a clear strategy 
 focused on delivery
 omega diagnostics group plc annual report and accounts 2012 our mission
omega is focused on selling  
a wide range of specialist products 
primarily in the immunoassay 
invitro diagnostics ivd market 
within three segments
– allergy and autoimmune
– food intolerance
– infectious diseases
t o improve human 
health and wellbeing 
through innovative 
diagnostic tests and 
global partnerships
making progress
01 highlights of the year 
02 chairman’s statement
04 delivering growth
06 automated allergy testing
08 cd4 pointofcare test
10 syphilis igm pointofcare test
12 bric focus
business review
14 global sales overview
15 kpis and strategy
16 chief executive’s review
19 financial review
governance
21 board of directors
22 senior management team 
23 directors’ report
25 directors’ remuneration report
27 corporate governance 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
69 notice of annual general meeting
71 advisers  annual report and accounts 2012 
 wwwomegadiagnosticscom 01
strategy page 04
 
 
innovation page 08
 
 
focus page 12
 
 
sales
£1 1 1m
41 2011 £79m
gross proﬁt
£7 0m
49 2011 £47m
gross  
margin  
level
63
6 2011 596
adjusted pbt
£10m
365 2011 £736k
  adjusted profit before taxation is derived by taking statutory profit before tax of £479k 2011 £105k and adding back ifrsrelated discount 
charges of £45k 2011 £22k amortisation of intangible assets of £415k 2011 £193k sharebased payment charges of £30k 2011 £8k 
acquisition costs of £38k 2011 £412k and fair value adjustments to financial derivatives of £3k 2011 £4k
2012 was all about  
making progress in three key areas
highlights
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 02
chairman’s statement 
the group has taken steps to improve 
performance in all its segments with continued 
investment in people and product opportunities
notable achievements
the group has made progress on a number of fronts
  turnover in excess of £10 million for the first time
  adjusted profit before tax of £1 million
  isys development programme first batch of six 
allergens moving through optimisation with a further 
18 allergens having commenced optimisation
  increase in average revenue per genarrayt
®
 system 
excluding spain which due to its size skews the 
numbers by 25 to £10783
  strengthening of the board with jag grewal as  
sales and marketing director
  conclusion of feasibility with two allergens on  
a rapid low sample volume platform that could 
eventually run between 1020 allergen tests on  
a pointofcare “poc” device
  direct access to indian market achieved with 
incorporation of fully owned subsidiary omega dx 
asia pvt ltd
  signing of license agreements with burnet institute 
melbourne for exclusive worldwide rights to poc 
tests for cd4 and syphilis
segmental turnover
  the allergy and autoimmune division achieved  
a growth in turnover of 191 with sales of £448 million 
2011 £154 million following a full year contribution 
from our german business
  the food intolerance division continued to perform 
well with growth in turnover of 10 to £390 million 
2011 £356 million with a strong performance from 
food detective
®
 and genarrayt
®

  turnover in the infectious disease division fell  
back by 2 to £275 million 2011 £280 million 
reflecting the competitive nature of this division but 
the opportunity with cd4 is expected to significantly 
enhance performance
financial performance
turnover for the group increased by 41 to £1112 
million 2011 £790 million which includes a full year’s 
contribution of trading from our german business gross 
profit increased to £70 million 2011 £471 million and 
the gross margin improved from 60 to 63 reflecting  
a segmental mix towards higher margin business 
adjusted profit before tax increased by 36 to £10 
million 2011 £074 million with our food intolerance 
division performing particularly well a reconciliation 
between profit before tax and adjusted profit before tax 
is shown at the foot of the income statement on page 31
eps
net finance costs have remained stable at £38k  
2011 £31k and the group achieved an adjusted  
profit after tax of £1052k being adjusted profit before  
tax of £1004k plus the tax credit of £48k this resulted  
in adjusted earnings per share of 12p 2011 17p due  
to the increased average shares in issue of 85238746 
2011 38278631 statutory profit after tax amounted  
to £527k 2011 £31k which resulted in earnings per 
share of 06p versus earnings per share of 01p in the 
previous year 
balance sheet
assets
  intangible assets reduced to £91 million 2011  
£94 million reflect ongoing amortisation and final 
adjustments to goodwill on the acquisition of the 
german ivd business
  inventories of £17 million 2011 £15 million reflect 
growing business volumes
  cash at year end of £12 million 2011 £21 million
liabilities
  trade and other payables reduced slightly  
to £15 million 2011 £16 million
  total borrowings and other financial liabilities 
reduced to £14 million 2011 £21 million reflecting 
repayment of bank debt of £03 million and 
settlement of idsisys licence fee instalment  
of £04 million
funding
after the year end the company successfully negotiated 
an overdraft facility of £700000 on normal commercial 
terms which is subject to an annual review and is repayable 
on demand  annual report and accounts 2012 
 wwwomegadiagnosticscom 03
strategic direction
as the group looks to build on its progress to date  
it is clear that to achieve significant yearonyear growth 
we either need to increase the level of automation for 
customers or to provide poc tests to provide solutions 
for unmet needs in developing markets from a market 
perspective a focus on the growing bric countries is 
expected to yield above average results
automation
the ongoing development work with the idsisys 
instrument is key to the future growth of the allergy 
division this programme as planned is rightly 
consuming a significant part of the group’s resources and 
is intended to achieve a significant market share in this 
growing market work has also continued in evaluating 
our range of autoimmune products on a third party’s 
instrument with 12 out of 17 products validated to date
poc tests
the signing of agreements with the burnet institute in 
melbourne has provided worldwide exclusive access  
to their developed poc test for cd4 a biomarker which 
when measured accurately can detect the point in time 
at which antiretroviral therapy should commence for 
patients with hiv infection the current gold standard 
flow cytometry tests are performed in a laboratory that 
have the disadvantage of results only becoming available 
at a later date by which time many patients have been 
‘lost’ to treatment the availability of a cd4 poc test 
meets a current unmet need in developing countries  
the group and the burnet institute have successfully 
completed the initial stages of a technology transfer  
for manufacturing with a small scale batch of prototype 
devices meeting preliminary burnet evaluation we expect 
this to be officially launched at the 19th international 
aids conference aids 2012 in washington dc on 
2227 july 2012
in addition a separate agreement has been signed  
with the burnet institute granting the group exclusive 
worldwide rights to its syphilis igm poc test this is  
the only test in the world that can differentiate active 
infections from past infections
bric focus
the setting up of omega dx in india allows us to take 
direct control over the marketing and supply of products 
into the indian market historically the largest market  
for the group’s infectious disease products india has  
a growing middle class population which represents  
a significant opportunity for both the food intolerance 
and allergy range of products the validation of the 
autoimmune tests on an automated platform has been 
driven initially by an opportunity in china but which also 
provides an opportunity for international expansion
board and employees
i am pleased that we have appointed jag grewal as 
group sales and marketing director who is providing 
additional strength to andrew and his team simon 
keller’s appointment as international business 
development director for food intolerance will i am 
sure lead to better performance for this division finally 
none of the progress above happens automatically  
and i am grateful for the hard work of all employees  
who have contributed to the results announced today 
outlook
turnover in the first quarter is in line with management 
expectation 
the current trading environment remains challenging 
given the levels of economic uncertainty in europe and 
the continuing budgetary constraints of the individual 
healthcare systems 
as a consequence it has recently emerged that the 
german healthcare system has begun a review of 
current reimbursement levels encompassing allergy 
testing in our market segment at this stage the timing 
and effect on the market is uncertain 
however against that background we have continued  
to build on our core strengths and diversify our business 
and there are a number of opportunities which i believe 
will mitigate any of the aforementioned risk over the 
medium term 
in particular i believe the opportunity with cd4 which will 
commercially launch in july offers the group an ability to 
create significant strategic value based on the responses 
we have had to date from major global organisations
the risks associated with our current allergy offering  
will be mitigated not only through the launch of our 
allergy products on the idsisys at the end of the  
current financial year but also with increased emphasis 
on export and alternative product offerings
i look forward to updating you throughout the year
david evans
nonexecutive chairman
29 june 2012
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 04
acquisition of genesis 
diagnostics limited and 
cambridge nutritional 
sciences limited for an  
initial consideration of £57 
million acquisition provided 
major growth opportunity to 
develop new products using 
two key technologies the 
macroarray and microarray
acquisition of cotek  
south west limited for  
cash consideration of £480k 
acquisition of an existing 
supplier allowed the group to 
supply part of the range of the 
infectious disease products 
on a more competitive basis
omega diagnostics limited 
reverse into quintessentially 
english plc then changed 
name to omega diagnostics 
group plc with a stated aim  
of seeking to acquire other 
companies within the medical 
diagnostics sector in order to 
gain substantive critical mass
acquisition of the allergy ivd 
business of allergopharma  
for cash consideration of  
£49 million the acquisition 
provided the group with 
access to the high value 
allergy testing market
2006 2010 2007 2009
delivering  
growth  annual report and accounts 2012 
 wwwomegadiagnosticscom 05
signing of an exclusive  
licence agreement with 
immunodiagnostic systems 
holdings plc for the worldwide 
rights to develop and distribute 
allergy tests on its successful 
and us fdacleared idsisys 
automated instrument 
incorporation of omega dx 
asia pvt limited a subsidiary 
in india in order to gain direct 
access to the indian market
signing of an exclusive  
licence agreement with the 
burnet institute in australia  
for the worldwide rights to 
manufacture and distribute 
poc tests for cd4 and 
syphillis continued progress 
on isys development with 
optimisation of first batch  
of six allergens continuing  
and intended launch in early 
2013 with an initial range of 
4050 allergens on track
2011 2012
omega group sales
20082012
2009 2008
£54m
£35m
2010
£62m
2011
£79m
2012
£111m
making progress
strategy
successful 
acquisitions
organic 
growth
global 
partnerships
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 06
automated  
allergy t esting
strategic insight the combination of the allergy  
ivd business and the worldwide exclusive access  
to the idsisys is signiﬁcantly contributing to the  
delivery of a competitive automated allergy system
progress
a start has been made to a following group of 18 more 
allergens and we remain confident that the program is  
on track for initial launch of between 4050 allergy tests  
in q4 of the financial year to this end we now have  
a suite of four idsisys instruments commissioned  
and committed to the project and the team has been 
augmented with a new project leader who brings  
14 years of product development experience gained  
at hycor one of the major allergy ivd companies 
we look forward to reporting continued progress over  
the remainder of the year
key opinion leader contacts built up have also been  
useful to help direct the key performance indicators 
required for the assays an initial tranche of eight allergens 
were used to demonstrate the overall technical feasibility 
of our intended approach and we are encouraged by the 
performance achieved to date 
we compared our prototype to a leading commercial 
automated test and to other available manual tests  
and found it superior to all manual tests six of these  
eight are moving through optimisation and of the other 
two we have demonstrated that performance can be 
improved by either judicious selection of allergen extract 
raw material andor alterations to the chemistry involved  
in making the active conjugates   annual report and accounts 2012 
 wwwomegadiagnosticscom 07
making progress
strategy
01 insects
07 dust mites
02 foods
03 seafood
04 pets
05 nuts
06 pollens
financial  
statements governance
business  
review
making  
progress
large 
allergen 
bank
automated 
system
signiﬁcant 
global 
opportunity annual report and accounts 2012 
wwwomegadiagnosticscom 08
hivinfected 
individuals 
worldwide
33million
hivinfected 
individuals  
without access  
to treatment
17  1 million
hivinfected 
individuals  
in developing  
countries
263million
potential no  
of cd4 tests 
performed  
per year
342million
total number of
cd4
pointofcare test
top 12 countries by hiv population 
south africa 56m
nigeria 33m
india 24m
kenya 15m
mozambique 14m
tanzania 14m
uganda 12m
zimbabwe 12m
russian federation 098m
zambia 098m
malawi 092m
china 074m
countries with high percentage 
of people living with hiv  annual report and accounts 2012 
 wwwomegadiagnosticscom 09
an nnu nnu nnu n n nu ua al l rep rep r rep ep rep rep rep ep ep ep ep rep rep p port ort ort ort ort ort or ort ort ort o t or an an an a an an a and d a a d d a a d ccounts 2012
www www www www www www www ww ww w om om om om om om om om om mega ega ega ega ega ega ega ega ega e a ad d di dia i d d gnosticscom 09
 cost
 accessibility
 patient loss  
to treatment
hiv is a major global health  
challenge affecting approximately  
33 million people with ﬁve million new 
cases per year  mainly in the developing 
world and is the primary cause of 
disease burden in 12 countries 
including south africa and india 
cd4 is a marker the measurement  
of which determines when to initiate 
antiretroviral treatment art
the burnet institute have developed a poc cd4 test that provides  
an affordable low complexity but highly technical solution using  
a format similar to a home pregnancy test the test is semiquantitative 
and displays a visual line on the test strip that indicates whether the 
patient’s cd4 count is above or below a set threshold the current  
who guidelines of 350 cd4 cellsμl the innovative component of  
the technology resides in the method of capturing and quantifying  
a patient’s tcell associated cd4 the diagnostic component and 
differentiating this from the free cd4 in plasma or cd4 attached to  
other immune cells monocytes
cd4 testing remains a bottleneck of art initiation due to the logistical 
difficulties for those hiv individuals living in rural areas in accessing  
a clinic with instrument based cd4 testing where the timing between 
testing and reporting can often lead to a significant “loss to follow up”  
of patients thus there is a clear unmet need for a lower cost lower 
complexity and higher throughput technology for the quantification of 
cd4 tcells in hivinfected individuals that can be conducted in doctor’s 
surgeries routine pathology laboratories worldwide and in outreach 
clinics in resourcepoor countries
the visitect cd4 test requires only a fingerprick sample of blood and 
gives visual results in 40 minutes allowing high throughput of samples  
it is more affordable than any other cd4 technology on the market  
and does not require highly skilled laboratory technicians and can be 
performed by clinicians or field healthcare workers with minimal training 
there is no requirement for cold chain storage maintenance costs or 
any instrumentation there is currently no other poc cd4 test on the 
market that does not require additional equipment in order to perform 
the test as the test uses lateral flow technology already very familiar  
to health care workers using other poc tests this makes the visitect 
cd4 test ideally placed for use in remote point of care clinics where  
it can literally be transported in the pocket
implementation of the visitect cd4 test will directly increase the 
availability access scope and coverage of cd4 testing beyond the 
urban centres to reach the rural majority in india south africa and  
other developing countries substantially increasing the number of 
people with access to cd4 testing will reduce morbidity and mortality 
decrease hospitalisation and loss to follow up use of only clinical 
criteria to start art and lack of opportunity for regular cd4 monitoring 
is well known to be associated with delayed onset of treatment
making progress
innovation
visitect 
cd4
actual size
problem
 visitect cd4
 low cost test
solution
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 10
syphilis igm
pointofcare test
pregnancies 
result in still 
birth
25
neonatal  
death
14
in pregnant women with untreated early syphilis
in 43 countries out of 75 surveyed in 2010 1 or more of pregnant  
women attending antenatal care tested positive for syphilis
new cases of 
syphilis each year 
worldwide
12million
perinatal deaths 
each year in 
subsahara africa
500k
9 countries where more than 5 of the pregnant 
women attending tested positive for syphilis
34 countries where between 1 and 5 of the 
pregnant women attending tested positive for syphilis  annual report and accounts 2012 
 wwwomegadiagnosticscom 11
syphilis remains a worldwide public 
health problem the world health 
organisation who estimates that  
there are 12 million new cases of 
syphilis each year with more than  
90 occurring in developing nations 
in many developing countries congenital syphilis is a leading cause  
of still births and deaths among neonates
a wide range of diagnostic tests exist to diagnose both active and  
past syphilis infection however many of these tests are of limited value  
in primary healthcare settings especially in developing countries
pointofcare tests poc that detect antibodies against treponema 
pallidum have been widely available for a number of years however  
there are no poc tests that can specifically detect igm class antibodies  
to treponema pallidum or distinguish between infections that are active  
or those that have been treated in the past hence current poc tests  
have limited value in areas where syphilis is endemic or in some high  
risk groups 
the burnet institute has developed a simple test that allows the detection  
of treponema pallidum specific igm antibodies without the interference  
of specific igg antibodies the test represents the first poc assay for the 
detection of specific igm antibodies and should be a valuable tool for the 
improved control of syphilis worldwide 
as developers of the technology the burnet institute has entered into  
a worldwide exclusive license agreement with omega diagnostics group 
plc to manufacture and distribute the syphilis test on a global basis  
the product will be branded as visitect syphilis igm
sexually transmitted diseases are a major global cause of acute  
illness infertility long term disability and death with severe medical and 
psychological consequences for millions of men women and children  
the world health organization states that “in developing countries  
stds and their complications are amongst the top five disease categories 
for which adults seek health care in women of childbearing age stds 
excluding hiv are second only to maternal factors as causes of disease 
death and healthy life lost” the presence of an untreated std can also 
“increase the risk of both acquisition and transmission of hiv by a factor of 
up to 10” unlike hiv many stds can be treated and cured relatively easily 
and cheaply if diagnosed early enough to fight these epidemics authorities 
must act to expand access to testing and treatment facilities to educate 
people about safer sex and risk reduction and to counter the prejudice 
surrounding std infections
making progress
innovation
 inability to detect  
an active infection
 accessibility
problem
 visitect  
syphilis igm
solution
african mother with baby girl
location – mmankgodi village botswana
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 12
brazil
£219861
russia india china
£401799
£259165
£84832
£149620
£498623
£118041
£96557
brazil russia india china total
1 billion
03 billion
05 billion
25 billion
43 billion
bric focus
direct  distribution 
presence
omega sales to bric countries
2011 vs 2012
cummulative annual growth rate
bric cagr 20pa global 5pa
2011 estimated ivd market
direct presence
distribution presence  annual report and accounts 2012 
 wwwomegadiagnosticscom 13
history
knowledge brand
sales
trust in 
people
making progress
focus
the strategic move by the group to set 
up a direct presence in india enables 
more control and focus in an ivd market 
estimated to be worth £500 million with 
annual growth rates of 12
india
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 22 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 dxasia pvt ltd and heads up the team  
to transition the groups business in india from distributor 
to wholly owned subsidiary
 government 
expenditure on ivd  
is 1 of gross 
domestic product
 private ivd 
expenditure is  
4 to 5 times higher
 75 of the hospitals 
are privately owned
 27000 laboratories
going direct in india 
 omega market presence since 1993
  existing omega brand awareness  
– eg pathozyme
 key appointments with market knowledge
  locally appointed managing director known  
to omega management for almost 20 years
 targeted sales
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 14
global sales overview
uk
north america
asia and far east
europe
southcentral america
africa and middle east
8
of total group revenue
3
of total group revenue
12
of total group revenue
58
of total group revenue
4
of total group revenue
15
of total group revenue
 allergy and autoimmune
£36128 33
 food intolerance 
£663606 12
 infectiousother
£233430 25
 allergy and autoimmune
£4519 5
 food intolerance 
£228745 43
 infectiousother
£94240 8
 allergy and autoimmune
£151259 1
 food intolerance 
£419289 10
 infectiousother
£744745 2
 allergy and autoimmune
£3990505 266
 food intolerance 
£1960803 5
 infectiousother
£528731 1
 allergy and autoimmune
£5177 31
 food intolerance 
£114613 133
 infectiousother
£321557 4
 allergy and autoimmune
£289185 24
 food intolerance 
£513651 24
 infectiousother
£823870 0
£933164 
3
£327504 
23
£1315293 
3
£6480039 
86
£441347 
22
£1626706 
11
£15m
£445m
fy11 fy12
allergy  
autoimmune
£36m
£390m
fy11 fy12
food 
intolerance
£28m
£275m
fy11 fy12
infectious 
diseaseother
total sales – fy11 v fy12  annual report and accounts 2012 
 wwwomegadiagnosticscom 15
2009 2008
£35m
2010
£62m
2011
£79m
2012
£111m
£54m
72
14
27
41
56
2009 2008
544
2010
583
2011
596
2012
63
615
135
32
13
34
71
2009 2008
£298k
2010
£589k
2011
£736k
2012
£1m
£540k
446
8
25
36
81
2009 2008
£424k
2010
£720k
2011
£1490k
2012
£1560k
£574k
–
44
80
5
35
2009 2008
£217k
2010
£790k
2011
£772k
2012
£980k
£314k
–
152
2
27
44
kpis and strategy 
how do we measure  
our performance
sales
gross margin
adjusted proﬁt before tax
food intolerance – genarrayt
®
 reagent sales
food detective
®
 sales
progress made in 2012
organic growth of 5 achieved and full 
years revenue for allergy ivd business
progress made in 2012
increased gross margin level  
through improved product mix
progress made in 2012
increased by 36 on prior year
progress made in 2012
significantly increased revenues  
outside of spain
progress made in 2012
increased penetration in  
key existing markets
strategy for 2013
commercialise isys cd4 and syphilis 
igm and grow sales in india
strategy for 2013
focused margin improvements  
through product mix
strategy for 2013
increase significantly through  
strategic revenue growth initiatives
strategy for 2013
to concentrate more on growing  
revenue per instrument
strategy for 2013
focus in bric country opportunities
 likeforlike 5
 likeforlike 12
 likeforlike 20
year on year variations measured  
in percentage points
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 16
chief executive’s review
omega diagnostics our mission is to improve 
human health and wellbeing through innovative 
diagnostic tests and global partnerships
i am pleased to report that the group has seen an 
increase in revenue for the year to £1112 million some 
41 ahead of last year’s figures 2011 £790 million  
with likeforlike sales increasing by 5 
we are very pleased with the progress the group  
has made and the business is performing strongly  
we are also looking forward to significant opportunities 
presented by direct access into the indian market the 
launch of a range of allergy tests on the automated 
idsisys platform and the new prospects that exist that 
could transform the performance within our infectious 
disease segment
  new team – in the year we have expanded our 
management team with some talented individuals 
we now have a senior management team in place 
that can deliver further profitable growth
  focus – we have been careful to limit our strategic 
focus on our three core product segments so that 
our efforts have not been diluted
  new products – our search for new products in our 
strategic areas of activity has led to new opportunities 
that will fuel our growth in future years
  strategy – we continue to refine our strategy in order 
to take advantage of new opportunities
allergyautoimmune
the allergy segment has benefited from a full year 
contribution following on from the acquisition of 
allergopharma’s ivd business in december 2010 sales 
for omega diagnostics gmbh “omega gmbh” our 
german subsidiary grew by 305 to £387 million 2011 
£096 million on a full likeforlike basis the growth in 
sales equates to 8
the delay in the export of allergy products from  
omega gmbh as previously highlighted has been 
disappointing this is being addressed through  
a combination of product improvements and amended 
software formats that are more suitable for export 
markets with the aim of validating these products  
to run on automated instruments that are widely  
available in international markets
sales of autoimmune tests increased by 5 to £615k 
2011 £584k we reported previously that the current 
range of autoimmune test kits were limited to small labs 
with manual test systems work has been undertaken 
during the year to revise the kit formats which will allow 
their use on a larger number of automation platforms 
similarly widely available in export markets this strategy 
will allow our distributors to access larger parts of the 
market and extend the product life cycle
food intolerance
this segment has seen an overall growth in sales  
of 10 to £390 million 2011 £356 million
sales of genarrayt
®
 reagents have grown to £156 million 
2011 £149 million 13 genarrayt
®
 systems 2011 33 
systems were sold in the year bringing the total global 
placements to 108 systems system sales revenue 
amounted to £88k 2011 £192k however this reduction 
in systems sold was an intentional decision to 
concentrate more on increasing sales traction across the 
installed instrument base this  
is key to the future success of genarrayt
®
 and with the 
market reputation gaining momentum we are seeing 
more high quality sales leads develop in key countries as 
they appreciate the power of this innovative technology 
the food detective
®
 test for food intolerance has  
seen a strong sales increase to £980k 2011 £772k  
the number of countries where we have now sold 
product has continued to increase to 68 2011 54 with 
an increase in volumes to 60782 kits 2011 41665  
the top five markets account for 50 of sales with good 
growth in china and brazil which fits with the group’s 
strategic focus on bric countries product registration in 
china is close to completion and we are hopeful for an 
early conclusion to this process
sales of foodprint
®
 tests through the cns testing 
laboratory have grown to £048 million 2011 £033 
million the testing services for food intolerance and 
other related tests have shown an increase in business  
to £621k 2011 £452k which has mainly been due to 
increased sales to offshore accounts which send 
samples into the cns laboratory for testing various 
sales initiatives are underway to access large retail 
accounts in the uk and overseas who are interested  
in offering our lab services in order to widen their own 
service portfolio
with the appointment of simon keller there is now a 
more focused approach to targeting the key customer 
groups of nutritionists and associated healthcare 
professionals 
progress has continued albeit slowly with registration  
of food detective
®
 in the united states by our partner 
toyota tsusho the timeline to registration remains 
uncertain but ultimately we believe the potential market 
to be substantial  annual report and accounts 2012 
 wwwomegadiagnosticscom 17
scdi scotland’s international 
awards international award for 
innovation in product or service 
development 2011 omega 
diagnostics group plc 
presented by the rt hon  
alex salmond msp  scotland’s  
first minister to andrew shepherd 
chief executive
infectious diseaseother
sales of infectious disease tests reduced by 2 to £275 
million 2011 £280 million the market for the current 
range still remains highly competitive which goes to 
show that to increase sales in this sector in the future 
requires a step change in activity and focus 
omega has been active in the ivd market and specifically 
the infectious disease arena for the last 25 years and 
has built up an enviable contact base which drives new 
opportunities from discussions earlier in the year two 
new product opportunities came into focus which could 
lead to substantial future growth the group has 
exclusively inlicensed two test technologies from the 
burnet institute a leading australian medical research 
and public health organisation focused on improving  
the health of disadvantaged and marginalised groups 
the first inlicensed technology is a novel poc 
technology for cd4 testing at field level where current 
cd4 tests are unable to operate quantifying cd4 tcells 
is a vital component to the management and care of hiv 
patients and is required to assess their candidacy for 
antiretroviral treatment art as treatment begins once 
their count falls below 350 cellsμl and to monitor their 
health during treatment every three to six months  
this equates to a huge potential market as there is a 
growing demand for cd4 testing based on the number 
of individuals requiring to be placed on art therapy but 
are as yet unidentified due to their rural location andor 
lack of access to health facilities
the second exclusive licence is for a poc test for 
detecting active syphilis infection which is a major  
public health problem in developing countries although 
simple reliable and affordable rapid tests for syphilis  
are available many of which are already produced by  
the group the burnet test is the first poc test to make 
the important diagnostic distinction between active and 
past treated infections syphilis remains a major cause  
of stillbirth and neonatal death in many developing 
countries so this test is very important for screening 
pregnant women and identifying those patients requiring 
treatment of congenital syphilis
subject to successful technology transfer processes 
these tests have the potential to transform the group’s 
performance in this segment the cd4 test branded  
as visitect cd4 will be officially launched at the  
19th international aids conference aids 2012  
in washington dc usa on 2227 july 2012
distribution network 
growth has been recorded in most geographic regions of 
the world with the exception of the uk which reduced by 
3 to £933k 2011 £958k and the asiafar east region 
which dropped by 3 to £132 million 2011 £135 million 
these reductions were more than offset by good growth 
in africamiddle east with sales rising by 11 to £163 
million 2011 £147 million and in the european market by 
sales rising 86 to £65 million 2011 £35 million as a 
result of a full year of revenue from our german subsidiary 
and strong performance with key users of the genarrayt
®
 
food intolerance products sales to southcentral 
america rose by 22 to £441k 2011 £361k
bric strategy
in the year we have further concentrated our efforts on 
expanding our business in the bric group of countries 
and we have met with some success in three out of the 
four target countries in brazil we increased sales by 
18 overall across the group achieving sales of £259k 
2011 £220k in russia we increased sales by 76  
to £150k 2011 £85k and in china we increased sales  
by 22 to £118k 2011 £97k india showed a decline  
of 19 with sales of £402k 2011 £499k which was due 
to the fact that the then distributor started to promote  
the products through a catalogue selling operation as 
opposed to a representativebased sales model which 
we know to be proven and successful in the indian 
market this change only served to reinforce our 
decision to move to selling direct in india and we  
expect the decline to be reversed 
financial  
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wwwomegadiagnosticscom 18
ofﬁcial opening of omega dx 
asia ofﬁce on 28 january 2012
following the establishment of our wholly owned  
indian subsidiary in july 2011 a lot of effort has gone  
into making the plan become a reality the inauguration 
ceremony of the new office in mumbai took place at  
the end of january 2012 and since then the core 
management team has been working hard to establish 
the office and internal procedures in readiness for the 
changeover from the current distributor there has also 
been a lot of work involved with product registrations 
and employing the key members of staff required to  
run an indiawide sales operation the result is that the 
group will commence direct selling operations into the 
indian market on 1 july 2012 early premarketing activity 
has been successful in making the market aware of  
our change in distribution and early signs of future 
commercial success are encouraging
over the past few months discussions have also been 
taking place with other ivd companies with a view to 
representing them in the indian market early stage 
indications are that several new product ranges will be 
added to the group’s own product offerings however 
due to the lengthy registration process the impact  
of third party sales will be minimal in the current  
financial year 
research and development
allergyautoimmune
development of the allergy test panel on the idsisys 
automated system is progressing well all key raw 
materials allergen extracts monoclonal antibodies  
and patient samples made available as a result of  
our acquisition of the allergy ivd business have 
demonstrated proven value in the project an initial 
tranche of eight allergens were used to demonstrate the 
overall technical feasibility of our intended approach and 
we are encouraged by the performance achieved to date 
we compared our prototype with a leading commercial 
automated test and with other available manual tests 
our prototype correlated well with the automated test 
and it was found to be superior to all manual tests  
six of these eight allergens are moving through 
optimisation and there has been significant progress in 
understanding how raw materials and process factors 
impact the performance of others a start has been 
made to a second group of 18 allergens and we remain 
confident that the program is on track for initial launch of 
between 4050 allergy tests in q4 of the current financial 
year to this end we now have a suite of four idsisys 
instruments commissioned and committed to the project 
and the team has been augmented with a new project 
leader who brings 14 years of product development 
experience gained at hycor which is one of the major 
allergy ivd companies we look forward to reporting 
continued progress over the remainder of the year
with regard to a multiplex platform we have continued  
to review and evaluate market requirements for allergen 
specific ige testing in multiplex and rapid test formats 
the attributes of conventional rapid test technology are 
well suited to this aim and further work on this development 
is expected to be carried out in the year ahead
outlook
the outlook for the new financial year is very encouraging 
with good growth potential across all segments of  
the business the addition of the new test technologies 
licensed in from the burnet institute should allow us  
to make a major impact in global health markets as  
these tests satisfy a current unmet clinical demand
while there continues to be difficulties in the eurozone 
countries we believe our robust and diversified business 
model bricfocused strategy and focus on new 
products not affected by these issues hold us in good 
stead for continued and profitable growth
andrew shepherd
chief executive
29 june 2012
chief executive’s review
continued  annual report and accounts 2012 
 wwwomegadiagnosticscom 19
financial review
the group has taken the next steps towards 
building a bigger business which has delivered 
proﬁts of £1 million for the ﬁrst time
financial performance
group turnover increased by 408 to £1112 million 
2011 £7 90 million including a full 12 months’ contribution 
from omega gmbh following its acquisition of the 
allergopharma ivd division in december 2010 gross 
profit increased by 488 to £70 million 2011 £471 
million and the gross margin improved from 596 to 
630 reflecting a segmental mix towards higher margin 
business overall historically omega’s revenue business 
has been weighted towards the second half but the 
seasonality of allergy testing where higher first half sales 
through omega gmbh resulted from a higher pollen 
count occurring in may and september has resulted in 
the group achieving total sales of £552 million in the first 
half and £560 million in the second half however this 
has had an effect on gross margin such that first half 
margin was 636 and second half margin was 623
administration costs have increased by a net £962k to 
£4471k 2011 £3509k excluding last year’s acquisition
related costs of £412k the gross increase can be viewed 
as £1374k of this increase £1115k relates to the fullyear 
effect of omega gmbh versus only three months’ worth 
of cost in the prior year costs having risen from £521k  
to £1636k increased activity in developmenttechnical 
accounts for a further increase in expenditure of £196k 
related to uncapitalised isys development costs see 
cash flow section below and increased headcount in 
operations and a remaining increase of £63k relates 
mainly to increases in depreciationamortisation charges
sales and marketing costs have increased by £946k  
to £2015k 2011 £1069k again much of this impact  
is related to fullyear activity through omega gmbh 
including the running of a direct sales force which  
has added £700k of cost £996k v £296k ukrelated 
costs have increased by £176k reflecting the headcount 
investment at director level and below with additional 
product manager positions being filled and £70k reflects 
initial costs incurred in india
adjusted profit before tax increased by 365 achieving 
£10 million 2011 £074 million for the first time the 
profit split between first half and second half exhibited  
a more traditional weighting with £427k achieved in the 
first half and £577k in the second half a reconciliation 
between profit before tax and adjusted profit before tax 
is shown at the foot of the income statement on page 31
taxation
there is a tax credit of £48k 2011 tax charge £74k  
in the year comprising a debit for current tax of  
£18k 2011 £125k and a deferred tax credit of £66k 
2011 £51k the tax credit in the year has arisen due  
to increased research and development tax credits 
resulting from the expenditure incurred on the isys 
development programme prior year adjustments to the 
tax charge arise when there are differences between 
estimated figures chargeable to tax and final tax 
computations
earnings per share
net finance costs are mainly unchanged at £38k  
2011 £31k and adjusted profit after tax of £1052k  
2011 £662k is arrived at by taking adjusted profit  
before tax of £1004k 2011 £736k plus the tax credit  
of £48k 2011 charge of £74k 
adjusted earnings per share eps amounted to 12p 
2011 17p and is arrived at by taking the adjusted pat  
of £1052k and dividing by 85238746 2011 38278631 
being the diluted weighted average number of shares in 
issue for the year statutory profit for the year amounted 
to £527k 2011 £31k which resulted in earnings per  
share of 06p versus earnings per share of 01p in the 
previous year 
operational performance
allergy and autoimmune
the allergy and autoimmune division achieved a growth  
in turnover of 191 with sales of £448 million 201 1 £154 
million which includes the full 12 months trading contribution 
from germany referred to above within these figures  
sales of autoimmune products specifically rose by 5  
to £615k 201 1 £584k the adjusted pbt for the division 
was £134k 201 1 £37k including isys development costs 
expensed to the income statement in the first half of the 
year before attainment of technical feasibility after which  
all isysrelated development costs have been capitalised  
in accordance with current accounting standards
food intolerance
the food intolerance division continued to perform  
well with growth in turnover of 10 to £390 million  
2011 £356 million the decision to concentrate on 
driving genarrayt
®
 reagent sales across the installed 
instrument base has led to a 25 increase in average 
revenue per instrument to £10783 2011 £8631 in  
all markets excluding spain a further 13 systems  
were installed in the year increasing total placements  
to 108 total reagent sales grew to £156 million  
2011 £149 million
financial  
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wwwomegadiagnosticscom 20
sales of food detective
®
 recovered strongly this year 
with growth in turnover up by 27 to £098 million  
2011 £077 million with an exceptional performance in 
poland where sales reached £02 million expectations 
are for continued growth in markets such as china and 
brazil in line with the group’s focus on bric countries
the foodprint
®
 laboratory service also recorded 
commendable revenue growth of 450 with sales  
up to £481k 2011 £332k with a particularly strong 
performance in ireland
the adjusted pbt for this division grew by 155  
to £1136k from £983k the year before
infectious diseaseother
our infectious disease division has continued as the 
most price competitive segment in which we operate 
overall divisional turnover reduced slightly to £275 
million 2011 £280 million and yielded an adjusted profit 
before tax of £316k 2011 £406k much of the difference 
relates to the uk where an apparent reduction in volumes 
shipped from cotek is merely a phasing effect and a 
catch up to meet minimum contracted volumes will be 
seen in the first half of the new financial year 
corporate costs
net centralised costs include costs not allocated to any 
specific segment and where the group makes internal 
arrangements to fund segments via intercompany loans 
interest is charged to the specific segment and the 
corresponding interest income is netted off through 
corporate costs net centralised corporate costs for  
the current year amounted to £582k 2011 £690k  
after including such interest income of £72k 2011 £nil
treasury operations
currency management
the group continues to transact operations in three 
main currencies being sterling euros and us dollars  
in the case of transactions in euros and us dollars the 
group may be exposed to fluctuations in the rates of 
exchange against sterling where possible the group 
operates a natural hedge by entering into transactions  
of both a buying and selling nature that limits the risk  
of adverse exchange rate losses the company holds  
a reducing portion of its borrowings in us dollars where 
this loan can be serviced from a net surplus of us dollars 
generated from its trading activities the exchange rate 
between sterling and the us dollar has been relatively 
stable throughout the year such that a translation loss  
of £1k 2011 gain £17k has been recorded on these 
borrowings along with a loss on trading operations of 
£22k 2011 £22k included within administration costs
the group’s net investment in and funding of omega 
gmbh is in euros which will give rise to foreign 
exchange variations from one period to another in the 
year a foreign exchange loss of £271k 2011 gain £189k 
which has arisen due to a weaker euro has been 
included within other comprehensive income
interest rate management
the group operates certain derivative financial instruments 
for its sterling and us dollar borrowings in the case of its 
sterling loan the group has an agreement with bank of 
scotland whereby the base rate element of the interest 
charge has been capped at 55 for the entire remaining 
term in the case of the us dollar loan the group has two 
agreements with bank of scotland one to cap the interest 
rate based on us libor at 5 and one to operate a floor 
rate on us libor of 225 under ifrs these derivative 
financial instruments are required to be disclosed at their 
fair values as either assets or liabilities and there has been 
a fair value adjustment gain through the income statement 
of £3k 2011 £4k accordingly at the balance sheet date 
the group had liabilities of derivative financial instruments 
of £nil 2011 £3k
cash ﬂow
net cash flow generated from operations of £686k  
2011 £348k is ahead of last year due to the significant 
increase in the level of operating profits net cash used 
in investing activities of £1199k 2011 £5673k includes 
the purchase of intangible assets of £769k 2011 £564k 
of which capitalised development expenditure in relation 
to the isys project amounted to £299k incurred since  
1 october 2011 the point in time at which all criteria in 
relation to ias38 intangible assets were met net cash 
used in financing activities was £345k all in the servicing 
and repayment of existing borrowings leaving cash at 
the yearend of £1159k 2011 £2055k
net debt at the yearend amounted to £145k versus net 
cash at the prior yearend of £447k
financing
following the end of the year the group has obtained 
additional resources with the granting from its principal 
banker bank of scotland of an overdraft facility of 
£700k this facility was arranged on commercially 
acceptable terms and is annually renewable and 
repayable on demand
capital management
the financial performance of the group is measured  
and monitored on a monthly basis through a 
combination of management reporting and kpis the 
group manages its working capital requirements to 
ensure it continues to operate within the covenant limits 
applicable to any borrowing facilities whilst safeguarding 
the ability to continue to operate as a going concern  
the group funds its operations with a mixture of short 
and longterm borrowings or equity as appropriate with  
a view to maximising returns for shareholders and 
maintaining investor creditor and market confidence 
the use of funds for acquisitions is closely monitored  
by the board so that existing funds are not adversely 
impacted by such activity and 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
kieron harbinson
group finance director
29 june 2012
financial review  
continued  annual report and accounts 2012 
 wwwomegadiagnosticscom 21
board of directors
david evans
nonexecutive chairman
david joined omega in 2000 as nonexecutive 
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 
axisshield plc in addition to his role as 
nonexecutive chairman of omega he holds 
nonexecutive directorships in a number of  
other companies
jag grewal
sales and marketing director
jag joined omega in june 201 1 as group sales 
and marketing director he has worked in the 
medical diagnostics industry for 20 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
andrew shepherd
chief executive
andrew is the founder and chief executive of 
omega he has worked in the medical diagnostics 
industry for 35 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
michael gurner
nonexecutive director
michael led the flotation of the company  
on aim in 2006 he qualified as a chartered 
accountant in 1967  before embarking on a  
career in merchant banking with keyser ullmann 
including ma activities with the ryan group of 
companies and holding senior management 
positions including managing director of a fully 
listed company continuous stationery plc an 
acquisitive business forms manufacturer between 
1986 and 1991 thereafter he focused on turning 
around underperforming and ailing businesses  
in association with postern executive group 
limited ‘postern’ a leading uk turnaround 
specialist which provided management teams  
for troubled companies at postern’s request  
he joined the board of several companies which 
were successfully turned around
kieron harbinson
finance director
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 roles 
including group financial controller and chief 
accountant 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 startup optoelectronics company  
as finance director over a period of 18 months 
he was involved in raising approximately us85 
million of venture capital funding the company 
was sold in 2001 to alcatel for eur134 million
financial  
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wwwomegadiagnosticscom 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 29 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  
rd and marketing latterly he has been 
responsible for market development of new 
markers including clinical studies and design 
and development of immunoassay products  
on automated platforms for industry majors
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 22 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 heads up the 
team to transition the groups business in india 
from distributor to wholly owned subsidiary
mike gordon
group operations director
mike joined omega in october 2011 as group 
operations director he has worked in the 
medical diagnostics industry for 28 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
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 20 years manufacturing experience 
with 13 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 
postmergerintegration
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  annual report and accounts 2012 
 wwwomegadiagnosticscom 23
directors’  
report
the directors present their annual report and group financial statements for the year ended 31 march 2012 
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 £526983 2011 profit of £31457 which has been taken to reserves the directors do not propose to pay a 
dividend the results are disclosed in more detail in the chairman’s statement on pages 2 and 3 and the financial review on pages 19 to 20
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 2012 is £89416 2011 profit of £31021
business review and future development
a review of business and future development is discussed in more detail in the chairman’s statement chief executive’s review and financial 
review commencing on pages 2 16 and 19 respectively key performance indicators are disclosed and discussed on page 15 
research and development
research and development activity has increased in the year details of research and development activity are contained in the chief executive’s 
review on pages 16 to 18 costs in the year amounted to £785390 2011 £250055 costs of £486584 in relation to research activities 2011 
£250055 were expensed through the statement of comprehensive income and costs of £298806 in relation to product development 2011 £nil  
were capitalised and included within intangible assets detailed in note 9
directors
the names of the directors who have served the group throughout the year are
david evans
michael gurner
kieron harbinson
andrew shepherd
geoff gower resigned 31 march 2012
jag grewal appointed 30 june 2011
biographies of all directors still serving at the yearend are on page 21
directors’ interests
the beneficial interests of directors who have served throughout the year are listed in the directors’ remuneration report on pages 25 and 26 
there are no nonbeneficial interests held by directors there have been no changes to any director’s interests in the shares of the group between 
31 march 2012 and the date of this report
major interests in shares
as at 11 june 2012 the group had been notified that the following shareholders held more than 3 of the group’s issued ordinary share capital
number of 4p 
ordinary shares percentage
legal  general investment management 15300000 1795
octopus investments 11 196870 131 4
matrix vct plc 8333250 978
unicorn aim vct plc 4266650 501
jm finn nominees limited 3540667 415
brewin dolphin securities 3493118 410
williams de broe 3169967 372
hargreave hale nominees limited 3162466 371
david evans 2870 134 337
supplier payment policy
it is the group’s policy to agree the terms of payment with its suppliers to ensure its suppliers are made aware of those terms and to pay  
in accordance with them
trade creditors of the group at 31 march 2012 were equivalent to 60 days 2011 57 days based on the average daily amount invoiced by suppliers 
during the year 
financial  
statements governance
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financial  
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wwwomegadiagnosticscom 24
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 corporate governance report contains details of the group’s 
system of internal control note 23 to the financial statements contains details of financial risks faced by the group
the board is also aware of nonfinancial risk areas including
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 sectors 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
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 conducting its operations within recognised quality assurance systems and undergoes external assessment to 
ensure compliance with these systems
acquisition risk
the success of the group depends upon 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 which meet certain selection criteria and by 
conducting a detailed due diligence review
eurozone risk
recent turmoil in the economic conditions in europe increases the risk of one or more countries exiting the eurozone this could lead to currency 
devaluation in those countries which could lead to adverse economic impacts elsewhere approximately one third of the group’s revenue is 
derived in germany where the euro is the functional reporting currency the group does not currently have operations located in any other 
european country however in the event of a country’s exit from the eurozone potentially higher volatility of the euro could lead to a reduction in 
the reported trading results of our german operation when translated into sterling the group is seeking to mitigate risk in countries such as spain 
and italy where it has trading relationships by tightening credit control procedures and reviewing credit limits where necessary
 
development risk
the group is undertaking 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 as 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 company also continues to monitor industry trends and customer needs to 
ensure its development targets remain relevant
donations
the group made no charitable donations in the year 2011 £nil nor any political donations 2011 £nil
auditors
the auditors ernst  young llp  have indicated their willingness to continue in office and a resolution for their reappointment 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 page 23 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
29 june 2012
directors’ report 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 25
directors’ remuneration  
report
as an aimquoted 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 michael gurner as chairman and david evans 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 executive directors and the 
company secretary 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 schemesshare option schemes
on 12 august 2011 jag grewal was issued with an option over 100000 ordinary shares of the group under the company’s emi share option 
scheme following his appointment as an executive director on 30 june 2011
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 £85000 his salary was increased to £131250 per annum from 1 april 2009 and then further increased to £145000 per annum 
from 1 april 2011 the agreement will continue until terminated by either party giving to the other not less than 12 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 £72500 his salary was increased to £94500 per annum from 1 april 2009 and then further increased 
to £115000 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 nonexecutive director of the group on 19 september 2006 and was entitled to an annual fee of £25000 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
michael gurner was appointed a nonexecutive director of the group on 19 september 2006 and he was entitled to an annual fee of £15000 this 
fee was increased to £20000 per annum from 1 january 2009 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 £110000 the agreement will continue until terminated by either party giving to the other not less than three months’ notice in writing 
andrew shepherd kieron harbinson and geoff gower received bonuses within the year of £13125 £9450 and £16000 respectively these were 
noncontractual and calculated at 10 10 and 20 of their basic annual salaries at 31 march 2011 based on the financial results achieved for 
the year ending 31 march 2011
in the prior year andrew shepherd kieron harbinson and geoff gower received bonuses of £19688 and £23625 and £2000 respectively these 
were noncontractual and calculated at 15 25 and 25 of their basic annual salaries based on the successful acquisition of the allergy 
business and certain assets of allergopharma joachim ganzer kg
directors’ emoluments
consolidated
feesbasic 
salary 
£
bonuses 
£
beneﬁts 
in kind 
£
total 
2012 
£
total 
2011 
£
executive
andrew shepherd 145000 13125 – 158125 150938
kieron harbinson 115000 9450 1238 125688 119363
jag grewal 82500 – – 82500 –
geoff gower 94000 16000 1516 111516 80183
nonexecutive
david evans 25000 – – 25000 25000
michael gurner 20000 – – 20000 20000
business  
review
making  
progress
financial  
statements governance annual report and accounts 2012 
wwwomegadiagnosticscom 26
the amounts paid in the year towards directors’ pension contributions were as follows
directors’ pension contributions
2012 
£
2011 
£
andrew shepherd 7250 6562
kieron harbinson 5750 4613
jag grewal – –
geoff gower 13500 7333
directors’ interests in the 4p ordinary shares of omega diagnostics group plc
 
31 march 2012 31 march 2011
david evans 2870134 2870134
michael gurner 246671 246671
kieron harbinson 294150 204150
andrew shepherd 1955530 1955530
jag grewal – –
geoff gower 500000 500000
the directors have no interest in the shares of subsidiary companies
directors’ share options 
at 
1 april  
2011
granted 
during  
the year
lapsed 
during  
the year
exercised 
during  
the year
at  
31 march 
2012
option  
price
date of  
grant
earliest 
exercise 
date
expiry  
date
david evans 390822 – – – 390822 19p 10122008 10122009 10122018
andrew shepherd 703480 – – – 703480 19p 10122008 10122009 10122018
kieron harbinson 468987 – – – 468987 19p 10122008 10122009 10122018
jag grewal – 100000 – – 100000 1325p 1282011 1282012 1282021
geoff gower 20000 – – – 20000 19p 552009 552010 552019
david evans was issued with an option under the unapproved option scheme and andrew shepherd kieron harbinson jag grewal and  
geoff gower were issued with options under the company’s emi option scheme 
the share price at 31 march 2012 was 1025p the highest and lowest share price during the year was 162p and 975p respectively
 
approved by the board
michael gurner
nonexecutive director
29 june 2012
directors’ remuneration  
report continued annual report and accounts 2012 
wwwomegadiagnosticscom 27
corporate governance  
report
as an aimquoted company the group is not required to produce a corporate governance report that satisfies all the requirements of the combined 
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 nonexecutive chairman one nonexecutive director and three executive directors who are the chief 
executive the finance director and the sales and marketing director david evans nonexecutive chairman and michael gurner nonexecutive 
director are considered by the board to be independent in character and judgement michael gurner is the senior independent nonexecutive 
director 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 bankingtreasury facilities and approving major items of capital expenditure 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 11 occasions of the 11 meetings andrew shepherd attended ten with michael gurner david evans 
kieron harbinson and geoff gower attending 11 and jag grewal attending all eight meetings he was entitled to attend following his appointment
the chairman has additional nonexecutive directorships of the following companies
epistem holdings plc
momentum biosciences limited
scancell holdings plc
ekf diagnostics plc
sirigen limited
cytox limited
venn life sciences limited
bbi holdings limited
diagnostics capital limited
lochglen whisky limited
st andrews golf art limited
horizon discovery limited
spectrum limited rainbow seed fund
optibiotix health limited
the audit committee
the audit committee has met on two occasions during the year and once since the yearend the committee is comprised of david evans as 
chairman and michael gurner 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 
internal controls 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 pricesensitive 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 reappointment 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 nonaudit 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
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 followup action
the remuneration committee
the remuneration committee has met on two occasions during the year and once since the year end the committee is comprised of michael 
gurner as chairman and david evans and has primary responsibility for determining and agreeing with the board the remuneration of the 
company’s chief executive chairman executive directors the company secretary and such other members of the executive management  
as it is designated to consider the remuneration of the nonexecutive 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
business  
review
making  
progress
financial  
statements governance annual report and accounts 2012 
wwwomegadiagnosticscom 28
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 genesis diagnostics 
limited 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 
business review which runs on pages 2 to 3 and pages 16 to 20 the financial position of the group its cash flows liquidity position and 
borrowing facilities are described in the financial review on pages 19 to 20 in addition note 23 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 adequate financial resources together with longterm relationships with a number  
of customers and suppliers across different geographic areas and industries
as a consequence the directors believe that the group is wellplaced to manage its business risks successfully despite the current uncertain 
economic 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
29 june 2012 
corporate governance  
report continued annual report and accounts 2012 
wwwomegadiagnosticscom 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 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 judgments and estimates that are reasonable and prudent
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 
business  
review
making  
progress
financial  
statements governance annual report and accounts 2012 
wwwomegadiagnosticscom 30
independent auditor’s report
to the members of omega 
diagnostics group plc
we have audited the financial statements of omega diagnostics group plc for the year ended 31 march 2012 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 23 
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 auditor’s 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 auditors
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 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 nonfinancial information in the annual report and accounts to identify material inconsistencies with the audited 
financial statements 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 2012 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 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
29 june 2012 annual report and accounts 2012 
wwwomegadiagnosticscom 31
consolidated statement  
of comprehensive income
for the year ended 31 march 2012
note
2012  
£
2011  
£
continuing operations
revenue 7 11124053 7902036
cost of sales 4120259 3195742
gross proﬁt 7003794 4706294
administration costs 4471381 3508810
selling and marketing costs 2015300 1069027
other income – government grants and related assistance – 7 769
operating proﬁt 7 517113 136226
finance costs 5 48542 33052
finance income – interest receivable 7 10856 1950
proﬁt before taxation 479427 105124
tax creditcharge 6 47556 73667
proﬁt for the year 526983 31457
other comprehensive income
exchange differences on translation of foreign operations 271130 189009
actuarial gain on defined benefit pensions 56000 41984
tax credit 16585 –
other comprehensive income for the year 198545 230993
total comprehensive income for the year 328438 262450
earnings per share eps
basic and diluted eps on profit for the year 22 06p 01p
adjusted proﬁt before taxation
for the year ended 31 march 2012
2012  
£
2011  
£
proﬁt before taxation 479427 105124
ifrsrelated discount charges included within finance costs 45225 21968
fair value adjustments to financial derivatives included within finance costs 2981 4086
amortisation of intangible assets included within administration costs 415419 192907
sharebased payment charges included within administration costs 29716 7873
acquisition related costs included within administration costs 37461 412045
adjusted proﬁt before taxation 1004267 735831
earnings per share eps
adjusted eps on profit for the year 12p 17p
adjusted profit before taxation is derived by taking statutory profit before taxation and adding back ifrsrelated discount charges amortisation of 
intangible assets sharebased payment charges acquisition costs and fair value adjustments to financial derivatives this is not a primary statement
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 32
consolidated  
balance sheet
as at 31 march 2012
note
2012
£
restated 
2011
£
assets
noncurrent assets
intangibles 9 9136072 9376571
property plant and equipment 10 2068509 1954485
deferred taxation 15 150332 84913
retirement benefit surplus 19 85639 41984
11440552 11457953
current assets
inventories 11 1689549 1502659
trade and other receivables 12 2417500 2369701
income tax receivable 4054 16683
cash and cash equivalents 1159132 2054877
5270235 5943920
total assets 16710787 17 401873
equity and liabilities
equity
issued capital 12977107 12977 107
retained earnings 347403 10751
total equity 13324510 12966356
liabilities
noncurrent liabilities
longterm borrowings 13 794389 1275832
other financial liabilities 20 – 549663
deferred taxation 15 503728 520607
derivative financial instruments 23 454 3435
total noncurrent liabilities 1298571 2349537
current liabilities
shortterm borrowings 13 509811 332499
trade and other payables 14 1453018 1615705
other financial liabilities 20 124877 –
income tax payable – 137 776
total current liabilities 2087706 2085980
total liabilities 3386277 4435517
total equity and liabilities 16710787 17 401873
  the prior year balance sheet was restated to reflect an adjustment to the fair value of stock that was acquired as part of the allergy ivd business where the fair value in 2011  
was determined provisionally note 8
david evans  kieron harbinson
nonexecutive chairman finance director
29 june 2012  29 june 2012
omega diagnostics group plc
registered number 5017761  annual report and accounts 2012 
wwwomegadiagnosticscom 33
consolidated statement  
of changes in equity
for the year ended 31 march 2012
share  
capital 
£
share  
premium 
£
retained 
earnings 
£
total 
£
balance at 31 march 2010 1562246 4368716 281074 5649888
issue of share capital for cash consideration 2583334 5166668 – 7750002
expenses in connection with share issue – 703857 – 703857
profit for the year ended 31 march 2011 – – 31457 31457
other comprehensive income – net exchange adjustments – – 189009 189009
other comprehensive income – actuarial gain on defined benefit pensions – – 41984 41984
total comprehensive income – – 18624 12958483
sharebased payments – – 7873 7873
balance at 31 march 2011 4145580 8831527 10751 12966356
profit for the year ended 31 march 2012 – – 526983 526983
other comprehensive income – net exchange adjustments – – 271130 271130
other comprehensive income – actuarial gain on defined benefit pensions – – 56000 56000
other comprehensive income – tax credit – – 16585 16585
total comprehensive income – – 317687 13294794
sharebased payments – – 29716 29716
balance at 31 march 2012 4145580 8831527 347403 13324510
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 34
consolidated  
cash flow statement
for the year ended 31 march 2012
note
2012  
£
2011  
£
cash ﬂows generated from operations
profit for the year 526983 31457
adjustments for
 taxation 47556 73667
 finance costs 48542 33052
 finance income 10856 1950
operating profit before working capital movement 517113 136226
increase in trade and other receivables 47799 623918
increasedecrease in inventories 186890 95707
decreaseincrease in trade and other payables 37697 466546
gain on sale of property plant and equipment 283 3949
depreciation 10 264710 144292
amortisation of intangible assets 9 415419 192907
sharebased payments 29716 7873
taxation paid 143306 67501
cash flow from operating activities 810983 348183
settlement of acquisition related liability 125000 –
cash ﬂow from operating activities 685983 348183
investing activities
finance income 10856 1950
purchase of property plant and equipment 10 454179 200977
purchase of intangible assets 768968 563653
sale of property plant and equipment 13681 5499
outflow on acquisition of subsidiaries 8 – 4916049
net cash used in investing activities 1198610 5673230
financing activities
finance costs 12563 26446
proceeds from issue of share capital – 7750002
expenses of share issue 16 – 703857
loan repayments 272832 276744
finance lease repayments 60030 62795
net cash used infrom ﬁnancing activities 345425 6680160
net decreaseincrease in cash and cash equivalents 858052 1355113
effects of exchange rate movements 37693 20964
cash and cash equivalents at beginning of year 2054877 678800
cash and cash equivalents at end of year 1159132 2054877 annual report and accounts 2012 
wwwomegadiagnosticscom 35
company  
balance sheet
as at 31 march 2012
note
2012  
£
2011  
£
assets
noncurrent assets
investments 21 10774918 10655361
intangible assets 9 984663 984663 
11759581 11640024
current assets
trade and other receivables 12 4344833 4949986
income tax receivable – 12627
cash and cash equivalents 18869 552702
4363702 5515315
total assets 16123283 17  155339
equity and liabilities
equity
issued capital 13966782 13966782
retained earnings 232939 292639
total equity 14199721 14259421
liabilities
noncurrent liabilities
longterm borrowings 13 794389 1262470
other financial liabilities 20 – 549663
derivative financial instruments 23 454 3435
total noncurrent liabilities 794843 1815568
current liabilities
shortterm borrowings 13 496450 272470
trade and other payables 14 507382 690012
other financial liabilities 20 124887 –
income tax payable – 11 7 868
total current liabilities 1128719 1080350
total liabilities 1923562 2895918
total equity and liabilities 16123283 17  155339
david evans  kieron harbinson
nonexecutive chairman finance director
29 june 2012  29 june 2012
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 36
company statement  
of changes in equity
for the year ended 31 march 2012
share  
capital  
£
share  
premium  
£
retained 
earnings  
£
total  
£
balance at 31 march 2010 1934528 4986109 253745 7174382
issue of share capital for cash consideration 2583334 5166668 – 7750002
expenses in connection with share issue – 703857 – 703857
profit for the year ended 31 march 2011 – – 31021 31021
total comprehensive income – – 284766 14251548
sharebased payments – – 7873 7873
balance at 31 march 2011 4517862 9448920 292639 14259421
loss for the year ended 31 march 2012 – – 89416 89416
total comprehensive income – – 203223 14170005
sharebased payments – – 29716 29716
balance at 31 march 2012 4517862 9448920 232939 14199721 annual report and accounts 2012 
wwwomegadiagnosticscom 37
company cash  
flow statement
for the year ended 31 march 2012
2012 
£
2011 
£
cash ﬂows generated from operations
lossprofit for the year 89416 31021
adjustments for
 taxation 7528 105241
 finance costs 45338 25730
 finance income 79944 19905
operating lossprofit before working capital movement 116494 142087
decreaseincrease in trade and other receivables 605150 1177 250
decreaseincrease in trade and other payables 182630 250847
taxation paid 112768 81193
sharebased payments 29716 7873
net cash ﬂow from operating activities 222974 857636
investing activities
finance income 79944 19905
purchase of intangible assets 435000 435000
outflowinvestment on acquisition of subsidiaries 119557 4937058
net cash used in investing activities 474613 5352153
financing activities
finance costs 9362 19124
proceeds from issue of share capital – 7750002
expenses of share issue – 703857
loan repayments 272832 276744
net cash used infrom ﬁnancing activities 282194 6750277
net decreaseincrease in cash and cash equivalents 533833 540488
cash and cash equivalents at beginning of year 552702 12214
cash and cash equivalents at end of year 18869 552702
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 38
notes to the  
financial statements 
for the year ended 31 march 2012
1 authorisation of financial statements
the financial statements of omega diagnostics group plc for the year ended 31 march 2012 were authorised for issue by the board of directors 
on 29 june 2012 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 the aim market
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 ifrs 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 comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities and is achieved 
through direct or indirect ownership of voting rights 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 
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 cashgenerating 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 – 520 years
customer relationships – 510 years
supply agreements – 5 years
other intangibles – 5 years
software   – 5 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 which is incurred up to the point of manufacturing validation is written off as incurred thereafter expenditure on product 
development which meets certain criteria is capitalised and amortised over its useful life the manufacturing validation stage is when it is probable 
that the product will generate future economic benefits and 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 annual report and accounts 2012 
wwwomegadiagnosticscom 39
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 – 810 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
impairment of assets
the group and company assesses 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 
cashgenerating 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 pretax 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 shortterm deposits with an original maturity of three 
months or less
financial instruments
under ias39 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
  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 12 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
  other liabilities
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 40
2 accounting policies continued
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 included 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
other liabilities
trade payables are not interestbearing 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 longterm 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 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 shortterm 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
nonmonetary 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 salesrelated 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
government grants
government 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 government 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
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
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 41
sharebased payments
equitysettled transactions
for equitysettled 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 equitysettled 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 nonvesting 
conditions like market performance conditions nonvesting 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 nonvesting condition which 
are treated as vesting irrespective of whether or not the market or nonvesting 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 nonvesting condition be treated as vesting as described above 
this includes any award where nonvesting 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 equitysettled 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
where an equitysettled 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 is recognised in profit or loss
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 42
2 accounting policies continued
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 below 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 9
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 2012 is £150332 2011 £84913 further details are contained in note 15
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
international accounting standards iasifrs’s effective date
ias1 presentation of items of other comprehensive income amendments to ias1 1 july 2012
ias12 income taxes amendment – deferred taxes recovery of underlying assets 1 january 2012
ias19 employee benefits amendment 1 january 2013
ifrs7 financial instruments disclosures amendment 1 july 2011
ifrs9 financial instruments 1 january 2013
ifrs10 consolidated financial statements 1 january 2013
ifrs11 joint arrangements 1 january 2013
ifrs12 disclosure of interests in other entities 1 january 2013
ifrs13 fair value measurement 1 january 2013
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
3 adoption of new international financial reporting standards 
the accounting policies adopted are consistent with those of the previous financial year
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 43
4 segment information
following the completion in the prior year of the acquisition of the invitro diagnostics business of allergopharma joachim ganzer kg and the 
incorporation of omega gmbh the group carried out a review of internal reporting and the information presented to the board
for management purposes the group is organised into three operating divisions allergy and autoimmune food intolerance and infectious and 
other the allergy and autoimmune division specialises in the research development production and marketing of invitro 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 diseases 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
intersegment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties
business segment information 
2012
allergy and 
autoimmune  
£
food  
intolerance  
£
infectious 
other  
£
corporate  
£
group  
£
statutory presentation
revenue 4488210 4456689 2762572 – 11707471
intersegment revenue 11436 555984 15998 – 583418
total revenue 4476774 3900705 2746574 – 11124053
operating costs 4616762 2863458 2450586 676134 10606940
operating profitloss 139988 1037247 295988 676134 517113
other operating income – – – – –
net finance costsincome 72095 197 – 34606 37686
proﬁtloss before taxation 212083 1037050 295988 641528 479427
adjusted proﬁt before taxation
profitloss before taxation 212083 1037050 295988 641528 479427
ifrsrelated discount charges 12344 – – 32881 45225
fair value adjustments to financial derivatives – – – 2981 2981
amortisation of intangible assets 296667 98748 20004 – 415419
acquisition costs 37461 – – – 37461
sharebased payment charges – – – 29716 29716 
adjusted proﬁtloss before taxation 134389 1135798 315992 581912 1004267
 
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 44
2011
allergy and  
autoimmune  
£
food  
intolerance 
£
infectious  
other  
£
corporate  
£
 
group  
£
statutory presentation
revenue 1539206 3997989 2862036 – 8399231
intersegment revenue – 438879 58316 – 497195
total revenue 1539206 3559110 2803720 – 7902036
operating costs 1593544 2654817 2421619 1103599 7773579
operating profitloss 54338 904293 382101 1103599 128457
other operating income – 4000 3769 – 7769
net finance costs – 6969 – 24133 31102
proﬁtloss before taxation 54338 901324 385870 1127732 105124
adjusted proﬁt before taxation
profitloss before taxation 54338 901324 385870 1127732 105124
ifrsrelated discount charges – – – 21968 21968
fair value adjustments to financial derivatives – – – 4086 4086
amortisation of intangible assets 90942 81961 20004 – 192907
acquisition costs – – – 412045 412045
sharebased payment charges – – – 7873 7873
adjusted proﬁtloss before taxation 36604 983285 405874 689932 735831
the segment assets and liabilities are as follows
 
2012
allergy and  
autoimmune  
£
food  
intolerance 
£
infectious  
other  
£
corporate  
£
group  
£
segment assets 7784700 5800726 1791682 20161 15397269
unallocated assets –––– 1313518
total assets 7784700 5800726 1791682 20161 16710787
segment liabilities 383998 306478 618849 268570 1577895
unallocated liabilities – – – – 1808382
total liabilities 383998 306478 618849 268570 3386277
2011
allergy and  
autoimmune  
£
food  
intolerance 
£
infectious  
other  
£
corporate  
£
group  
£
segment assets 7995211 5641980 1572562 35647 15245400
unallocated assets – – – – 2156473
total assets 7995211 5641980 1572562 35647 17401873
segment liabilities 693826 299347 395273 227259 1615705
unallocated liabilities – – – – 2819812
total liabilities 693826 299347 395273 227259 4435517
unallocated assets comprise cash income tax receivable deferred taxation and derivative financial instruments unallocated liabilities comprise 
interestbearing loans borrowings other financial liabilities derivative financial instruments deferred taxation and income tax payable
notes to the  
financial statements 
continued 
4 segment information continued annual report and accounts 2012 
wwwomegadiagnosticscom 45
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 
2012  
£
2011
£
revenues
uk 933164 957788
germany 3875905 1092943
rest of europe 2604134 2399994
north america 327505 266938
southcentral america 441347 361164
asia and far east 1315293 1352732
africa and middle east 1626705 1470477
11124053 7902036
2012
intangibles 
£
property plant  
and equipment 
£
retirement  
beneﬁt surplus 
£
inventories 
£
trade and other  
receivables 
£
total 
£
assets
uk 6142429 867105 – 852810 2071704 9934048
germany 2990422 1174008 85639 836739 339591 5426399
india 3221 27396 – – 6205 36822
unallocated assets –––––1313518
total assets 9136072 2068509 85639 1689549 2417500 16710787
 
2011
intangibles 
£
property plant  
and equipment 
£
retirement  
beneﬁt surplus 
£
inventories 
£
trade and other  
receivables 
£
total 
£
assets
uk 6025685 679455 – 705653 1917905 9328698
germany 3579575 1275030 41984 568318 451795 5916702
unallocated assets ––––– 2156473
total assets 9605260 1954485 41984 1273971 2369700 17401873
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 46
2012 2011
liabilities
uk 1234205 975162
germany 328379 640543
india 15311 –
unallocated liabilities 1808382 2819812
total liabilities 3386277 4435517
capital expenditure
uk 310208 120281
germany 113638 80697
india 30333 –
total capital expenditure 454179 200978
5 finance costs
consolidated
2012 
£
2011 
£
interest payable on loans and bank overdrafts 14862 24624
exchange difference on loans 577 16776
unwinding of discounts 32880 21968
fair value adjustment to financial derivatives 2981 4086
finance leases 3204 7322
48542 33052
6 taxation
consolidated
2012 
£
2011 
£
a tax charged in the income statement
current tax – current year – 125148
current tax – prior year adjustment 18158 –
deferred tax – current year 66583 51121
deferred tax – prior year adjustment 869 360
47556 73667
b tax relating to items charged or credited to other comprehensive income
deferred tax on actuarial gain on retirement benefit obligations 21393 –
deferred tax on net exchange adjustments 37978 –
total tax credit 16585 –
notes to the  
financial statements 
continued
4 segment information continued annual report and accounts 2012 
wwwomegadiagnosticscom 47
consolidated
2012  
£
2011 
£
c reconciliation of total tax charge
factors affecting the tax charge for the year
proﬁt before tax 479427 105124
effective rate of taxation 26 28
profit before tax multiplied by the effective rate of tax 124651 29435
effects of
expenses not deductible for tax purposes and permanent differences 6815 123842
research and development tax credits 151954 43197
tax underoverprovided in prior years 19027 360
adjustment due to different overseas tax rate 1015 5965
impact of uk rate change on deferred tax 45080 30088
tax creditcharge for the year 47556 73667
in march 2012 the uk government announced its intention to accelerate the planned phased decrease in the rate of corporation tax with a 
reduction to 24 on 1 april 2012 and a planned further reduction of 1 per annum until the rate reaches 22 by 1 april 2014 at 31 march 2012 
the change in the corporation tax rate from 26 to 24 had been substantively enacted and therefore the uk deferred tax assets and liabilities 
included within these results have been calculated based on the current uk corporation tax rate of 24 the estimated impact of the proposed 
further reduction of the rate to 22 would be to reduce the deferred tax liability by £29450
7 revenue and expenses
consolidated
2012  
£
2011 
£
revenues
revenue – sales of goods 11124053 7902036
finance income 10856 1950
total revenue 11134909 7903986
financial  
statements governance
business  
review
making  
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wwwomegadiagnosticscom 48
consolidated
2012  
£
2011 
£
operating proﬁt is stated after charging
material costs 3568638 2361191
depreciation 264710 144292
amortisation of intangibles 415419 192907
net foreign exchange losses 21722 22108
research and development costs 486584 250055
impairment of trade receivables – 22676
operating lease rentals 193822 194122
sharebased payments 29716 7873
auditor’s remuneration
– fees payable to the company’s auditors for the audit of the annual accounts 23300 26000
– fees payable to the company’s auditors for other services
 – taxation 14550 10500
 – local statutory audit of subsidiaries 50000 42000
 – local statutory audit of the parent company 5000 5000
 – all other services – 8000
all research and development costs noted above were charged directly to administration costs in the income statement
staff costs
the average monthly number of employees including directors was
consolidated
2012  
number
2011  
number
operations 70 65
management and administration 37 28
employee numbers 107 93
their aggregate remuneration comprised
2012 
£
2011 
£
wages and salaries 3647364 2276187
social security costs 477883 252774
pension costs 207620 86082
sharebased payments 29716 7873
4362583 2622916
notes to the  
financial statements 
continued
7 revenue and expenses continued annual report and accounts 2012 
wwwomegadiagnosticscom 49
equitysettled sharebased payments
consolidated and company
the sharebased payment plans are described below 
emi option scheme and unapproved option scheme
the plans are equitysettled 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 are not subject to any performance criteria
the fair value of the options is estimated at the grant date using the blackscholes 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 equitysettled 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 blackscholes 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 90000 options lapsed during the year and a further 450000 were granted 
the following table illustrates the number and weighted average exercise prices waep of and movements in share options during the year
2012 
number
2012 
waep
2011 
number
2011 
waep
outstanding 1 april 1923289 1900p 1903289 1900p
granted during the year under the emi option scheme 450000 1260p 40000 1675p
granted during the year under the suos –– ––
exercised during the year –– ––
lapsed during the year under the emi option scheme 90000 – 20000 –
outstanding at 31 march 2283289 – 1923289 –
exercisable at 31 march 1833289 – 1813289 –
financial  
statements governance
business  
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the following table lists the inputs to the model used for the year ended 31 march 2012 and 31 march 2011
emi option scheme and unapproved 
option scheme
2012 2011
dividend yield 0 0
expected volatility 52 107
riskfree interest rate 342 348
weighted average remaining contractual life 67 77
weighted average share price 126p 1675p
exercise price 126p 1675p
model used blackscholes blackscholes
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
consolidated
2012 
£
2011 
£
fees 45000 45000
emoluments 477829 350484
522829 395484
contributions to personal pension 26500 18508
549329 413992
members of a defined contribution pension scheme at the year end 3 3
information in respect of individual director’s emoluments is provided in the directors’ remuneration report on pages 25 and 26
notes to the  
financial statements 
continued
7 revenue and expenses continued annual report and accounts 2012 
wwwomegadiagnosticscom 51
8 acquisition of subsidiaries
in the prior year on 21 december 2010 the group acquired the business and certain assets of the invitro allergy diagnostics business of 
allergopharma joachim ganzer kg
the group incorporated a 100 owned subsidiary omega gmbh which was used to purchase the business and assets the business 
specialises in the research development production and marketing of invitro allergy tests used by doctors to diagnose patients with allergies
the prior year consolidated financial statements include the results for the period from 21 december 2010 to 31 march 2011 the current year 
financial statements include the results for the 12 month period to 31 march 2012 
at march 2011 the group recognised a provisional fair value for items of stock as previously disclosed further analysis of these stock items has 
resulted in increases in the stock fair value at the acquisition date of £228688 with a corresponding decrease in goodwill of £228688 book and fair 
values including measurement period adjustments recognised during the reporting period of the net assets at date of acquisition were as follows
omega gmbh  
book value  
£
fair value  
adjustments at 
31 match 2011  
£
2012
restatements  
total  
£
restated
2011  
total  
£
intangible assets
 – supply arrangements – 529000 – 529000
 – technology assets – 166000 – 166000
 – customer relationships – 1135000 – 1135000
property plant and equipment 1332491 151107 – 1181384
inventories 677059 121725 228688 784022
trade and other receivables 63520 – – 63520
cash and cash equivalents – – – –
trade and other payables 182156 104130 – 286286
income tax payable ––––
deferred tax liability ––––
net assets 1890914 1453038 228688 3572640
goodwill on acquisition 1572097 228688 1343409
–4916049
fair value of consideration –4916049
acquisition costs –1115902
–6031951
cost of the acquisition
the total acquisition cost of £4916049 was settled in one cash payment acquisition costs amounted to £1115902 £412045 is included within 
administration costs in the prior year in the statement of comprehensive income
funding
to fund the cost of the acquisition the group raised £7750002 before expenses of £703857 via the placing of 64583350 new ordinary shares at 
a price of 12p per share
goodwill
the acquisition of the business and certain assets of the invitro allergy business resulted in goodwill of £1343409 this amount of goodwill is the 
total amount deductible for tax purposes in line with current german tax law
this goodwill represents the advantages synergies and strategic value to be derived from adding the business to the group as follows
  driving export sales of current ivd business allergy products through the existing omega international distribution network and
  apply existing genarrayt® microarray test platform to ige allergy screening automation of the test procedure will allow more rapid processing 
of higher test volumes and
  developing an instrumentation strategy for performing allergy diagnostics through an automated ‘closed system’ instrument through an 
agreement with immunodiagnostic systems holdings plc
financial  
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wwwomegadiagnosticscom 52
9 intangibles
restated 
goodwill  
£
licences
software 
£
supply 
arrangements 
£
technology 
assets 
£
customer 
relationships 
£
development 
costs  
£ total
cost
at 31 march 2010 3349878 – – 1975000 100000 – 5424878
on acquisition 1343409 – 529000 166000 1135000 – 3173409
additions – 1113316 – – – – 1113316
currency translation 52015 176 20248 6521 45349 – 124309
at 31 march 2011 4745302 1113492 549248 2147521 1280349 – 9835912
additions – 26424 – 8338 – – 34762
additions internally generated ––––– 299206 299206
currency translation 72361 3500 27334 9054 60409 400 173058
at 31 march 2012 4672941 1136416 521914 2146805 1219940 298806 9996822
accumulated amortisation
at 31 march 2010 – – – 255104 10000 – 265104
amortisation charge in the year – 9813 26955 107217 48922 – 192907
currency translation – 176 483 152 519 – 1330
at 31 march 2011 – 9989 27438 362473 59441 – 459341
amortisation charge in the year – 37528 108243 132753 136895 – 415419
currency translation – 1570 5202 1634 5604 – 14010
at 31 march 2012 – 45947 130479 493592 190732 – 860750
net book value
31 march 2012 4672941 1090469 391435 1653213 1029208 298806 9136072
31 march 2011 4745302 1103503 521810 1785048 1220908 – 9376571
31 march 2010 3349878 – – 1719896 90000 – 5159774
of the licencessoftware balance above £984663 is held on the balance sheet of the company and relates to the ids licences 
impairment testing of goodwill 
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 genesiscns amounts to £3016892 2011 £3016892 cotek £332986 
2011 £332986 and omega gmbh £1323063 2011 £1395424
the recoverable amount of genesiscns cotek and omega gmbh has been determined based on a value in use calculation using cash flow 
projections based on the financial budget approved by the board covering the period to 31 march 2013 with projected cash flows thereafter 
through to march 2017 based on a growth rate of 48 per annum the key assumptions used in the budget for genesiscns are the sales 
projections which are predicated on the continued success of the genarrayt® and food detective® assays being commercialised on an 
international basis and the gross margins which can be achieved from the sales of these products the key assumption used in the budget for 
cotek is the growth in sales of the company’s micropath™ range of products where increased volumes are dependent upon having accessed a 
lower manufacturing cost through the acquisition of cotek itself the budget for omega gmbh assumes continued organic growth in sales in the 
german market as well as achieving an increase in export sales through the existing omega international distribution network the omega gmbh 
forecast also includes revenues in years two to five from the idsisys platform which will allow more rapid processing of higher volume tests
in all three 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 125 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 pretax cost of debt financing and the pretax cost of equity financing 
cash flows beyond the budget period are extrapolated for genesiscns cotek and omega gmbh over the next four years using a growth rate of 
48 that equates to the current growth rate in the ivd industry thereafter a nil growth rate has been assumed for prudence 
as a result there has been no impairment to the carrying value of goodwill
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 53
sensitivity analysis
base forecasts show headroom of £48 million above carrying value for genesiscns headroom of £354k above carrying value for cotek and 
headroom of £675 million for omega gmbh 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 48 to 38 this would have the effect of reducing the headroom in genesiscns by 
£164k over five years in cotek by £14k over five years and in omega gmbh by £146k over five years
for genesiscns the discount rate would have to increase to 485 or the growth rate would have to be a decline of 375 for the headroom  
to reduce to nil
for cotek the discount rate would have to increase to 485 or the growth rate would have to be a decline of 305 for the headroom to reduce 
to nil
for omega gmbh the discount rate would have to increase to 71 or the growth rate would have to be a decline of 83 for the headroom to 
reduce to nil
10 property plant and equipment
consolidated
land and  
property 
£
leasehold  
improvements 
£
plant and  
machinery  
£
motor  
vehicles 
£
total 
£
cost
at 31 march 2010 – 150443 1568712 – 1719155
additions 24758 31180 145040 – 200978
acquisitions 662937 – 445893 72554 1181384
disposals – –7490 –7490
currency translation 25637 2 17265 2857 45761
at 31 march 2011 713332 181625 2169420 75411 3139788
additions 10281 40953 402945 – 454179
disposals – – 38585 22438 61023
currency translation 35800 696 28475 3764 68735
at 31 march 2012 687813 221882 2505305 49209 3464209
accumulated amortisation
at 31 march 2010 – 79924 966330 – 1046254
charge in the year 4772 15855 117499 6166 144292
disposals – –5938 –5938
currency translation 105 4 465 122 696
at 31 march 2011 4877 95783 1078356 6288 1185304
charge in the year 19513 23055 202253 19889 264710
disposals – – 38476 9199 47675
currency translation 940 109 4446 1144 6639
at 31 march 2012 23450 118729 1237687 15834 1395700
net book value
31 march 2012 664363 103153 1267618 33375 2068509
31 march 2011 708455 85842 1091064 69123 1954485
31 march 2010 – 70519 602382 – 672903
the net book value of plant and machinery held under finance leases at 31 march 2012 is £38073 2011 £64513
financial  
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11 inventories
2012 
£
restated 
2011 
£
raw materials 896810 746714
work in progress 139803 138105
finished goods and goods for resale 652936 617840
1689549 1502659
  the prior year balance sheet was restated to reflect an adjustment to the fair value of stock that was acquired as part of the allergy ivd business where the fair value in 2011  
was determined provisionally note 8
12 trade and other receivables
consolidated
2012 
£
2011 
£
trade receivables 2237309 2022761
less provision for impairment of receivables 14117 14117
trade receivables – net 2223192 2008644
prepayments and other receivables 194308 361057
2417500 2369701
the directors consider that the carrying amount of trade receivables and other receivables approximates their fair value
company
2012 
£
2011 
£
prepayments and other receivables 20160 35633
due from subsidiary companies 4324673 4914353
4344833 4949986
analysis of trade receivables
consolidated
2012 
£
2011 
£
neither impaired nor past due 1543940 1344201
past due but not impaired 679252 664443
company
2012 
£
2011 
£
neither impaired nor past due 4324673 4914353
ageing of past due but not impaired trade receivables
consolidated
2012 
£
2011 
£
up to three months 503826 51 1680
between three and six months 103578 99888
more than six months 71848 52875
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
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 55
13 interestbearing loans and borrowings and financial instruments
consolidated
2012 
£
2011 
£
current
bank loans 136450 272470
other loans 360000 –
obligations under finance leases 13361 60029
509811 332499
noncurrent
bank loans – 136235
obligations under finance leases – 13362
other loans 794389 1126235
794389 1275832
bank loans comprise the following
£136450 variable rate loans 2012 base rate  20 2011 base rate 20 136450 408705
136450 408705
less current instalments 136450 272470
– 136235
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
2012 
£
2011 
£
future minimum payments due
not later than one year 13667 63233
after one year but not more than five years – 13676
13667 76909
less finance charges allocated to future periods 306 3518
present value of minimum lease payments 13361 73391
the present value of minimum lease payments is analysed as follows
not later than one year 13361 60030
after one year but not more than five years – 13361
13361 73391
consolidated
2012 
£
2012 
£
other loans comprise the following
vendor loan – 2014 base rate 1154389 1126235
1154389 1126235
the term loans are secured by a floating charge over the assets of the group cross guarantees between omega diagnostics group plc omega 
diagnostics limited genesis diagnostics limited and cambridge nutritional sciences limited are in place and omega diagnostics group plc 
has given the bank of scotland a debenture secured over the assets of the company two directors have also provided personal guarantees of 
£100000 in support of the term loan
financial  
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there are two bank of scotland term loans of £60000 2011 £180000 and us122220 2011 us366660 repayable in equal monthly 
instalments of £10000 and us20370 both with a maturity date of 4 september 2012 
company
2012 
£
2012 
£
current
bank loans 136450 272470
other loans 360000 –
496450 272470
noncurrent
bank loans – 136235
other loans 794389 1126235
794389 1262470
bank loans comprise the following
£136450 variable rate loan 2012 base rate  20 2011 base rate 20 136450 408705
136450 408705
less current instalments 136450 272470
– 136235
company
2012 
£
2011 
£
other loans comprise the following
vendor loan – 2014 base rate 1154389 1126235
1154389 1126235
14 trade and other payables
consolidated
2012 
£
2011 
£
trade payables 962115 916401
social security costs 101118 85136
accruals and other payables 389785 614168
1453018 1615705
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
company
2012 
£
2011 
£
trade payables 47428 34297
accruals and other payables 96255 192962
due to subsidiary companies 363699 462753
507382 690012
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
13 interestbearing loans and borrowings and financial instruments continued annual report and accounts 2012 
wwwomegadiagnosticscom 57
15 deferred taxation
the deferred tax asset is made up as follows
consolidated
2012 
£
2011 
£
decelerated capital allowances 32107 6765
temporary differences 9287 8192
tax losses carried forward 108938 69956
150332 84913
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
consolidated
2012 
£
2011 
£
fair value adjustments on acquisition 446062 514109
accelerated capital allowances 36273 6498
retirement benefit obligations 21393 –
503728 520607
16 share capital
company
2012 
number
2011 
number
authorised share capital
ordinary shares of 4 pence each 184769736 184769736
deferred shares of 09 pence each 123245615 123245615
issued and fully paid share capital
at the beginning of the year 85216257 20632907
issued during the year – 64583350
at the end of the year 85216257 85216257
2012 
£
2011 
£
shares allotted for cash
aggregate nominal value – 2583334
share premium – 5166668
expense of issue – 703857
consideration received – 7046 145
on 21 december 2010 the company issued 64583350 ordinary shares of 4p each at a price of 12p per share the costs involved in the share 
issue were £703857
during the year to 31 march 2012 the company granted options over 450000 ordinary shares at an exercise price of between 1062p and 1325p 
per share the options will expire if not exercised within ten years of the date of grant
financial  
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17 commitments and contingencies
operating lease commitments
future minimum rentals payable under noncancellable operating leases are as follows
consolidated
2012 
£
2011 
£
land and buildings
within one year 175119 110846
within two to five years 299116 100340
other
within one year 18703 20264
within two to five years 30150 40187
land and buildings leases in force for omega diagnostics ltd premises extend to 30 june 2021 the land and buildings leases in force for the 
premises of genesis diagnostics ltd and cambridge nutritional sciences have been recently renegotiated and now extend to march 2017
other leases are in force for office equipment items and extend to time periods ranging from june 2012 to may 2014 the leases may be extended 
at the expiry of their term
performance bonds
the group has performance bonds and guarantees in place amounting to £30000 at 31 march 2012 2011 £30000 
18 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
2012 
£
2011 
£
shortterm employee benefits 885439 395484
sharebased payments – –
postemployment benefits 31679 18508
917118 413992
included within shortterm employee benefits are amounts paid to mba consultancy of £25000 2011 £25000 a company controlled by  
david evans and £20000 2011 £20000 to holdmer associates ltd a company controlled by michael gurner
other related party transactions
during the year there have been transactions between the parent company omega diagnostics limited genesis diagnostics limited 
cambridge nutritional sciences cotek south west limited and omega gmbh largely relating to payment of fees the amounts outstanding at 
the year end are as follows
at 31 march 2012
odg 
£
odl  
£
genesis  
£
cns  
£
cotek  
£
gmbh  
£
omega diagnostics group plc – 1466926 53087 310612 – 2857747
omega diagnostics ltd 1466926 – 319849 142722 – –
genesis diagnostics ltd 53087 319849 – 66098 – –
cambridge nutritional sc ltd 310612 142722 66098 – – –
cotek south west ltd – –––––
omega gmbh 2857747–––– –
 
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 59
at 31 march 2011
odg  
£
odl  
£
genesis  
£
cns  
£
cotek  
£
gmbh  
£
omega diagnostics group plc – 1404637 633167 462753 12219 2864330
omega diagnostics ltd 1404637 – 209081 156812 5138 130508
genesis diagnostics ltd 633167 209081 – 559409 – –
cambridge nutritional sc ltd 462753156812 559409–––
cotek south west ltd 12219 5138 – – – –
omega gmbh 2864330 130508 – – – –
during the year there were transactions between the company and its subsidiaries as follows 
 
2012 
£
2011 
£
balance at 1 april 4451600 1001461
charges to subsidiary companies 712536 1 106669
charges from subsidiary companies – –
transfers of cash to subsidiary companies – 3086328
transfers of cash from subsidiary companies 1203162 742858
balance at 31 march 2012 3960974 4451600
note 13 discloses personal guarantees made by two of the directors in support of the bank term loan 
19 retirement benefit obligations
the group operates pension schemes for the benefit of its uk and overseas employees
details of the defined contributions scheme for the group’s employees are given below in note a details of the defined benefits schemes for the 
group’s german employees and details relating to these schemes are given below in note b during the year group accounted for these pension 
schemes under ias19 “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 post 1 january 2011 
the support fund lv 1871 unterstutzungskasse ev is the defined contribution scheme used the total group contributions for the year amounted 
to £57713 2011 £46518 
b deﬁned beneﬁt schemes
the deutscher pensionsfonds ag and the lv 1871 unterstutzungskasse ev 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 remaning benefits based on years of service after 1 january 2011 as well as salary increases are provided by the lv 1871 unterstutzungskasse 
ev 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 ias19 “employee benefits” formal valuations of each scheme have been carried out by towers watson 
reutlingen gmbh who are independent professionally qualified actuaries on 3 may 2012 using the following assumptions
2012 2011
discount rate at 31 march 50 550 
expected return on plan assets at 31 march 420 420 
future salary increases 250 250 
future pension increases 175 150 
turnover rate 20 260
financial  
statements governance
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i the amounts recognised in the balance sheet are as follows
2012 
£
2011 
£
present value of funded obligations 1358452 1174883 
fair value of plan assets 1444091 1216867 
net asset 85639 41984 
ii the amounts recognised in the income statement are as follows
2012 
£
2011 
£
current service costs 150513 39564 
interest on obligation 61456 – 
expected return on plan assets 51769 –
total included in employee beneﬁts expense 160200 39564 
the current service costs for the year £160200 2011 £39564 have been included in administration costs
iii the amounts recognised in the consolidated statement of comprehensive income are as follows
2012 
£
2011 
£
actuarial losses on defined benefit obligation 29087 1802
actuarial gains on plan assets 85087 11047
acquisition gains – 54833
total actuarial gain on pensions 56000 41984 
iv changes in the present value of the defined benefit obligation are as follows
2012  
£
2011 
£
opening defined benefit obligation 1174883 – 
current service cost 150513 39564 
interest cost 61456 – 
acquisitionbusiness combination – 1133517 
experience adjustments on plan liabilities 29087 1802 
exchange differences on foreign plans 57487 –
benefits paid – – 
closing deﬁned beneﬁt obligation 1358452 1174883
acquisitionbusiness combination liability above includes an unrecognised gain of £54833
notes to the  
financial statements 
continued
19 retirement benefit obligations continued annual report and accounts 2012 
wwwomegadiagnosticscom 61
v changes in the fair value of plan assets are as follows 
2012 
£ 
2011 
£
opening fair value of plan assets 1216867 – 
expected return 51769 – 
actuarial gainslosses 85087 11047 
contributions by employer 149907 39564 
exchange differences on foreign plans 59539 – 
benefits paid – – 
acquisitionbusiness combination – 1188350
closing fair value of plan assets 1444091 1216867 
vi the major categories of plan assets as a percentage of total plan assets are as follows
2012 2011
equities 18 10 
bondsdebt instruments 71 40 
property – – 
cashother 11 50 
the asset figures above are now weighted with the underlying assets
the group expects to contribute £150000 to its defined benefit pension plans in the year to 31 march 2013
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 history of experience adjustments
2012
£
2011 
£
defined benefit obligation 1358452 1174883 
plan assets 1444091 1216867
surplus 85639 41984
experience adjustments gainslosses on plan liabilities 105486 1802
experience adjustments gainslosses on plan assets 85087 11047
20 other financial liabilities
 
consolidated and company
2012
£
as at 1 april 2011 549663
discount unwind in year 10224
payment in year to ids 435000
as at 31 march 2012 124887
at 31 march 2012 and 31 march 2011 other financial liabilities comprise unconditional future commitments under the licence agreement with ids 
financial  
statements governance
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wwwomegadiagnosticscom 62
21 investments
company
the company’s investments in subsidiaries which are all 100 owned are comprised of the following
country of  
incorporation
2012  
£
2011  
£
investment in omega diagnostics limited uk 1752884 1752884
investment in genesis diagnostics limited uk 1815623 1815623
investment in cambridge nutritional sciences limited uk 4063553 4063553
investment in cotek south west limited uk 480978 480978
investment in bealaw 692 limited uk 1 1
investment in bealaw 693 limited uk 1 1
investment in omega gmbh germany 2542321 2542321
investment in omega dx asia pvt limited india 119557 –
10774918 10655361
the new investment in the year relates to the incorporation of a wholly owned subsidiary in india omega dx asia pvt limited
the new investment in the prior year relates to the 100 owned subsidiary omega gmbh which was used to purchase the business and certain 
assets of the invitro allergy diagnostics business of allergopharma joachim ganzer kg 
bealaw 692 limited and bealaw 693 limited are both dormant companies which have never traded
22 earnings per share
basic earnings per share are 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 are 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 
2012 
£
2011 
£
profit attributable to equity holders of the group 526983 31457
2012  
number
2011  
number
basic average number of shares 85216257 38278631
share options 22489 –
diluted weighted average number of shares 85238746 38278631
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 assess better trends in financial performance
2012 
£
2011 
£
adjusted profit attributable to equity holders of the group 1051823 662164
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 63
23 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
assets as per the consolidated balance sheet
assets at fair 
value through 
proﬁt and loss 
£
loans and 
receivables 
£
total  
£
2012
trade receivables –2223192 2223192
cash and cash equivalents – 1159132 1 159 132
– 3382324 3382324
 
assets as per the consolidated balance sheet
assets at fair 
value through 
proﬁt and loss 
£
loans and 
receivables 
£
total  
£
2011
trade receivables – 2008644 2008644
cash and cash equivalents – 2054877 2054877
– 4063521 4063521
assets as per the company balance sheet
assets at fair 
value through 
proﬁt and loss 
£
loans and 
receivables 
£
total  
£
2012
due from subsidiary companies – 4324673 4324673
cash and cash equivalents – 18869 18869
– 4343542 4343542
 
assets as per the company balance sheet
assets at fair 
value through 
proﬁt and loss 
£
loans and 
receivables 
£
total  
£
2011
due from subsidiary companies – 4914352 4914352
cash and cash equivalents –552702 552702
– 5467054 5467054
 
financial  
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liabilities as per the consolidated balance sheet
liabilities at fair 
value through 
proﬁt and loss 
£
amortised  
cost 
£
total  
£
2012
derivative financial instruments held for trading 454 – 454
trade payables –962115 962115
obligations under finance leases – 13361 13361
bank loans –136450 136450
other loans designated on initial recognition 1154389 – 1154389
other financial liabilities –124887 124887
1154843 1236813 2391656
 
liabilities as per the consolidated balance sheet
liabilities at fair 
value through 
proﬁt and loss 
£
amortised  
cost 
£
total  
£
2011
derivative financial instruments held for trading 3435 – 3435
trade payables –916401 916401
obligations under finance leases – 73391 73391
bank loans – 408705 408705
other loans designated on initial recognition 1126235 – 1126235
other financial liabilities –549663 549663
1129670 1948160 3077830
liabilities as per the company balance sheet
liabilities at fair 
value through 
proﬁt and loss 
£
amortised  
cost 
£
total  
£
2012
derivative financial instruments held for trading 454 – 454
trade payables and amounts due to subsidiary companies – 411127 411127
bank loans –136450 136450
other loans designated upon initial recognition 1154389 – 1154389
other financial liabilities –124887 124887
1154843 672464 1827307
 
notes to the  
financial statements 
continued
23 financial instruments continued annual report and accounts 2012 
wwwomegadiagnosticscom 65
liabilities as per the company balance sheet
liabilities at fair 
value through 
proﬁt and loss 
£
amortised  
cost 
£
total  
£
2011
derivative financial instruments held for trading 3435 – 3435
trade payables and amounts due to subsidiary companies – 497050 497050
bank loans – 408705 408705
other loans designated upon initial recognition 1126235 – 1126235
other financial liabilities –549663 549663
1129670 1455418 2585088
within other loans designated at fair value through profit and loss is the vendor loan note of £11 million which was issued in september 2007 it 
carries a coupon of base rate only and is repayable in three equal instalments in september 2012 2013 and 2014 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 £28154 
2011 £27470 is due to the effect of unwinding discount factors and 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 boardapproved 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 nonsterling 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 2012 and 31 march 2011 the group has not entered into any hedge transactions
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
decrease in  
currency rate
effect on  
proﬁt before 
tax 
£
effect on  
equity 
£
2012
trade and other receivables 5 52924 –
trade and other payables 5 30360 –
cash and cash equivalents 5 16589 –
bank loans 5 4024 –
net investment in overseas subsidiary 5 – 98112
2011
trade and other receivables 5 51965 –
trade and other payables 5 43720 –
cash and cash equivalents 5 47 301 –
bank loans 5 12037 –
net investment in overseas subsidiary 5 – 234827
an increase in currency rate of 5 would have a similar opposite effect the sensitivity around bank loans above represents the entire impact on 
the company’s profit before tax and equity
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 66
23 financial instruments continued
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 credit worthiness 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
2012 
trade 
receivables 
£
2011 
trade 
receivables 
£
ukeurope 1238068 1166709
north america 72395 88768
southcentral america 103192 95336
asia and far east 320735 346106
africa and middle east 488802 311725
2223192 2008644
capital management
an explanation of the group’s capital management process and objectives is set out in the capital management section on page 20 of the 
financial review
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 2012 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
consolidated
less than  
3 months 
£
3 to 12  
months 
£
1 to 5  
years 
£
total  
£
2012
trade and other payables 962115 – – 962115
obligations under finance leases 6614 6747 – 13361
bank loans 68779 68271 – 137050
vendor loan – 360000 845658 1205658
1037508 435018 845658 2318184
2011
trade and other payables 916401 – – 916401
obligations under finance leases 16624 46609 13677 76910
bank loans 70278 208458 136942 415678
vendor loan – – 1205658 1205658
1003303 255067 1356277 2614647
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 67
the table below summarises the maturity profile of the company’s financial liabilities at 31 march 2012 based on the undiscounted cash flows of 
liabilities based on the earliest date on which the company can be required to pay 
company
less than  
3 months 
£
3 to 12  
months 
£
1 to 5  
years 
£
total  
£
2012
trade payables and amounts due to subsidiary companies 411127 – – 411127
bank loans 68779 68271 – 137050
vendor loan – 360000 845658 1205658
479906 428271 845658 1753835
2011
trade payables and amounts due to subsidiary companies 497050 – – 497050
bank loans 70278 208458 136942 415678
vendor loan – – 1205658 1205658
567328 208458 1342600 2118386
interest rate risk
all of the group’s borrowings are at variable rates of interest the group has an exposure to interest rate risk on changes in us dollar and sterling 
interest rates to manage the interest rate risk the group has taken out interest rate hedge instruments relative to the two bank loans which will be 
repaid by september 2012 the change in fair value of these interest rate hedge instruments has been taken to the income statement in full
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
consolidated
 
increase in  
basis points
effect on proﬁt  
before tax  
and equity 
£
2012
cash and cash equivalents 25 4018
bank loans – gbp 25 300
 – usd 25 382
vendor loan 25 2750
2011
cash and cash equivalents 25 2557
bank loans – gbp 25 612
 – usd 25 777
vendor loan 25 2750
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 68
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 
company
 
increase in  
basis points
effect on proﬁt  
before tax  
and equity 
£
2012
cash and cash equivalents 25 714
bank loans – gbp 25 300
 – usd 25 382
vendor loan 25 2750
2011
cash and cash equivalents 25 721
bank loans – gbp 25 612
 – usd 25 777
vendor loan 25 2750
 
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 2012 and 31 march 2011 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 2012 and 31 march 2011 including derivative financial 
instruments represent the group’s maximum exposure to credit risk
derivative ﬁnancial instruments
the group uses the following hierarchy for determining and disclosing the fair value of instruments by valuation technique
level 1 quoted unadjusted prices in active markets for identical assets or liabilities
level 2  other techniques for which all inputs which have a significant effect on the recorded fair value are observable either directly or indirectly 
and
level 3 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data
the fair value of the financial derivatives detailed below have been valued using the hierarchy above and have been categorised as level 2
consolidated and company
2012 
£
2011 
£
included in noncurrent assets
interest rate instruments – –
included in noncurrent liabilities
interest rate instruments 454 3435
the derivative financial instruments comprise
a an interest rate cap of 55 the floating rate option being bank of england daily base rate
b an interest cap and floor of 50 and 225 respectively the floating option rate being usdlibor
the group does not hold or issue derivatives for speculative or trading purposes
notes to the  
financial statements 
continued annual report and accounts 2012 
wwwomegadiagnosticscom 69
notice of  
annual general  
meeting
notice is hereby given that the annual general meeting of the company will be held at omega house hillfoots business village 
clackmannanshire fk12 5dq on 28 august 2012 at 11am for the following purposes
ordinary business
1 to receive and adopt the reports of the directors and the auditors and the audited accounts for the year ended 31 march 2012
2  to reappoint 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 reelect mr kieron harbinson as a director of the company
4  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 to convert any security into shares in the company ‘rights’ up to an aggregate nominal amount of 
£113610312 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 2013 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 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 80 of the companies act 1985 or section 551 of the companies  
act 2006 but without prejudice to any allotment already made or to be made pursuant to such authority
special business
resolution 6 is proposed as a special resolution
5  that conditional on the passing of resolution 4 above and in accordance with section 570 of the companies act 2006 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 4 as if section 5611 of the companies act 2006 did not apply to any such allotment provided that this power shall be limited to
  51  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
 52   the allotment of equity securities otherwise than pursuant to sub paragraph 51 above up to an aggregate nominal amount of £17043248
and provided that this power shall expire on conclusion of the next annual general meeting of the company or if earlier on 31 october 2013 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
29 june 2012
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 70
notes
1  a member entitled to attend and vote at the meeting convened by the notice set out above is entitled to appoint a proxy to exercise all or any of 
your rights to attend speak and vote at the meeting you may appoint more than one proxy provided each proxy is appointed to exercise rights 
attached to different shares a proxy need not be a member of the company
2  a form of proxy is enclosed to be effective it must be deposited at the office of the company’s registrars share registrars limited suite e 
first floor 9 lion and lamb yard west street farnham surrey gu9 7ll so as to be received not later than 48 hours before the time 
appointed for holding the annual general meeting completion of the proxy does not preclude a member from subsequently attending and 
voting at the meeting in person if he or she so wishes
3  copies of contracts of service of directors with the company or with any of its subsidiary undertakings will be available for inspection at the 
registered office of the company during normal business hours saturdays and public holidays excepted from the date of this notice until the 
conclusion of the agm
4  in accordance with regulation 41 of the uncertificated securities regulations 2001 only those members entered on the company’s register of 
members not later than 26 august 2012 or if the meeting is adjourned shareholders entered on the company’s register of members not later 
than 48 hours before the time fixed for the adjourned meeting shall be entitled to attend and vote at the meeting
registered in england and wales number 5017761
wwwomegadiagnosticscom
omega diagnostics group plc
omega house
hillfoots business village
alva fk12 5dq
scotland
united kingdom
tel 44 01259 763030 
fax 44 01259 761853
notice of  
annual general  
meeting continued annual report and accounts 2012 
wwwomegadiagnosticscom 71
advisers
nominated adviser and broker
seymour pierce limited
20 old bailey
london ec4m 7en
auditors
ernst  young llp
g1
5 george square
glasgow g2 1dy
solicitors
brodies llp
15 atholl crescent
edinburgh eh3 8ha
share registrar
share registrars limited
suite e
first floor 9 lion and lamb yard
farnham
surrey gu9 7ll
pr
walbrook pr ltd
4 lombard street
london ec3v 9hd
country of incorporation 
omega diagnostics group plc
england  wales
registered no 5017761
financial  
statements governance
business  
review
making  
progress annual report and accounts 2012 
wwwomegadiagnosticscom 72
notes  wwwomegadiagnosticscom
gmbh 
formed in 2010 omega gmbh acquired the ivd 
allergy business of allergopharma and is located  
in reinbek germany
wwwomegadiagnosticsde
omega diagnostics group plc
omega house
hillfoots business village
alva fk12 5dq
scotland
united kingdom
tel 44 01259 763030 
fax 44 01259 761853
email odlomegadiagnosticscouk
genesis diagnostics ltd
formed in 1994 genesis is one of the  
uk’s leading manufacturers of high quality  
elisa based diagnostic kits the company 
specialises in the research development  
and production of kits to aid the diagnosis  
of autoimmune and infectious diseases and  
for the detection of immune reactions to food
wwwelisacouk 
cambridge nutritional sciences ltd 
formed in 2001 cns provides clinical  
analysis to the general public clinics and  
health professionals as well as supplying  
the consumer food detective
®
 test
wwwcambridgenutritionalcom
omega diagnostics ltd
formed in 1987 odl specialises  
in infectious diseases particularly  
syphilis tb and dengue fever
wwwomegadiagnosticscom
omega dx asia pvt ltd
incorporated in july 2011 to provide  
direct access to the indian market
wwwomegadxasiacom


Summary:
  annual report and accounts 2012 
 wwwomegadiagnosticscom 01
strategy page 04
 
 
innovation page 08
 
 
focus page 12
 
 
sales
£1 1 1m
41 2011 £79m
gross proﬁt
£7 0m
49 2011 £47m
gross  
margin  
level
63
6 2011 596
adjusted pbt
£10m
365 2011 £736k
  adjusted profit before taxation is derived by taking statutory profit before tax of £479k 2011 £105k and adding back ifrsrelated discount 
charges of £45k 2011 £22k amortisation of intangible assets of £415k 2011 £193k sharebased payment charges of £30k 2011 £8k 
acquisition costs of £38k 2011 £412k and fair value adjustments to financial derivatives of £3k 2011 £4k
2012 was all about  
making progress in three key areas
highlights
financial  
statements governance
business  
review
making  
progress