directors have no interests in the shares of subsidiary companies.
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 28
Directors’ Remuneration Report continued
Directors’ share options
At Granted Lapsed Exercised At Option Earliest
1 April during during during 31 March price Date of exercise Expiry
2014 the year the year the year 2015 pence grant date date
David Evans 390,822 — — — 390,822 19.0p 10/12/08 10/12/09 10/12/18
William Rhodes 2,130,406 — — — 2,130,406 15.25p 04/07/13 04/07/16 04/07/23
Andrew Shepherd 703,480 — — — 703,480 19.0p 10/12/08 10/12/09 10/12/18
600,000 — — — 600,000 14.5p 05/07/12 05/07/15 05/07/22
800,000 — — — 800,000 30.5p 25/02/14 25/02/17 25/02/24
Kieron Harbinson 468,987 — — — 468,987 19.0p 10/12/08 10/12/09 10/12/18
300,000 — — — 300,000 14.5p 05/07/12 05/07/15 05/07/22
640,000 — — — 640,000 30.5p 25/02/14 25/02/17 25/02/24
Jag Grewal 100,000 — — — 100,000 13.25p 12/08/11 12/08/12 12/08/21
200,000 — — — 200,000 14.5p 05/07/12 05/07/15 05/07/22
610,000 — — — 610,000 30.5p 25/02/14 25/02/17 25/02/24
During the prior year Andrew Shepherd, Kieron Harbinson and Jag Grewal were issued with options under the Company’s EMI Option Scheme 
and William Rhodes was issued with options under the Company’s third Unapproved Option Scheme.
The share price at 31 March 2015 was 13.75 pence. The highest and lowest share prices during the year were 30.50 pence and 13.63 pence respectively.
Approved by the Board
David Evans
Non-executive Director
6 July 2015 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 29
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and 
the Group and Company financial statements in accordance with 
applicable United Kingdom law and those International Financial 
Reporting Standards (IFRSs) as adopted by the European Union.
The Directors are required to prepare Group and Company financial 
statements for each financial year end. Under company law, the Directors 
must not approve the financial statements unless they are satisfied that 
they present fairly the financial position of the Group and Company, 
financial performance of the Group and cash flows of the Group and 
Company for that period. In preparing the Group and Company financial 
statements, the Directors are required to:
 – select suitable accounting policies in accordance with IAS 8 – 
Accounting Policies, Changes in Accounting Estimates and Errors 
and then apply them consistently;
 – present information, including accounting policies, in a manner that 
provides relevant, reliable, comparable and understandable information;
 – provide additional disclosures when compliance with the specific 
requirements in IFRSs is insufficient to enable users to understand 
the impact of particular transactions, other events and conditions 
on the Group’s financial position and financial performance;
 – state that the Group and Company has complied with IFRSs, subject 
to any material departures disclosed and explained in the financial 
statements; and
 – make judgements and estimates that are reasonable.
The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the Group’s and Company’s 
transactions and disclose, with reasonable accuracy at any time, the 
financial position of the Group and Company and enable them to 
ensure that the Group and Company financial statements comply with 
the Companies Act 2006. They are also responsible for safeguarding 
assets of the Group and Company and hence for taking reasonable 
steps for the prevention and detection of fraud and other irregularities.
Financial statements Governance Strategic Report Overview Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 30
We have audited the financial statements of Omega Diagnostics Group PLC 
for the year ended 31 March 2015 which comprise the consolidated 
statement of comprehensive income, consolidated balance sheet, 
consolidated statement of changes in equity, consolidated cash flow 
statement, Company balance sheet, Company statement of changes 
in equity, Company cash flow statement and the related Notes 1 to 22. 
The financial reporting framework that has been applied in their preparation 
is applicable law and International Financial Reporting Standards (IFRSs) 
as adopted by the European Union and, as regards the parent Company 
financial statements, as applied in accordance with the provisions 
of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, 
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them 
in an auditors’ report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, 
for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and auditor
As explained more fully in the Statement of Directors’ Responsibilities 
on page 29, the Directors are responsible for the preparation of the 
financial statements and for being satisfied that they give a true and 
fair view. Our responsibility is to audit and express an opinion on the 
financial statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require us to 
comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures 
in the financial statements sufficient to give reasonable assurance that 
the financial statements are free from material misstatement, whether 
caused by fraud or error. This includes an assessment of whether the 
accounting policies are appropriate to the Group’s and the parent 
Company’s circumstances and have been consistently applied and 
adequately disclosed; the reasonableness of significant accounting 
estimates made by the Directors; and the overall presentation of the 
financial statements. In addition we read all the financial and non‑financial 
information in the Annual Report and Group financial statements to 
identify material inconsistencies with the audited financial statements 
and to identify any information that is apparently material based on, 
or materially inconsistent with, the knowledge acquired by us in the 
course of performing the audit. If we become aware of any apparent 
material misstatements or inconsistencies we consider the implications 
for our report.
Opinion on financial statements
In our opinion:
 – the financial statements give a true and fair view of the state of the 
Group’s and of the parent Company’s affairs as at 31 March 2015 
and of the Group’s profit for the year then ended;
 – the Group financial statements have been properly prepared 
in accordance with IFRSs as adopted by the European Union; 
 – the parent Company financial statements have been properly 
prepared in accordance with IFRSs as adopted by the European 
Union and as applied in accordance with the provisions of the 
Companies Act 2006; and
 – the financial statements have been prepared in accordance 
with the requirements of the Companies Act 2006.
Opinion on other matter prescribed 
by the Companies Act 2006
In our opinion the information given in the Strategic Report and 
the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Matters on which we are required to report 
by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our opinion: 
 – adequate accounting records have not been kept by the parent 
Company, or returns adequate for our audit have not been received 
from branches not visited by us; or 
 – the parent Company financial statements are not in agreement 
with the accounting records and returns; or 
 – certain disclosures of Directors’ remuneration specified by law 
are not made; or
 – we have not received all the information and explanations 
we require for our audit. 
Annie Graham (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Glasgow
6 July 2015
Independent Auditor’s Report
to the members of Omega Diagnostics Group PLC Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 31
 2015 2014
Note £ £
Continuing operations
Revenue 7 12,105,319 11,593,870
Cost of sales (4,431,671) (4,223,000)
Gross profit 7,673,648 7,370,870
Administration costs (5,278,903) (4,741,186)
Selling and marketing costs (1,894,844) (2,102,359)
Other income 173,069 —
Operating profit 7 672,970 527,325
Finance costs 5 (30,620) (28,975)
Finance income – interest receivable 7 41,908 44,691
Profit before taxation 684,258 543,041
Tax credit 6 54,788 149,810
Profit for the year 739,046 692,851
Other comprehensive income to be reclassified to profit and loss in subsequent periods
Exchange differences on translation of foreign operations (523,856) (126,514)
Tax credit 56,068 13,488
Other comprehensive income that will not be reclassified to profit and loss 
in subsequent periods
Actuarial (loss)/gain on defined benefit pensions (270,128) 51,941
Tax credit/(charge) 58,228 (12,071)
Other comprehensive income for the year (679,688) (73,156)
Total comprehensive income for the year 59,358 619,695
Earnings per share (EPS)
Basic and diluted EPS on profit for the year 20 0.7p 0.7p
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2015
Adjusted Profit Before Taxation
for the year ended 31 March 2015
 2015 2014
£ £
Profit before taxation 684,258 543,041
IFRS‑ related discount charges (included within Finance costs) 14,941 12,575
Amortisation of intangible assets (included within Administration costs) 378,680 414,308
Share‑ based payment charges (included within Administration costs) 295,223 125,987
Adjusted profit before taxation 1,373,102 1,095,911
Earnings per share (EPS)
Adjusted EPS on profit for the year 1.3p 1.2p
Adjusted profit before taxation is derived by taking statutory profit before taxation and adding back IFRS‑ related discount charges, amortisation of 
intangible assets, share‑ based payment charges, acquisition costs and fair value adjustments to financial derivatives. This is not a primary statement. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 32
2015 2014
Note £ £
ASSETS
Non-current assets
Intangibles 8 12,104,723 11,259,215
Property, plant and equipment 9 2,429,233 2,283,911
Deferred taxation 14 1,530,777 1,138,404
Retirement benefit surplus 18 — 84,370
Total non‑ current assets 16,064,733 14,765,900
Current assets
Inventories 10 2,062,095 1,692,941
Trade and other receivables 11 2,539,851 2,415,917
Cash and cash equivalents 1,972,137 3,116,013
Total current assets 6,574,083 7,224,871
Total assets 22,638,816 21,990,771
EQUITY AND LIABILITIES
Equity
Issued capital 16,727,516 16,727,516
Retained earnings 2,792,842 1,914,405
Other reserves (707,208) (183,352)
Total equity 18,813,150 18,458,569
Liabilities
Non-current liabilities
Long‑ term borrowings 12 315,446 319,044
Deferred taxation 14 1,266,213 1,042,925
Deferred income 13 83,394 —
Retirement benefit deficit 18 192,907 —
Total non‑ current liabilities 1,857,960 1,361,969
Current liabilities
Short‑ term borrowings 12 237,772 427,823
Trade and other payables 13 1,542,059 1,386,358
Deferred income 13 187,875 356,052
Total current liabilities 1,967,706 2,170,233
Total liabilities 3,825,666 3,532,202
Total equity and liabilities 22,638,816 21,990,771
David Evans   Kieron Harbinson
Non-executive Chairman  Finance Director
6 July 2015   6 July 2015
Omega Diagnostics Group PLC
Registered number: 5017761
Consolidated Balance Sheet
as at 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 33
Share Share Retained Translation
capital premium earnings reserve* Total
£ £ £ £ £
Balance at 31 March 2013 4,145,580 8,831,527 1,042,209 (56,838) 13,962,478
Issue of share capital for cash consideration 941,176 3,058,824 — — 4,000,000
Expenses in connection with share issue — (249,591) — — (249,591)
Profit for the year ended 31 March 2014 — — 692,851 — 692,851
Other comprehensive income – net exchange adjustments — — — (126,514) (126,514)
Other comprehensive income – actuarial gain on defined benefit pensions — — 51,941 — 51,941
Other comprehensive income – tax credit — — 1,417 — 1,417
Total comprehensive income for the year — — 746,209 (126,514) 619,695
Share‑ based payments — — 125,987 — 125,987
Balance at 31 March 2014 5,086,756 11,640,760 1,914,405 (183,352) 18,458,569
Profit for the year ended 31 March 2015 — — 739,046 — 739,046
Other comprehensive income – net exchange adjustments — — — (523,856) (523,856)
Other comprehensive income – actuarial loss on defined benefit pensions — — (270,128) — (270,128)
Other comprehensive income – tax credit — — 114,296 — 114,296
Total comprehensive income for the year — — 583,214 (523,856) 59,358
Share‑ based payments — — 295,223 — 295,223
Balance at 31 March 2015 5,086,756 11,640,760 2,792,842 (707,208) 18,813,150
*  A translation reserve has been shown separately for the first time in the current year following significant exchange rate movements creating 
a material net exchange adjustment. Prior to this year, the impact of net exchange adjustments was shown cumulatively within the retained 
earnings reserves on the grounds of immateriality. 
Consolidated Statement of Changes in Equity
for the year ended 31 March 2015 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 34
2015 2014
Note £ £
Cash flows generated from operations
Profit for the year 739,046 692,851
Adjustments for:
 Taxation (54,788) (149,810)
 Finance costs 30,620 28,975
 Finance income (41,908) (44,691)
Operating profit before working capital movement 672,970 527,325
(Increase)/decrease in trade and other receivables (123,934) 140,845
(Increase)/decrease in inventories (369,154) 140,946
Increase/(decrease) in trade and other payables 155,701 (297,791)
Gain on sale of property, plant and equipment (1,777) (11,224)
Depreciation 9 324,967 265,553
Amortisation of intangible assets 8 378,680 414,308
Movement in grants (84,783) 356,052
Share‑ based payments 295,223 125,987
Taxation received — 7,106
Cash flow from operating activities 1,247,893 1,669,107
Investing activities
Finance income 41,908 44,691
Purchase of property, plant and equipment 9 (701,565) (478,968)
Purchase of intangible assets (1,394,146) (1,880,845)
Sale of property, plant and equipment 8,367 32,500
Net cash used in investing activities (2,045,436) (2,282,622)
Financing activities
Finance costs (21,793) (13,057)
Proceeds from issue of share capital — 4,000,000
Expenses of share issue — (249,591)
New finance leases 247,500 282,365
Loan repayments (360,000) (360,000)
Finance lease repayments (89,976) (43,538)
Net cash (used in)/from financing activities (224,269) 3,616,179
Net (decrease)/increase in cash and cash equivalents (1,021,812) 3,002,664
Effects of exchange rate movements (122,064) (47,344)
Cash and cash equivalents at beginning of year 3,116,013 160,693
Cash and cash equivalents at end of year 1,972,137 3,116,013
Consolidated Cash Flow Statement
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 35
2015 2014
Note £ £
ASSETS
Non-current assets
Investments 19 11,533,366 11,170,267
Intangibles 8 1,531,786 1,531,786
Deferred taxation 3,349 125,613
Total non‑ current assets 13,068,501 12,827,666
Current assets
Trade and other receivables 11 4,441,098 4,107,038
Cash and cash equivalents 931,928 1,987,153
Total current assets 5,373,026 6,094,191
Total assets 18,441,527 18,921,857
EQUITY AND LIABILITIES
Equity
Issued capital 17,717,191 17,717,191
Retained earnings 416,171 555,181
Total equity 18,133,362 18,272,372
Liabilities
Non-current liabilities
Long‑ term borrowings 12 — 111,526
Total non‑ current liabilities — 111,526
Current liabilities
Short‑ term borrowings 12 120,353 360,000
Trade and other payables 13 187,812 177,959
Total current liabilities 308,165 537,959
Total liabilities 308,165 649,485
Total equity and liabilities 18,441,527 18,921,857
David Evans   Kieron Harbinson
Non-executive Chairman  Finance Director
6 July 2015   6 July 2015
Omega Diagnostics Group PLC
Registered number: 5017761
Company Balance Sheet
as at 31 March 2015 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 36
Share Share Retained 
capital premium earnings Total 
£ £ £ £
Balance at 31 March 2013 4,517,862 9,448,920 364,028 14,330,810
Issue of share capital for cash consideration 941,176 3,058,824 — 4,000,000
Expenses in connection with share issue — (249,591) — (249,591)
Profit for the year ended 31 March 2014 — — 65,166 65,166
Total comprehensive income for the year — — 65,166 65,166
Share‑ based payments — — 125,987 125,987
Balance at 31 March 2014 5,459,038 12,258,153 555,181 18,272,372
Loss for the year ended 31 March 2015 — — (434,233) (434,233)
Total comprehensive income for the year — — (434,233) (434,233)
Share‑ based payments — — 295,223 295,223
Balance at 31 March 2015 5,459,038 12,258,153 416,171 18,133,362
Company Statement of Changes in Equity
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 37
 2015 2014
£ £
Cash flows generated from operations
(Loss)/profit for the year (434,233) 65,166
Adjustments for:
 Taxation 122,263 (125,613)
 Finance costs 8,827 15,918
 Finance income (102,911) (113,984)
Operating loss before working capital movement (406,054) (158,513)
(Increase)/decrease in trade and other receivables (334,060) 20,873
Increase/(decrease) in trade and other payables 9,853 (482,906)
Share‑ based payments 295,223 125,987
Net cash flow from operating activities (435,038) (494,559)
Investing activities
Finance income 102,911 113,983
Purchase of intangible assets — (525,021)
Investment in subsidiaries (363,098) (241,339)
Net cash used in investing activities (260,187) (652,377)
Financing activities
Proceeds from issue of share capital — 4,000,000
Expenses of share issue — (249,591)
Loan repayments (360,000) (360,000)
Net cash flow (used in)/from financing activities (360,000) 3,390,409
Net (decrease)/increase in cash and cash equivalents (1,055,225) 2,243,473
Cash and cash equivalents at beginning of year 1,987,153 (256,320)
Cash and cash equivalents at end of year 931,928 1,987,153
Company Cash Flow Statement
for the year ended 31 March 2015 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 38
1 Authorisation of financial statements
The financial statements of Omega Diagnostics Group PLC for the year ended 31 March 2015 were authorised for issue by the Board of Directors 
on 6 July 2015, and the balance sheets were signed on the Board’s behalf by David Evans and Kieron Harbinson. Omega Diagnostics Group PLC 
is a public limited company incorporated in England. The Company’s ordinary shares are traded on AIM.
2 Accounting policies
Basis of preparation
The accounting policies which follow set out those policies which have been applied consistently to all periods presented in these financial 
statements. These financial statements are presented in sterling and have been prepared in accordance with IFRSs as adopted by the EU 
and applied in accordance with the provisions of the Companies Act 2006.
In relation to IFRS 8 – Operating Segments, the Group has identified the Executive Board as the chief operating decision maker with responsibility 
for decisions over the allocation of resources to operating segments and for the monitoring of their performance. The Group reports performance 
of the following three segments:
 – Allergy and Autoimmune
 – Food Intolerance
 – Infectious Disease and Other
Basis of consolidation
The Group financial statements consolidate the financial statements of Omega Diagnostics Group PLC and the entities it controls (its subsidiaries). 
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect 
those returns through its power over the investee. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group 
obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries used in the 
preparation of the consolidated financial statements are based on consistent accounting policies. All intercompany balances and transactions, 
including unrealised profits arising from them, are eliminated.
Intangible assets
Goodwill
Business combinations are accounted for under IFRS 3 using the acquisition method. Goodwill represents the excess of the cost of the business 
combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill is not amortised 
but is subject to an annual impairment review and whenever events or changes in circumstances indicate that the carrying value may be impaired 
a charge is made to the income statement. After initial recognition, goodwill is stated at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill is allocated to the related cash‑ generating units monitored by management, usually at business 
segment level or statutory Company level as the case may be. Where the recoverable amount of the cash‑ generating unit is less than its carrying 
amount, including goodwill, an impairment loss is recognised in the income statement.
Other intangible assets
Intangible assets acquired as part of a business combination are recognised outside goodwill if the asset is separable or arises from contractual 
or other legal rights and its fair value can be measured reliably. Following initial recognition at fair value at the acquisition date, the historic cost 
model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Intangible 
assets with a finite life have no residual value and are amortised on a straight line basis over the expected useful lives, with charges included 
in administration costs, as follows:
Technology assets – 5–20 years
Customer relationships – 5–10 years
Supply agreements – 5 years
Licences/software – 5–20 years
The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may 
not be recoverable.
Research and development costs
Expenditure on research and initial feasibility work is written off through the income statement as incurred. Thereafter, expenditure on product 
development which meets certain criteria is capitalised and amortised over its useful life. The stage at when it is probable that the product will 
generate future economic benefits is when the following criteria have been met: technical feasibility; intention and ability to sell the product; availability 
of resources to complete the development of the product; and the ability to measure the expenditure attributable to the product. The useful life 
of the intangible asset is determined on a product‑ by‑ product basis, taking into consideration a number of factors. Development costs previously 
recognised as an expense are not recognised as an asset in a subsequent period.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged 
so as to write off the cost of assets to their estimated residual values over their estimated useful lives, on a straight line basis as follows:
Land and property – 33 years, straight line with no residual value
Leasehold improvements – 10 years, straight line with no residual value
Plant and machinery – 3–10 years, straight line with no residual value
Motor vehicles – 5 years, straight line with no residual value
The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value 
may not be recoverable, and are written down immediately to their recoverable amount. Useful lives are reviewed annually and, where adjustments 
are required, these are made prospectively.
Notes to the Financial Statements
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 39
2 Accounting policies continued
Impairment of assets
The Group and Company assess at each reporting date whether there is an indication that an asset may be impaired. If any such indication 
exists, the Group and Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s 
or cash‑ generating unit’s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate 
cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its 
recoverable amount, the asset is considered to be impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their net present value, using a pre‑ tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to that asset. Impairment losses on continuing operations are 
recognised in the income statement in those expense categories consistent with the function of the impaired asset.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is defined as standard cost or purchase price and includes all direct costs 
incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less any further 
costs expected to be incurred prior to completion and disposal.
Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at the lower of original invoice amount and recoverable amount. 
A provision for doubtful amounts is made when there is objective evidence that collection of the full amount is no longer probable. Significant 
financial difficulty or significantly extended settlement periods are considered to be indicators of impairment. Normal average payment terms 
vary from payment in advance to 90 days. Balances are written off when the probability of recovery is assessed as remote.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short‑ term deposits with an original maturity of three 
months or less.
Financial instruments
Under IAS 39, financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered 
into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Financial assets are classified as either:
 – financial assets at fair value through profit or loss; or
 – loans and receivables.
Financial assets at fair value through profit or loss
The Group uses derivative financial instruments to reduce its exposure to fluctuations in interest rates, both in sterling and US dollars. The Group 
does not hold or issue derivatives for speculative or trading purposes. Derivative financial instruments with positive fair values are recognised as 
assets measured at their fair values at the balance sheet date. The fair value of interest rate contracts is determined by reference to market values 
for similar instruments that have similar maturities. Changes in fair value are recognised in the income statement included in finance costs, due 
to the fact that hedge accounting has not been applied.
Loans and receivables
Trade receivables that do not carry any interest and have fixed or determinable payment amounts that are not quoted in an active market are 
classified as loans and receivables. Loans and receivables with a maturity of less than twelve months are included in current assets and are 
measured at amortised cost using the effective interest method as reduced by appropriate allowances for estimated irrecoverable amounts.
Financial liabilities are classified as either:
 – financial liabilities at fair value through profit or loss; or
 – other liabilities.
Financial liabilities at fair value through profit or loss
The Group uses derivative financial instruments to reduce its exposure to fluctuations in interest rates, both in sterling and US dollars. The Group 
does not hold or issue derivatives for speculative or trading purposes. Derivative financial instruments with negative fair values are recognised as 
liabilities measured at their fair values at the balance sheet date. The fair value of interest rate contracts is determined by reference to market 
values for similar instruments that have similar maturities. Changes in fair value are recognised in the income statement in finance costs, 
due to the fact that hedge accounting has not been applied.
Other financial liabilities, whether used as part of the consideration for acquisitions which include deferred consideration or not, are designated by 
the Group as financial liabilities at fair value through profit and loss. They are measured at the present value of the consideration expected to be 
payable by discounting the expected future cash flows at prevailing interest rates. At initial recognition, the quantum of liability to be recognised will 
depend upon management’s expectation, at that date, of the amount that would ultimately be payable. Where there is a change in the expectation 
of future cash flows or interest rates, the change is reflected through the income statement. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 40
2 Accounting policies continued
Financial instruments continued
Other liabilities
Trade payables are not interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective 
interest method.
Bank borrowings are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. For long‑ term 
bank borrowings stated at amortised cost, transaction costs that are directly attributable to the borrowing instrument are recognised as an interest 
expense over the life of the instrument.
A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold or cancelled or expires. Where 
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are 
substantially modified, such an exchange or modification is treated as a derecognition of the original liability and recognition of the new liability, 
such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised.
Financial assets and liabilities that are held for trading and other assets and liabilities designated as such on inception are included at fair value 
through profit and loss. Financial assets and liabilities are classified as held for trading if they are acquired for sale in the short term. Derivatives are 
also classified as held for trading unless they are designated as hedge instruments. Assets are carried in the balance sheet at fair value with gains 
or losses recognised in the income statement.
Company’s investments in subsidiaries
The Company recognises its investments in subsidiaries at cost. The carrying value of investments is reviewed for impairment whenever events 
or changes in circumstances indicate the carrying value may not be recoverable.
Presentation currency
The financial statements are presented in UK pounds sterling. Transactions in currencies other than sterling are recorded at the prevailing rate 
of exchange at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies 
are retranslated at the rates prevailing on the balance sheet date.
Foreign currencies
Non‑ monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the transaction. 
Gains and losses arising on retranslation are included in the net profit or loss for the year. The trading results of the overseas subsidiaries are 
translated at the average exchange rate ruling during the year, with the exchange difference between the average rates and the rates ruling at the 
balance sheet date being taken to reserves. Any difference arising on the translation of the opening net investment, in the overseas subsidiaries, 
and of applicable foreign currency loans are dealt with as adjustments to reserves.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and net of discounts and sales‑ related taxes. Sales of goods are 
recognised when the significant risks and rewards of ownership are transferred to the customer. This will be when goods have been dispatched 
and the collection of the related receivable is reasonably assured. Revenue relates to the sale of medical diagnostic kits.
Grants
Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on 
submission of a valid claim for payment. Grants in respect of capital expenditure are credited to a deferred income account and are released 
to the income statement over the expected useful lives of the relevant assets by equal annual instalments. Revenue grants are credited 
to the income statement as and when the relevant expenditure is incurred.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of their 
lease period and useful life. The corresponding lease or hire purchase obligation is capitalised in the balance sheet as a liability. The interest 
element of the rental obligation is charged to the income statement over the period of the lease and represents a constant proportion of the 
balance of capital repayments outstanding.
Rentals applicable to operating leases, where substantially all the benefits and risks remain with the lessor, are charged against profits 
on a straight line basis over the period of the lease.
Share-based payments
Equity-settled transactions
For equity‑ settled transactions, the Group measures the award by reference to the fair value at the date at which they are granted and it is 
recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. 
Fair value is determined using an appropriate pricing model. In valuing equity‑ settled transactions, no account is taken of any service and 
performance (vesting conditions), other than conditions linked to the price of the shares of the Company (market conditions).
Any other conditions which are required to be met in order for an employee to become fully entitled to an award are considered to be non‑ vesting 
conditions. Like market performance conditions, non‑ vesting conditions are taken into account in determining grant date fair value. No expense 
is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non‑ vesting condition, which 
are treated as vesting irrespective of whether or not the market or non‑ vesting condition is satisfied, provided that all other performance conditions 
are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired 
and management’s best estimate of the achievement or otherwise of vesting conditions and of the number of equity instruments that will ultimately 
vest or, in the case of an instrument subject to a market or non‑ vesting condition, be treated as vesting as described above.
This includes any award where non‑ vesting conditions within the control of the Group or the employee are not met. The movement in cumulative 
expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity.
Where the terms of an equity‑ settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost based 
on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder 
of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and 
the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative.
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 41
2 Accounting policies continued
Share-based payments continued
Equity-settled transactions continued
Where an equity‑ settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the 
income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement 
date is deducted from equity, with any excess over fair value being treated as an expense in the income statement.
Pension contributions
Contributions to personal pension plans of employees on a defined contribution basis are charged to the income statement in the year in which 
they are payable.
The Group also operates two defined benefit plans in Germany, which are closed to new members. Obligations under defined benefit plans are 
measured at discounted present values by actuaries, while plan assets are recorded at fair value. The operating and financing costs of pensions 
are charged to the income statement in the period in which they arise and are recognised separately. The difference between actual and expected 
returns on assets during the year, including changes in actuarial assumptions, are recognised in the statement of comprehensive income.
Income taxes
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates 
and laws that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts 
in the financial statements, with the following exceptions:
 – where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business 
combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
 – in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the 
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable 
future; and
 – deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible 
temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related 
asset is realised or the liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax and deferred tax is charged or credited in other comprehensive income or directly to equity if it relates to items that are credited 
or charged in other comprehensive income or directly to equity. Otherwise, income tax and deferred tax are recognised in profit or loss.
Use of estimates and judgements
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application 
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which 
the estimate is revised and in any future periods affected.
The significant areas of estimation and uncertainty and critical judgements in applying the accounting policies that have the most significant effect 
on the amounts recognised in the financial information are discussed overleaf. Further judgements, assumptions and estimates are set out in the 
Group financial statements.
Valuation of intangible assets
Management judgement is required to estimate the useful lives of intangible assets, having reference to future economic benefits expected 
to be derived from use of the asset. Economic benefits are based on the fair values of estimated future cash flows.
Impairment of goodwill
Goodwill is tested annually for impairment. The test considers future cash flow projections of cash‑ generating units that give rise to the goodwill. 
Where the discounted cash flows are less than the carrying value of goodwill, an impairment charge is recognised for the difference. Further 
analysis of the estimates and judgements is disclosed in Note 8.
Deferred tax assets
Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and 
level of future taxable profits together with an assessment of the effect of future tax planning strategies. The carrying value of the deferred tax 
asset at 31 March 2015 is £1,530,777 (2014: £1,138,404). Further details are contained in Note 14.
New standards and interpretations not applied
IASB and IFRIC have issued the following standards and interpretations, which are considered relevant to the Group, with an effective date after 
the date of these financial statements.
Effective date
(annual periods
International Accounting Standards (IAS/IFRSs) beginning on or after)
IAS 1 Disclosure Initiative – Amendments to IAS 1 1 January 2016
IAS 16 and IAS 38 Clarification of Accountable Methods of Depreciation and Amortisation 1 January 2016
AIP IAS 19 Employee Benefits – Discount rate: regional market issue 1 January 2016
IFRS 9 Financial Instruments 1 January 2018
IFRS 15 Revenue from Contracts with Customers 1 January 2017
The above standards and interpretations will be adopted in accordance with their effective dates and have not been adopted in these financial 
statements. The Directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the Group’s 
financial statements in the period of initial application. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 42
3 Adoption of new International Financial Reporting Standards
The accounting policies adopted are consistent with those of the previous financial year. The following standards were adopted with no material 
impact – IFRS 10 and IAS 36 (Amendment).
4 Segment information
For management purposes the Group is organised into three operating divisions: Allergy and Autoimmune, Food Intolerance, and Infectious 
Disease and Other.
The Allergy and Autoimmune division specialises in the research, development, production and marketing of in‑ vitro allergy and autoimmune tests 
used by doctors to diagnose patients with allergies and autoimmune diseases.
The Food Intolerance division specialises in the research, development and production of kits to aid the detection of immune reactions to food. 
It also provides clinical analysis to the general public, clinics and health professionals as well as supplying the consumer Food Detective
®
 test.
The Infectious Disease division specialises in the research, development and production and marketing of kits to aid the diagnosis of infectious diseases.
Corporate consists of centralised corporate costs which are not allocated across the three business divisions.
Inter‑ segment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties.
Business segment information
Infectious
Allergy and Food Disease/
Autoimmune Intolerance Other Corporate Group 
2015 £ £ £ £ £
Statutory presentation
Revenue 3,698,302 7,449,037 2,712,236 — 13,859,575
Inter‑ segment revenue (84,478) (1,502,610) (167,168) — (1,754,256)
Total revenue 3,613,824 5,946,427 2,545,068 — 12,105,319
Operating costs (3,851,938) (3,873,796) (2,812,507) (894,108) (11,432,349)
Operating (loss)/profit (238,114) 2,072,631 (267,439) (894,108) 672,970
Net finance (costs)/income (61,172) 169 (21,794) 94,085 11,288
(Loss)/profit before taxation (299,286) 2,072,800 (289,233) (800,023) 684,258
Adjusted profit before taxation
(Loss)/profit before taxation (299,286) 2,072,800 (289,233) (800,023) 684,258
IFRS‑ related discount charges — — — 14,941 14,941
Amortisation of intangible assets 261,171 98,901 18,608 — 378,680
Share‑ based payment charges — — — 295,223 295,223
Adjusted (loss)/profit before taxation (38,115) 2,171,701 (270,625) (489,859) 1,373,102
Infectious
Allergy and Food Disease/
Autoimmune Intolerance Other Corporate Group 
2014 £ £ £ £ £
Statutory presentation
Revenue 4,086,060 6,307,793 2,616,700 — 13,010,553
Inter‑ segment revenue (119,442) (1,130,298) (166,943) — (1,416,683)
Total revenue 3,966,618 5,177,495 2,449,757 — 11,593,870
Operating costs (4,033,421) (3,618,695) (2,558,105) (856,324) (11,066,545)
Operating (loss)/profit (66,803) 1,558,800 (108,348) (856,324) 527,325
Net finance (costs)/income (69,812) 323 (12,859) 98,064 15,716
(Loss)/profit before taxation (136,615) 1,559,123 (121,207) (758,260) 543,041
Adjusted profit before taxation
(Loss)/profit before taxation (136,615) 1,559,123 (121,207) (758,260) 543,041
IFRS‑ related discount charges — — — 12,575 12,575
Amortisation of intangible assets 288,989 98,885 26,434 — 414,308
Share‑ based payment charges — — — 125,987 125,987
Adjusted profit/(loss) before taxation 152,374 1,658,008 (94,773) (619,698) 1,095,911
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 43
4 Segment information continued
Business segment information continued
The segment assets and liabilities are as follows:
Infectious
Allergy and Food Disease/
Autoimmune Intolerance Other Corporate Group 
2015 £ £ £ £ £
Segment assets 9,074,314 6,205,627 3,840,498 15,463 19,135,902
Unallocated assets — — — — 3,502,914
Total assets 9,074,314 6,205,627 3,840,498 15,463 22,638,816
Segment liabilities 433,446 558,426 862,075 152,288 2,006,235
Unallocated liabilities — — — — 1,819,431
Total liabilities 433,446 558,426 862,075 152,288 3,825,666
Infectious
Allergy and Food Disease/
Autoimmune Intolerance Other Corporate Group 
2014 £ £ £ £ £
Segment assets 8,942,934 6,062,066 2,730,161 1,193 17,736,354
Unallocated assets — — — — 4,254,417
Total assets 8,942,934 6,062,066 2,730,161 1,193 21,990,771
Segment liabilities 195,440 396,536 994,550 155,884 1,742,410
Unallocated liabilities — — — — 1,789,792
Total liabilities 195,440 396,536 994,550 155,884 3,532,202
Unallocated assets comprise cash, income tax receivable, deferred taxation and derivative financial instruments. Unallocated liabilities comprise 
interest‑ bearing loans, borrowings, other financial liabilities, derivative financial instruments, deferred taxation and income tax payable.
Information about major customers
No single customer accounts for 10% or more of Group revenues.
Geographical information
The Group’s geographical information is based on the location of its markets and customers. Sales to external customers disclosed in the 
geographical information are based on the geographical location of its customers. The analysis of segment assets and capital expenditure 
is based on the geographical location of the assets.
 2015 2014
£ £
Revenues
UK 979,964 841,880
Germany 3,074,157 3,503,074
Rest of Europe 3,381,582 3,084,683
North America 515,963 393,761
South/Central America 904,276 714,672
India 480,138 450,805
Asia and Far East 1,439,271 1,094,649
Africa and Middle East 1,329,968 1,510,346
12,105,319 11,593,870
 Property, Retirement Trade
plant and benefit and other
Intangibles equipment surplus Inventories receivables Total
2015 £ £ £ £ £ £
Assets
UK 9,965,739 1,539,531 — 1,373,913 2,058,699 14,937,882
Germany 2,135,073 792,576 — 614,069 328,075 3,869,793
India 3,911 97,126 — 74,113 153,077 328,227
Unallocated assets — — — — — 3,502,914
Total assets 12,104,723 2,429,233 — 2,062,095 2,539,851 22,638,816 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 44
4 Segment information continued
Geographical information continued
 Property, Retirement Trade
plant and benefit and other
Intangibles equipment surplus Inventories receivables Total
2014 £ £ £ £ £ £
Assets
UK 8,608,729 1,313,607 — 862,706 2,008,074 12,793,116
Germany 2,646,298 951,920 84,370 762,079 283,135 4,727,802
India 4,188 18,384 — 68,156 124,708 215,436
Unallocated assets — — — — — 4,254,417
Total assets 11,259,215 2,283,911 84,370 1,692,941 2,415,917 21,990,771
2015 2014
£ £
Liabilities
UK 1,762,243 1,546,872
Germany 159,255 139,128
India 84,737 56,410
Unallocated liabilities 1,819,431 1,789,792
Total liabilities 3,825,666 3,532,202
Capital expenditure
UK 537,071 457,306
Germany 78,125 20,392
India 86,369 1,270
Total capital expenditure 701,565 478,968
5 Finance costs
2015 2014
Consolidated £ £
Interest payable on loans and bank overdrafts 4,708 6,872
Unwinding of discounts 7,792 13,118
Finance leases 18,120 8,985
30,620 28,975
6 Taxation
2015 2014
Consolidated £ £
(a) Tax credited in the income statement
Current tax – current year — —
Current tax – prior year adjustment — —
Deferred tax – current year 62,161 316,525
Deferred tax – prior year adjustment (7,373) (166,715)
54,788 149,810
(b) Tax relating to items charged or credited to other comprehensive income
Deferred tax on actuarial loss/(gain) on retirement benefit obligations 58,228 (12,071)
Deferred tax on net exchange adjustments 56,068 13,488
Total tax credit 114,296 1,417
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 45
6 Taxation continued
2015 2014
Consolidated £ £
(c) Reconciliation of total tax credit
Factors affecting the tax charge for the year:
Profit before tax 684,258 543,041
Effective rate of taxation 21% 23%
Profit before tax multiplied by the effective rate of tax 143,694 124,899
Effects of:
Expenses not deductible for tax purposes and permanent differences 65,054 4,191
Other timing differences — 28,977
Research and development and deferred tax credits (362,447) (319,240)
Movement on deferred tax arising from share‑ based payments 125,613 (125,613)
Tax under provided in prior years 7,373 166,715
Adjustment due to different overseas tax rate (29,449) (9,512)
Impact of UK rate change on deferred tax (4,626) (20,227)
Tax credit for the year (54,788) (149,810)
The rate of corporation tax reduced from 24% to 23%, effective from 1 April 2013, and to 21%, effective from 1 April 2014. A reduction to 20%, effective 
from 1 April 2015, was included in the Finance Act 2014 which was enacted on 17 July 2014. This rate will continue to apply per the Finance Act 2015 
which was given Royal Assent on 26 March 2015. The deferred tax balances as at 31 March 2015 have been recognised at a rate of 20% as this 
is the rate at which deferred tax is expected to reverse.
7 Revenue and expenses
2015 2014
Consolidated £ £
Revenue and other income
Revenue – sales of goods 12,105,319 11,593,870
Other income 173,069 —
Finance income 41,908 44,691
Total revenue and other income 12,320,296 11,638,561
Other income is explained in the Financial Review.
2015 2014
Consolidated £ £
Operating profit is stated after charging/(crediting): 
Material costs 3,282,791 3,077,807
Depreciation 444,048 265,553
Capitalised depreciation (119,081) —
Amortisation of intangibles 378,680 414,308
Net foreign exchange (gains)/losses (5,803) 73,596
Grant income 126,283 —
Research costs 307,149 245,873
Operating lease rentals 260,501 252,904
Share‑ based payments 295,223 125,987
Auditors’ remuneration
Fees payable to the Company’s auditors for the audit of the annual accounts: 20,000 20,000
 Local statutory audit of subsidiaries 50,000 50,000
 Local statutory audit of the parent Company 5,000 5,000
Fees payable to the Company’s auditors for other services:
 Taxation compliance 12,500 12,500
 Taxation advisory 2,000 2,000
All research costs noted above were charged directly to administration costs in the income statement.
Staff costs
The average monthly number of employees (including Directors) was:
2015 2014
Consolidated number number
Operations 87 81
Management and administration 59 54
Employee numbers 146 135 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 46
7 Revenue and expenses continued
Staff costs continued
Their aggregate remuneration comprised:
2015 2014
£ £
Wages and salaries 4,059,395 4,010,042
Social security costs 506,435 484,770
Pension costs 173,807 189,353
Share‑ based payments 295,223 125,987
5,034,860 4,810,152
Equity-settled share-based payments
Consolidated and Company
The share‑ based payment plans are described below.
EMI Option Scheme and Unapproved Option Scheme
The plans are equity‑ settled plans and the fair value is measured at the grant date. Under the above plans, share options are granted to Directors 
and employees of the Company. The exercise price of the option is equal to the market price of the shares on the date of grant. The options vest 
one year after the date of grant and do not require to be the subject of any performance criteria. The scheme rules allow for performance criteria 
to be applied in appropriate cases.
The fair value of the options is estimated at the grant date using the Black‑ Scholes pricing model, taking into account the terms and conditions 
upon which the instruments were granted.
The contractual life of each option granted is ten years and there is no cash settlement alternative.
Second Unapproved Option Scheme (SUOS)
The plan is an equity‑ settled plan and the fair value is measured at the grant date. Under the above plan, share options may be granted to third 
parties for provision of services to the Company. The exercise price of the option is equal to the market price of the shares on the date of grant. 
The options vest three years after the date of grant and are not subject to any performance criteria.
The fair value of the options is estimated at the grant date using the Black‑ Scholes pricing model, taking into account the terms and conditions 
upon which the instruments were granted.
The contractual life of each option granted is ten years and there is no cash settlement alternative.
Third Unapproved Option Scheme (TUOS)
The plan is an equity‑ settled plan and the fair value is measured at the grant date. Under the above plan, share options may be granted to 
Directors of the Company. The exercise price of the option is equal to the market price of the shares on the date of grant. The options vest 
three years after the date of grant and are subject to performance criteria.
The fair value of the options is estimated at the grant date using the Black‑ Scholes pricing model, taking into account the terms and conditions 
upon which the instruments were granted.
The contractual life of each option granted is ten years and there is no cash settlement alternative.
Under the EMI Option Scheme no options lapsed during the year and a further 20,000 were granted. Under the third Unapproved Option Scheme 
(TUOS) during the year no options were granted.
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year:
2015 2015 2014 2014
number WAEP number WAEP
Outstanding 1 April 8,978,695 20.96p 3,598,289 17.9p
Granted during the year under the EMI Option Scheme 20,000 18.5p 3,320,000 29.26p
Granted during the year under the TUOS — — 2,130,406 15.25p
Exercised during the year — — — —
Lapsed during the year under the EMI Option Scheme — — (70,000) —
Outstanding at 31 March 2015 8,998,695 — 8,978,695 —
Exercisable at 31 March 2015 2,633,289 — 2,498,289 —
The following table lists the inputs to the model used for the years ended 31 March 2015 and 31 March 2014:
EMI Option Scheme and Unapproved Option Schemes
2015 2014
Dividend yield 0% 0%
Expected volatility 41% 41%
Risk‑ free interest rate 5% 5%
Weighted average remaining contractual life 6.7 7.7
Weighted average share price 18.5p 23.8p
Exercise price 18.5p 23.8p
Model used Black-Scholes Black‑ Scholes
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 47
7 Revenue and expenses continued
Equity-settled share-based payments continued
The expected life of the options is based on management’s assumption of the options’ life due to the lack of any historical data on the exercise 
period of these options. The assumption takes into account the experience of employees and Directors and is not necessarily indicative of exercise 
patterns that may occur.
The expected volatility reflects the assumption that historical volatility over a period similar to the life of the option is indicative of future trends, 
which may not necessarily be the actual outcome.
Directors’ remuneration
2015 2014
Consolidated £ £
Fees 65,000 71,667
Emoluments 371,789 371,561
436,789 443,228
Contributions to personal pension 18,500 18,500
455,289 461,728
Members of a defined contribution pension scheme at the year end 3 3
Information in respect of individual Directors’ emoluments is provided in the Directors’ Remuneration Report on pages 27 and 28.
8 Intangibles
 Licences/ Supply Technology Customer Development
Goodwill software arrangements assets relationships costs Total
£ £ £ £ £ £ £
Cost 
At 31 March 2013 4,684,778 1,708,923 526,583 2,148,343 1,229,958 1,329,750 11,628,335
Additions — 11,478 — — — — 11,478
Additions internally generated — — — — — 1,369,367 1,369,367
Currency translation (27,256) (3,999) (10,752) (3,539) (23,072) (5,924) (74,542)
At 31 March 2014 4,657,522 1,716,402 515,831 2,144,804 1,206,886 2,693,193 12,934,638
Additions — 12,715 — — — — 12,715
Additions internally generated — — — — — 1,500,512 1,500,512
Currency translation (150,470) (18,034) (59,356) (19,539) (127,369) (38,250) (413,018)
At 31 March 2015 4,507,052 1,711,083 456,475 2,125,265 1,079,517 4,155,455 14,034,847
Accumulated amortisation 
At 31 March 2013 — 92,719 236,963 625,792 324,985 — 1,280,459
Amortisation charge in the year — 44,243 105,283 131,823 132,959 — 414,308
Currency translation — (2,726) (6,955) (2,185) (7,478) — (19,344)
At 31 March 2014 — 134,236 335,291 755,430 450,466 — 1,675,423
Amortisation charge in the year — 35,999 98,001 129,535 115,145 — 378,680
Currency translation — (15,793) (45,288) (14,226) (48,672) — (123,979)
At 31 March 2015 — 154,442 388,004 870,739 516,939 — 1,930,124
Net book value
31 March 2015 4,507,052 1,556,641 68,471 1,254,526 562,578 4,155,455 12,104,723
31 March 2014 4,657,522 1,582,166 180,540 1,389,374 756,420 2,693,193 11,259,215
31 March 2013 4,684,778 1,616,204 289,620 1,522,551 904,973 1,329,750 10,347,876
Of the Development costs balance above of £4,155,455 (2014: £2,693,193), costs of £1,110,537 (2014: £629,021) relate to the Visitect
®
 CD4 project, 
and costs of £3,044,918 (2014: £2,064,172) relate to the Allersys
®
 project.
Of the Licences/software balance above, £1,531,786 (2014: £1,531,786) is held on the balance sheet of the Company and relates to the IDS 
and CD4 licences. 
£119,081 of the additions in the year relate to capitalised depreciation on assets utilised for development activities.
Impairment testing of goodwill and intangibles
The Group tests goodwill annually for impairment or more frequently if there are indicators of impairment. The carrying amount of goodwill is 
indicated in the table above. The net book value of goodwill above for Genesis‑ CNS amounts to £3,016,892 (2014: £3,016,892), Co‑ Tek £332,986 
(2014: £332,986) and Omega GmbH £1,157,174 (2014: £1,307,644).
The recoverable amount of Genesis‑ CNS, Co‑ Tek and Omega GmbH has been determined based on a value in use calculation using cash flow 
projections based on the actual results for the year ended 31 March 2015 and the financial budget approved by the Board covering the period 
to 31 March 2016, with projected cash flows thereafter through to March 2019 based on a growth rate of 3% per annum. 
The key assumptions used in the budget for Genesis‑ CNS are the sales projections which are predicated on the continued success of Genarrayt
®
 
and Food Detective
®
. The key assumption used in the budget for Co‑ Tek is the growth in sales of the Company’s Micropath™ range of products. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 48
8 Intangibles continued
Impairment testing of goodwill and intangibles continued
The budget for Omega GmbH assumes continued sales in the German and export markets at the levels achieved in previous years. The Omega GmbH 
forecast previously included revenues in years two to five from the IDS/Allersys
®
 platform – these revenues are no longer included as detailed below.
Given the in‑ year increase in the level of the development spend detailed in Note 8 a value in use calculation has been prepared to support both 
the Visitect
®
 CD4 and Allersys
®
 project costs. The recoverable amount for Visitect CD4 has been determined based on projections through to 
March 2020 assuming an increased number of unit sales each year as the product achieves market acceptance. The recoverable amount for the 
Allersys
®
 project has been determined based on projections through to March 2020, again assuming an increasing number of tests sold each year 
as the product increases market acceptance and penetration.
In all cases, the Company also makes assumptions in regard to having sufficient production personnel to cope with increased volumes. The discount 
rate applied to cash flows is 12.5% for the Group which takes account of other risks specific to each segment such as currency risk, geography 
and price risk. The discount rate is the weighted average cost of pre‑ tax cost of debt financing and the pre‑ tax cost of equity financing. As a result, 
there has been no impairment to the carrying value of goodwill or intangibles.
Sensitivity analysis
Base forecasts show headroom of £9.3 million above carrying value for Genesis‑ CNS, headroom of £0.8 million for Co‑ Tek, headroom of £0.9 million 
for Omega GmbH, headroom of £6.4 million for Visitect
®
 CD4 and headroom of £2.0 million for Allersys
®
. 
Sensitivity analysis has been undertaken to assess the impact of any reasonably possible change in key assumptions. If the growth rate were 
to drop from 3% to 1% this would have the effect of reducing the headroom in Genesis‑ CNS by £0.3 million over five years, in Co‑ Tek by £41,000 
over five years and in Omega GmbH by £33,000 over five years. If the growth in test sales forecast for Visitect
®
 CD4 were to reduce by 10% each 
year this would have the effect of reducing the headroom by £1.0 million over five years. If the growth in test sales forecast for Allersys
®
 was 
to reduce by 10% each year this would have the effect of reducing the headroom by £0.8 million over five years. 
For Genesis‑ CNS, the discount rate would have to increase to 81% or the growth rate would have to be a decline of more than 181% for the headroom 
to reduce to £Nil.
For Co‑ Tek, the discount rate would have to increase to 86% or the growth rate would have to be a decline of 61% for the headroom to reduce to £Nil.
For Omega GmbH, the discount rate would have to increase to 57% or the growth rate would have to be a decline of 105% for the headroom 
to reduce to £Nil.
For Visitect CD4, the discount rate would have to increase to 83% or the forecast total test numbers would have to reduce by 64% for the headroom 
to reduce to £Nil.
For Allersys
®
, the discount rate would have to increase to 21% or the forecast total test numbers would have to reduce by 26% for the headroom 
to reduce to £Nil.
9 Property, plant and equipment
Land and Leasehold Plant and Motor
property improvements machinery vehicles Total
Consolidated £ £ £ £ £
Cost
At 31 March 2013 693,965 241,925 2,797,710 49,650 3,783,250
Additions — 17,077 461,891 — 478,968
Disposals — — (108,635) — (108,635)
Currency translation (14,170) (1,430) (18,756) (1,014) (35,370)
At 31 March 2014 679,795 257,572 3,132,210 48,636 4,118,213
Additions — 144,651 556,914 — 701,565
Disposals — — (4,480) (38,307) (42,787)
Currency translation (78,223) (234) (78,425) (2,693) (159,575)
At 31 March 2015 601,572 401,989 3,606,219 7,636 4,617,416
Accumulated depreciation
At 31 March 2013 42,651 146,616 1,451,445 26,252 1,666,964
Charge in the year 18,984 20,562 215,733 10,274 265,553
Disposals — — (87,359) — (87,359)
Currency translation (1,253) (840) (8,020) (743) (10,856)
At 31 March 2014 60,382 166,338 1,571,799 35,783 1,834,302
Charge in the year 17,670 17,431 402,517 6,431 444,048
Disposals — — (1,558) (34,641) (36,199)
Currency translation (8,157) (223) (43,662) (1,926) (53,968)
At 31 March 2015 69,895 183,546 1,929,096 5,647 2,188,183
Net book value
31 March 2015 531,677 218,443 1,677,123 1,989 2,429,233
31 March 2014 619,413 91,234 1,560,411 12,853 2,283,911
31 March 2013 651,314 95,309 1,346,265 23,398 2,116,286
£119,081 of the annual depreciation charge relates to assets utilised for development activities; therefore, this depreciation has been capitalised 
and included within intangible assets.
The net book value of plant and machinery held under finance leases at 31 March 2015 is £519,977 (2014: £323,675).
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 49
10 Inventories
2015 2014
£ £
Raw materials 1,425,835 1,121,638
Work in progress 161,267 112,482
Finished goods and goods for resale 474,993 458,821
2,062,095 1,692,941
11 Trade and other receivables
2015 2014
Consolidated £ £
Trade receivables 2,251,544 2,206,136
Less provision for impairment of receivables (14,117) (14,117)
Trade receivables – net 2,237,427 2,192,019
Prepayments and other receivables 302,424 223,898
2,539,851 2,415,917
The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value.
2015 2014
Company £ £
Prepayments and other receivables 15,463 1,193
Due from subsidiary companies 4,425,635 4,105,845
4,441,098 4,107,038
Analysis of trade receivables
2015 2014
Consolidated £ £
Neither impaired nor past due 1,977,803 2,034,515
Past due but not impaired 259,624 157,504
2015 2014
Company £ £
Neither impaired nor past due 4,425,635 4,105,845
Ageing of past due but not impaired trade receivables
2015 2014
£ £
Up to three months 231,404 150,972
Between three and six months 20,234 25
More than six months 7,986 6,507
The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value.
The credit quality of trade receivables that are neither past due nor impaired is assessed internally with reference to historical information 
relating to counterparty default rates. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable 
and no collateral is held as security.
12 Interest-bearing loans and borrowings and financial instruments
2015 2014
Consolidated £ £
Current
Other loans 120,353 360,000
Obligations under finance leases 117,419 67,823
237,772 427,823
Non-current
Obligations under finance leases 315,446 207,518
Other loans — 111,526
315,446 319,044
The Directors consider that the carrying amount of other loans and finance obligations approximates their fair values. Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 50
12 Interest-bearing loans and borrowings and financial instruments continued
The Group uses finance leases and hire purchase contracts to acquire plant and machinery. These leases have terms of renewal but no purchase 
options and escalation clauses. Renewals are at the option of the lessee. Future minimum payments under finance leases and hire purchase 
contracts are as follows:
2015 2014
£ £
Future minimum payments due:
Not later than one year 135,940 80,258
After one year but not more than five years 338,769 224,146
474,709 304,404
Less finance charges allocated to future periods 41,844 29,063
Present value of minimum lease payments 432,865 275,341
The present value of minimum lease payments is analysed as follows:
Not later than one year 117,419 67,823
After one year but not more than five years 315,446 207,518
432,865 275,341
2015 2014
Consolidated £ £
Other loans comprise the following:
Vendor loan – 2015 (base rate) 120,353 471,526
120,353 471,526
2015 2014
Company £ £
Current
Other loans 120,353 360,000
Non-current
Other loans — 111,526
2015 2014
Company £ £
Other loans comprise the following:
Vendor loan – 2015 (base rate) 120,353 471,526
13 Trade and other payables
2015 2014
Consolidated £ £
Trade payables 1,106,328 821,793
Social security costs 118,751 128,510
Accruals and other payables 316,980 436,055
1,542,059 1,386,358
UNITAID and Scottish Enterprise grant funding as detailed in the Financial Review totalling £271,269 (2014: £356,052) is included as deferred 
income on the c onsolidated balance sheet.
Trade payables and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider that the carrying 
amount of trade payables approximates their fair value.
2015 2014
Company £ £
Trade payables 40,090 1,920
Accruals and other payables 112,199 153,963
Due to subsidiary companies 35,523 22,076
187,812 177,959
Trade payables and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider that the carrying 
amount of trade payables approximates their fair value.
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 51
14 Deferred taxation
The deferred tax asset is made up as follows:
2015 2014
Consolidated £ £
Decelerated capital allowances 1,004 2,665
Temporary differences 29,439 134,026
Tax losses carried forward 1,500,334 1,001,713
1,530,777 1,138,404
A deferred tax asset has been recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profits 
will be available against which the unused tax losses can be utilised.
The deferred tax liability is made up as follows:
2015 2014
Consolidated £ £
Fair value adjustments on acquisition 264,803 360,992
Accelerated capital allowances 186,829 121,521
Other timing differences 814,581 560,412
1,266,213 1,042,925
15 Share capital
2015 2014
Company number number
Authorised share capital
Ordinary shares of 4.0 pence each 184,769,736 184,769,736
Deferred shares of 0.9 pence each 123,245,615 123,245,615
Issued and fully paid ordinary share capital
At the beginning of the year 108,745,669 85,216,257
Issued during the year — 23,529,412
At the end of the year 108,745,669 108,745,669
During the year ended 31 March 2015, the Company granted options over 20,000 ordinary shares at an average exercise price of 18.5 pence per share. 
The options will expire if not exercised within ten years of the date of grant.
16 Commitments and contingencies
Operating lease commitments
Future minimum rentals payable under non‑ cancellable operating leases are as follows:
2015 2014
Consolidated £ £
Land and buildings
Within one year 369,409 221,636
Within two to five years 1,046,883 693,137
After five years 125,997 250,689
Other
Within one year 59,194 33,702
Within two to five years 136,478 98,700
After five years — 1,480
Land and buildings leases in force for Omega Diagnostics Limited premises extend to 30 June 2021. The land and buildings leases in force 
for the premises of Genesis Diagnostics Limited and Cambridge Nutritional Sciences extend to March 2017. The land and buildings leases in force 
for the Omega Dx (Asia) facility in Pune extend to May 2019.
Other leases are in force for office equipment items and extend to time periods ranging from April 2015 to June 2019. The leases may be extended 
at the expiry of their term.
Performance bonds
The Group has performance bonds and guarantees in place amounting to £208,116 at 31 March 2015 (2014: £35,372). Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 52
17 Related party transactions
Remuneration of key personnel
The remuneration of the key management personnel of Omega Diagnostics Group PLC is set out below in aggregate for each of the categories 
specified in IAS 24 – Related Party Disclosures:
2015 2014
£ £
Short‑ term employee benefits 947,833 943,292
Share‑ based payments 276,429 104,925
Post‑ employment benefits 41,032 40,375
1,265,294 1,088,592
Included within short‑ term employee benefits are amounts paid to MBA Consultancy of £25,000 (2014: £25,000), a company controlled by David Evans, 
and £40,000 (2014: £36,667) paid to Third Day Advisors, a company controlled by William Rhodes.
Other related party transactions
During the year there have been transactions between the parent Company, Omega Diagnostics Limited (ODL), Genesis Diagnostics Limited (Genesis), 
Cambridge Nutritional Sciences (CNS), Co‑ Tek (South West) Limited (Co‑ Tek), Omega GmbH (GmbH) and Omega Dx (Asia) largely relating to payment 
of management fees. The amounts outstanding at the year end are as follows:
 ODG ODL Genesis CNS Co-Tek GmbH Dx (Asia)
At 31 March 2015 £ £ £ £ £ £ £
Omega Diagnostics Group PLC — (2,203,460) (332,792) 35,523 — (1,889,383) —
Omega Diagnostics Limited 2,203,460 — 889,585 1,504,269 2,415 6,876 (75,098)
Genesis Diagnostics Limited 332,792 (889,585) — (346,640) (71,810) — (49,409)
Cambridge Nutritional Sciences Limited (35,523) (1,504,269) 346,640 — (120,000) — (9,975)
Co‑ Tek (South West) Limited — (2,415) 71,810 120,000 — — —
Omega GmbH 1,889,383 (6,876) — — — — (5,563)
Omega Dx (Asia) — 75,098 49,409 9,975 — 5,563 —
 ODG ODL Genesis CNS Co‑ Tek GmbH Dx (Asia)
At 31 March 2014 £ £ £ £ £ £ £
Omega Diagnostics Group PLC — (1,578,718) (33,634) 22,076 — (2,493,492) —
Omega Diagnostics Limited 1,578,718 — 742,615 393,710 7,121 — (48,183)
Genesis Diagnostics Limited 33,634 (742,615) — (161,729) (41,608) — (48,193)
Cambridge Nutritional Sciences Limited (22,076) (393,710) 161,729 — (20,000) — (6,837)
Co‑ Tek (South West) Limited — (7,121) 41,608 20,000 — — —
Omega GmbH 2,493,492 — — — — — —
Omega Dx (Asia) — 48,183 48,193 6,837 — — —
During the year there were transactions between the Company and its subsidiaries as follows:
2015 2014
£ £
Balance at 1 April 4,083,768 3,591,545
Charges to subsidiary companies 747,895 757,002
Transfers of cash from subsidiary companies (441,549) (264,779)
Balance at 31 March 2015 4,390,114 4,083,768
18 Retirement benefit obligations
The Group operates pension schemes for the benefit of its UK and overseas employees.
Details of the defined contribution schemes for the Group’s employees are given below in Note (a). Details of the defined benefit schemes for the 
Group’s German employees and details relating to these schemes are given below in Note (b). During the year the Group accounted for these 
pension schemes under IAS 19 – Employee Benefits.
(a) Defined contribution schemes
The Group makes contributions to personal plans of employees on a defined contribution basis. The Group does not have ownership of the schemes, 
with individual plans being arrangements between the employee and pension provider. For new hires in Germany, after 1 January 2011, the support 
fund (LV 1871 Unterstützungskasse e.V.) is the defined contribution scheme used. The total Group contributions for the year amounted to £66,733 
(2014: £59,165).
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 53
18 Retirement benefit obligations continued
(b) Defined benefit schemes
The Deutscher Pensionsfonds AG and the LV 1871 Unterstützungskasse e.V. schemes give the rights to defined future benefits. Of these benefits 
the past service component is based on years of service and salary as of 1 January 2011 and are provided by the Deutscher Pensionsfonds AG. 
The remaining benefits based on years of service after 1 January 2011 as well as salary increases are provided by the LV 1871 Unterstützungskasse e.V. 
scheme. These are mainly dependent on the number of earning years and salary level at pension age. The commitments are covered through 
an insurance company and are compliant with the requirements of German insurance laws. Pension costs relating to each scheme operating 
in Germany are charged in accordance with IAS 19 – Employee Benefits. Formal valuations of each scheme have been carried out by 
Towers Watson (Reutlingen) GmbH, who are independent, professionally qualified actuaries, on 28 April 2015 using the following assumptions:
2015 2014
Discount rate 1.50% 3.43%
Future salary increases 2.50% 2.50%
Future pension increases 1.75% 1.75%
Price inflation 1.75% 1.75%
(i) The amounts recognised in the balance sheet are as follows:
2015 2014
£ £
Defined benefit obligation 2,194,832 1,695,381
Fair value of plan assets 2,001,925 1,779,751
Net (liability)/asset (192,907) 84,370
(ii) The amounts charged/(credited) to operating profit:
2015 2014
£ £
Current service costs 105,492 123,726
Interest cost on the defined benefit obligation 50,895 62,283
Interest income on plan assets (53,454) (63,477)
Total included in employee benefits expense 102,933 122,532
The current service costs for the year, £102,933 (2014: £122,532), have been included in administration costs.
(iii) The amounts recognised in the consolidated statement of comprehensive income:
2015 2014
£ £
Actuarial (loss)/gain arising during the period (547,241) 101,447
Return on plan assets 277,113 (49,506)
Total actuarial (loss)/gain on pensions (270,128) 51,941
(iv) Changes in the defined obligation during the year:
2015 2014
£ £
Opening defined benefit obligation 1,695,381 1,664,439
Current service cost 105,492 123,726
Interest cost 50,895 62,283
Actuarial loss/(gain) due to:  
 Changes in demographic assumptions (111,691) (193,434)
 Changes in financial assumptions 658,932 91,987
Exchange differences on foreign plans (195,088) (33,985)
Benefits paid (9,089) (19,635)
Closing defined benefit obligation 2,194,832 1,695,381
The weighted average duration of the defined benefit obligation is 20.6 years.
(v) Changes in plan assets during the year:
2015 2014
£ £
Opening fair value of plan assets 1,779,751 1,696,325
Interest income 53,454 63,477
Return on plan assets 277,113 (49,506)
Contributions by employer 105,492 123,726
Exchange differences on foreign plans (204,796) (34,636)
Benefits paid (9,089) (19,635)
Closing fair value of plan assets 2,001,925 1,779,751 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 54
18 Retirement benefit obligations continued
(b) Defined benefit schemes continued
Fair value of plan assets:
2015 2014
Quoted Unquoted Total Quoted Unquoted Total
£ £ £ £ £ £
Equities 400,385 — 400,385 355,950 — 355,950
Bonds/debt instruments 820,070 441,143 1,261,213 723,633 397,610 1,121,243
Cash/other 340,327 — 340,327 302,558 — 302,558
Total value of plan assets 1,560,782 441,143 2,001,925 1,382,141 397,610 1,779,751
(vi) The major categories of plan assets as a percentage of total plan assets:
2015 2014
Equities 20% 20%
Bonds/debt instruments 63% 63%
Cash/other 17% 17%
The asset figures above are now weighted with the underlying assets.
The Group expects to contribute £110,000 to its defined benefit pension plans in the year ending 31 March 2016.
(vii) Mortality assumptions
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics and experience in Germany. 
In the calculations, the mortality rate used is in accordance with Heubeck Richttafeln’s basis of calculation for group pension insurance, 2005G. 
Other assumptions have been set in accordance with Heubeck Richttafeln’s basis of calculation for group pension insurance, as set out in 
schedule 2005G.
(viii) Sensitivity analysis
Changes in assumptions compared with March 2015 actuarial assumptions:
Effect on Effect on
defined defined
benefit benefit
obligation obligation
2015 2014
£ £
Discount rate 
Increase by 1% (388,725) (264,585)
Decrease by 1% 516,936 342,208
Inflation rate
Increase by 0.5% 217,590 149,277
Decrease by 0.5% (249,916) (132,930)
Salary increase
Increase by 0.5% 49,176 36,208
Decrease by 0.5% (108,435) (79,634)
19 Investments
Company
The Company’s investments in subsidiaries, which are all 100% owned, are comprised of the following:
Country of 2015 2014
incorporation £ £
Investment in Omega Diagnostics Limited UK 1,752,884 1,752,884
Investment in Genesis Diagnostics Limited UK 1,845,066 1,845,066
Investment in Cambridge Nutritional Sciences Limited UK 4,034,110 4,034,110
Investment in Co‑ Tek (South West) Limited UK 480,978 480,978
Investment in Bealaw (692) Limited UK 1 1
Investment in Bealaw (693) Limited UK 1 1
Investment in Omega GmbH Germany 2,542,321 2,542,321
Investment in Omega Dx (Asia) India 878,005 514,906
11,533,366 11,170,267
The further investment in the year relates to continued funding of Omega Dx (Asia).
Bealaw (692) Limited and Bealaw (693) Limited are both dormant companies that have never traded.
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 55
20 Earnings per share
Basic earnings per share is calculated by dividing net profit for the year attributable to ordinary equity holders of the Group by the weighted average 
number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the net profit attributable to ordinary equity holders of the Group by the weighted average number 
of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all 
the dilutive potential ordinary shares into ordinary shares. Diluting events are excluded from the calculation when the average market price of ordinary 
shares is lower than the exercise price.
2015 2014
£ £
Profit attributable to equity holders of the Group 739,046 692,851
2015 2014
number number
Basic average number of shares 108,745,669 104,052,644
Share options 821,093 1,043,840
Diluted weighted average number of shares 109,566,762 105,096,484
Adjusted earnings per share on profit for the year
The Group presents adjusted earnings per share, which is calculated by taking adjusted profit before taxation and adding the tax credit or deducting 
the tax charge in order to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison 
with prior periods and to better assess trends in financial performance.
2015 2014
£ £
Adjusted profit before taxation 1,373,102 1,095,911
Tax credit 54,788 149,810
Adjusted profit attributable to equity holders of the Group 1,427,890 1,245,721
21 Financial instruments
The Group’s principal financial instruments comprise loans, finance leases, financial derivatives and cash. The main purpose of these financial 
instruments is to manage the Group’s funding and liquidity requirements. The Group has other financial instruments, such as trade receivables 
and trade payables, which arise directly from its operations. The categories of financial instruments are summarised in the following tables:
Loans and
receivables Total
Assets as per the consolidated balance sheet £ £
2015
Trade receivables 2,237,427 2,237,427
Cash and cash equivalents 1,972,137 1,972,137
4,209,564 4,209,564
Loans and
receivables Total
Assets as per the consolidated balance sheet £ £
2014
Trade receivables 2,192,019 2,192,019
Cash and cash equivalents 3,116,013 3,116,013
5,308,032 5,308,032
Loans and
receivables Total
Assets as per the Company balance sheet £ £
2015
Due from subsidiary companies 4,425,635 4,425,635
Cash and cash equivalents 931,928 931,928
5,357,563 5,357,563
Loans and
receivables Total
Assets as per the Company balance sheet £ £
2014
Due from subsidiary companies 4,105,845 4,105,845
Cash and cash equivalents 1,987,153 1,987,153
6,092,998 6,092,998 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 56
21 Financial instruments continued
Liabilities as per the consolidated balance sheet
Liabilities at 
fair value 
through 
profit and 
loss
£
Amortised
cost
£
Total
£
2015
Trade payables — 1,106,328 1,106,328
Obligations under finance leases — 432,865 432,865
Other loans (designated on initial recognition) 120,353 — 120,353
120,353 1,539,193 1,659,546
Liabilities at 
fair value
through
profit and Amortised
loss cost Total
Liabilities as per the consolidated balance sheet £ £ £
2014
Trade payables — 821,793 821,793
Obligations under finance leases — 275,341 275,341
Other loans (designated on initial recognition) 471,526 — 471,526
471,526 1,097,134 1,568,660
Liabilities as per the Company balance sheet
Liabilities at 
fair value 
through
profit and 
loss
£
Amortised
cost
£
Total
£
2015
Trade payables and amounts due to subsidiary companies — 75,613 75,613
Other loans (designated upon initial recognition) 120,353 — 120,353
120,353 75,613 195,966
Liabilities at
fair value
through
profit and Amortised
loss cost Total
Liabilities as per the Company balance sheet £ £ £
2014
Trade payables and amounts due to subsidiary companies — 23,996 23,996
Other loans (designated upon initial recognition) 471,526 — 471,526
471,526 23,996 495,522
Within other loans designated at fair value through profit and loss is the vendor loan note of £1.1 million, which was issued in September 2007. 
It carries a coupon of base rate only and is repayable in three equal instalments of £360,000 in September 2012, 2013 and 2014 and a final capital 
payment of £20,000 in September 2015. The interest is rolled up and repayable with the final capital payment. The fair value is calculated as the 
future cash flows expected to result based on current estimates of interest rates. There has been no change in the year to the fair value of the loan 
due to changes in credit risk. The movement in the year of £351,173 (2014: £344,082) is due to the third instalment being paid in September 2014 
(£360,000) offset by the effect of unwinding discount factors (£8,827), which is included within finance charges in the income statement.
Financial risk management
The principal financial risks to which the Group is exposed are those relating to foreign currency, credit, liquidity and interest rate. These risks 
are managed in accordance with Board‑ approved policies.
Foreign currency risk
The Group operates in more than one currency jurisdiction and is therefore exposed to currency risk on the retranslation of the income statement 
and the balance sheet of its overseas subsidiaries from euros and rupees into its functional currency of pounds sterling. The Company funds its 
subsidiaries by a mixture of equity and intercompany loan financing and these balances are subject to exchange rate movements that can give rise 
to movements in equity. The Group also buys and sells goods and services in currencies other than the functional currency, principally in euros 
and US dollars. The Group has US dollar and euro‑ denominated bank accounts and, where possible, the Group will offset currency exposure 
where purchases and sales of goods and services can be made in these currencies. The Group’s non‑ sterling revenues, profits, assets, liabilities 
and cash flows can be affected by movements in exchange rates. It is currently Group policy not to engage in any speculative transaction of any 
kind but this will be monitored by the Board to determine whether it is appropriate to use additional currency management procedures to manage 
risk. At 31 March 2015 (and 31 March 2014) the Group has not entered into any hedge transactions.
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 57
21 Financial instruments continued
Financial risk management continued
Foreign currency risk continued
The following table demonstrates the sensitivity to a possible change in currency rates on the Group’s profit before tax and equity through 
the impact of sterling weakening against the US dollar, the euro and the Canadian dollar.
Effect on
Decrease profit Effect on
in currency before tax equity
rate £ £
2015
Trade and other receivables 5% 72,642 —
Trade and other payables 5% (47,128) —
Cash and cash equivalents 5% 27,801 —
Net investment in overseas subsidiary 5% — (214,282)
2014
Trade and other receivables 5% 56,671 —
Trade and other payables 5% (18,332) —
Cash and cash equivalents 5% 31,295 —
Net investment in overseas subsidiary 5% — 18,590
An increase in currency rate of 5% would have a similar but opposite effect. The sensitivity around bank loans above represents the entire impact 
on the Company’s profit before tax and equity.
Credit risk
The Group’s credit risk is primarily attributable to its trade receivables. The Group conducts its operations in many countries, so there is no concentration 
of risk in any one area. In most cases, the Group grants credit without security to its customers. Creditworthiness checks are undertaken before 
entering into contracts with new customers, and credit limits are set as appropriate. The Group conducts most of its operations through distributors 
and is therefore able to maintain a fairly close relationship with its immediate customers. As such, the Group monitors payment profiles of customers 
on a regular basis and is able to spot deteriorations in payment times. An allowance for impairment is made that represents the potential loss in 
respect of individual receivables where there is an identifiable loss event which, based on previous experience, is evidence of a reduction in the 
recoverability of cash flows. The amounts presented in the balance sheet are net of allowance for doubtful receivables. An analysis of trade 
receivables from various regions is analysed in the following table:
2015 2014
Trade Trade
receivables receivables
£ £
UK/Europe 1,075,727 1,293,732
North America 4,896 9,502
South/Central America 323,873 162,970
Asia and Far East 451,321 365,664
Africa and Middle East 381,610 360,151
2,237,427 2,192,019
Capital management
The Group funds its operations with a mixture of short and long‑ term borrowings or equity as appropriate with a view to maximising returns for 
shareholders and maintaining investor, creditor and market confidence. The Board reviews and approves an annual budget to help ensure it has 
adequate facilities to meet all its operational needs and to support future growth in the business.
Liquidity risk
The Group’s objective is to maintain sufficient headroom to meet its foreseeable financing and working capital requirements. The Group has in place 
drawn loan facilities and, in the case of bank loans, regularly monitors performance to ensure compliance with all covenants. The Group also 
maintains a surplus balance of cash and cash equivalents to ensure flexible liquidity to meet financial liabilities as they fall due.
The table below summarises the maturity profile of the Group’s financial liabilities at 31 March 2015 based on the undiscounted cash flows of 
liabilities which include both future interest and principal amounts outstanding based on the earliest date on which the Group can be required 
to pay. The amounts of future interest are not included in the carrying value of financial liabilities on the balance sheet.
Less than 3 to 12 1 to 5
3 months months years Total 
Consolidated £ £ £ £
2015
Trade payables 1,106,328 — — 1,106,328
Obligations under finance leases 19,883 97,536 315,446 432,865
Vendor loan — 120,353 — 120,353
1,126,211 217,889 315,446 1,659,546
2014
Trade payables 821,793 — — 821,793
Obligations under finance leases 9,734 58,090 207,517 275,341
Vendor loan — 360,000 111,526 471,526
831,527 418,090 319,043 1,568,660 Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 58
21 Financial instruments continued
Financial risk management continued
Liquidity risk continued
The table below summarises the maturity profile of the Company’s financial liabilities at 31 March 2015 based on the undiscounted cash flows 
of liabilities based on the earliest date on which the Company can be required to pay.
Less than 3 to 12 1 to 5
3 months months years Total 
Company £ £ £ £
2015
Trade payables and amounts due to subsidiary companies 75,613 — — 75,613
Vendor loan — 120,353 — 120,353
75,613 120,353 — 195,966
2014
Trade payables and amounts due to subsidiary companies 23,996 — — 23,996
Vendor loan — 360,000 111,526 471,526
23,996 360,000 111,526 495,522
Interest rate risk
All of the Group’s borrowings are at variable rates of interest.
The following table demonstrates the sensitivity to a possible change in interest rates on the Group’s profit before tax through the impact on floating 
rate borrowings and cash balances.
Effect on profit
before tax 
Increase in and equity
Consolidated basis points £
2015
Cash and cash equivalents 25 6,360
Vendor loan 25 (500)
2014
Cash and cash equivalents 25 4,096
Vendor loan 25 (1,400)
The following table demonstrates the sensitivity to a possible change in interest rates on the Company’s profit before tax through the impact 
on floating rate borrowings and cash balances.
Effect on profit
before tax 
Increase in and equity
Company basis points £
2015
Cash and cash equivalents 25 3,649
Vendor loan 25 (500)
2014
Cash and cash equivalents 25 2,164
Vendor loan 25 (1,400)
Fair values
The carrying amount for all categories of financial assets and liabilities disclosed on the balance sheet and in the related notes to the accounts is 
equal to the fair value of such assets and liabilities as at both 31 March 2015 and 31 March 2014. The monetary value attributable to these financial 
assets and liabilities is the same value that has been disclosed in the related notes to the accounts.
The valuation methods used to fair value the financial assets and liabilities have been disclosed in Note 2 to the financial statements under 
the heading of Financial instruments.
The carrying amount recorded in the balance sheet of each financial asset as at 31 March 2015 and 31 March 2014 represents the Group’s 
maximum exposure to credit risk.
22 Capital commitments
At 31 March 2015 the Group had capital commitments contracted, but not provided for, of £0.2 million (2014: £Nil).
Notes to the Financial Statements continued
for the year ended 31 March 2015 Financial Statements Governance Strategic Report Overview
Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 59
Notice is hereby given that the Annual General Meeting of the Company will be held at Omega House, Hillfoots Business Village, Alva, 
Clackmannanshire FK12 5DQ on 7 September 2015 at 12 noon for the following purposes:
1. To receive and adopt the reports of the Directors and the auditors and the audited accounts for the year ended 31 March 2015.
2.  To re‑ appoint Ernst & Young LLP as auditors of the Company to hold office until the conclusion of the next general meeting at which accounts 
are laid before the Company and that their remuneration be fixed by the Directors.
3. To re‑ elect Mr David Evans as a Director of the Company.
4. To re‑ elect Mr Colin King as a Director of the Company.
5.  That, in accordance with section 551 of the Companies Act 2006, the Directors be generally and unconditionally authorised to allot shares 
in the Company or grant rights to subscribe for or convert any security into shares in the Company (“Rights”) up to an aggregate nominal 
amount of £1,449,942.24, provided that this authority shall, unless renewed, varied or revoked by the Company, expire on the conclusion of the 
next Annual General Meeting of the Company or, if earlier, on 31 October 2016 save that the Company may, before such expiry, make an offer or 
agreement which would or might require shares to be allotted or Rights to be granted and the Directors may allot shares or grant Rights in 
pursuance of any such offer or agreement notwithstanding that the authority conferred by this resolution has expired. This authority is in 
substitution for all previous authorities conferred on the Directors in accordance with section 551 of the Companies Act 2006, but without 
prejudice to any allotment already made or to be made pursuant to such authority.
Resolution 6 is proposed as a special resolution.
6.  That, conditional upon the passing of resolution 5 above, and in accordance with section 570 of the Companies Act, the Directors be generally 
empowered to allot equity securities (as defined in section 560 of the Companies Act 2006) pursuant to the authority conferred by resolution 5 
as if section 561(1) of the Companies Act 2006 did not apply to any such allotment, provided that this power shall be limited to:
 6.1  the allotment of equity securities in connection with an issue in favour of the holders of ordinary shares where the equity securities 
respectively attributable to the interests of all holders of ordinary shares are proportionate (as nearly as may be) to the respective 
number of ordinary shares held by them but subject to such exclusions or arrangements as the Directors may deem necessary 
or expedient to deal with fractional entitlements arising or any legal or practical problems under the laws of any overseas territory 
or the requirements of any regulatory body or stock exchange; and
 6.2  the allotment of ordinary shares otherwise than pursuant to subparagraph 6.1 above up to an aggregate nominal amount of £217 ,491.32,
  and provided that this power shall, unless renewed, varied or revoked by the Company, expire on the conclusion of the next Annual General 
Meeting of the Company or, if earlier, 31 October 2016, save that the Company may, before such expiry, make an offer or agreement which 
would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such 
offer or agreement notwithstanding that the power conferred by this resolution has expired.
By order of the Board
Kieron Harbinson
Company Secretary
6 July 2015
Registered in England and Wales number 5017761
www.omegadiagnostics.com
Omega Diagnostics Group PLC 
Omega House 
Hillfoots Business Village 
Alva FK12 5DQ 
Scotland 
United Kingdom
Tel: +44 (0)1259 763030 
Fax: +44 (0)1259 761853
Notice of Annual General Meeting Omega Diagnostics Group PLC
Annual Report and Group Financial Statements 2015 60
Re-election of Colin King as a Director
1.  As previously announced, the Board intends to appoint Mr Colin King as an additional Director of the Company with effect from 3 August 2015. 
Article 77.4 of the Company’s Articles of Association provides that a Director so appointed shall hold office until the conclusion of the next AGM 
and shall be eligible for re‑ election at that meeting. Accordingly, resolution 4 in the Notice proposes the re‑ election of Mr King as a Director.
Entitlement to attend and vote
2.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those members registered 
on the Company’s register of members at 12 noon on 5 September 2015 shall be entitled to attend and vote at the Meeting.
Appointment of proxies
3.  If you are a member of the Company at the time set out in Note 2 above, you are entitled to appoint a proxy to exercise all or any of your rights 
to attend, speak and vote at the Meeting and you should have received a proxy form with this Notice of Meeting. You can only appoint a proxy 
using the procedures set out in these notes and the notes to the proxy form.
4.  A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Details of how to appoint the Chairman 
of the Meeting or another person as your proxy using the proxy form are set out in the notes to the proxy form. If you wish your proxy to speak 
on your behalf at the Meeting you will need to appoint your own choice of proxy (not the Chairman) and give your instructions directly to them.
5.  You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint 
more than one proxy to exercise rights attached to any one share. To appoint more than one proxy, please contact the registrars of the Company, 
Share Registrars Limited, on 01252 821390.
6.  A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. 
If no voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) 
as he or she thinks fit in relation to any other matter which is put before the Meeting.
7.  The notes to the proxy form explain how to (a) direct your proxy to vote on each resolution or withhold their vote; (b) appoint proxies; (c) 
change proxy instructions; and (d) terminate proxy appointments.
Corporate representing
8.  Corporate members are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and corporate 
representatives – www.icsa.org.uk – for further details of this procedure.
Issued shares and total voting rights
9.  As at the date of this Annual Report the Company’s issued voting share capital comprised 108,745,669 ordinary shares of 4 pence each. 
Each ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights 
in the Company is as at the date of this Annual Report.
Communications with the Company
10.  Except as provided above, members who have general queries about the Meeting should telephone Kieron Harbinson on +44 (0)1259 763030 
(no other methods of communication will be accepted). You may not use any electronic address provided either in this Notice of Annual General 
Meeting, or any related documents (including the proxy form), to communicate with the Company for any purposes other than those expressly stated.
Voting through CREST
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Annual General 
Meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual.
CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s) 
should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy 
Instruction”) must be properly authenticated in accordance with CRESTCo Limited’s specifications and must contain the information required 
for such instructions, as described in the CREST Manual.
The message, regardless of whether it relates to the appointment of a proxy or to an amendment to the instruction given to a previously appointed 
proxy, must, in order to be valid, be transmitted so as to be received by the issuer’s agent (7RA36) by the latest time(s) for receipt of proxy appointments 
specified above. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the 
CREST Applications Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. 
After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo Limited does not make 
available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the 
input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal 
member or sponsored member or has appointed a voting service provider(s), to procure that his or her CREST sponsor or voting service provider(s) 
take(s)) such action as shall be necessary to ensure that a message is transmitted by means of CREST by any particular time. In this connection, 
CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the 
CREST Manual concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated 
Securities Regulations 2001.
Notes to the Notice of Annual General Meeting  
Printed by Ripping Image on FSC
®
 certified paper. 100% of the inks 
used are vegetable oil based, 95% of press chemicals are recycled 
for further use and, on average, 99% of any waste associated with 
this production will be recycled. This document is printed on Heaven 42 
and Edixion offset. Both papers are from FSC
®
 certified forests. Omega Diagnostics Group PLC
Omega House
Hillfoots Business Village
Alva FK12 5DQ
Scotland
United Kingdom
www.omegadiagnostics.com
Tel: +44 (0)1259 763030
Fax: +44 (0)1259 761853