omega diagnostics group plc
annual report and group financial statements 2014
fighting the battle 
against hiv and global 
health challenges omega diagnostics group plc annual report and group financial statements 2014
about us
34
revenue share
£52m
revenue share
£40m
revenue share
£24m
we’re committed 
to addressing global 
health challenges
our mission is to improve human health and wellbeing through 
innovative diagnostic products and global partnerships
founded in 1987 by the current ceo andrew shepherd the omega business 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 and infectious diseases
allergy and 
autoimmune
main products
 −allergozyme
 −allergodip
 − genesis elisa
45 21
food  
intolerance
main products
 −genarrayt
®
 microarray
 − food detective
 − foodprint service
infectious 
diseases
main products
 − immutrep syphilis
 − micropath bacterial tests
 − dengue elisa
p18
financial review
p8
our core markets 01
omega diagnostics group plc annual report and group financial statements 2014
overview
contents financial highlights
overview
ifc about us
01 financial highlights
02 our year at a glance
04 chairman’s statement
strategic report
06 our business model
08 our core markets
10 our strategy
11 key performance indicators
12 risks and risk management
14 chief executive’s review
16 product case study
18 financial review
governance
20 board of directors
21 senior management team
22 corporate governance report
24 advisers
25 directors’ report
27  directors’ remuneration report
29  statement of directors’ responsibilities
financial statements
30 independent auditors’ 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
63 notice of annual general meeting
64 notes to the notice of annual general meeting
111
113
116
2012 2013 2014
sales £m
£116m 3
70
71
74
2012 2013 2014
gross proﬁt £m
£74m 5
10
08
11
2012 2013 2014
adjusted proﬁt before tax £m
£11m 41
630
626
636
2012 2013 2014
gross proﬁt 
636 1ppt
find uptodate information at  
wwwomegadiagnosticscom omega diagnostics group plc annual report and group financial statements 2014
02
our year at a glance
the company has made progress 
on its strategic initiatives for the 
beneﬁt of all stakeholders
visitect
®
 cd4 at actual size the test is 
designed to determine cd4 tcell levels to 
be determined quickly and conveniently using 
a ﬁngerprick blood sample enabling patients 
to receive lifesaving antiretroviral treatment
visitect
®
 cd4 
– successful 
completion of 
technology transfer
in february 2014 the company successfully 
completed a threebatch validation of the 
manufacturing protocol for the visitect
®
 cd4 
test meeting the design parameters of clinical 
sensitivity speciﬁcity accuracy and reproducibility
p16
product case study
grant of us patent 
for visitect
®
 cd4
in the year increased patent protection with 
patent awards in the us and africa this widens 
the protection from territories where patents have 
already been granted and with patents pending 
in other territories
p4
chairman’s statement
visitect
®
 cd4 
chosen for inaugural 
nominet trust 100
our product has been chosen for the inaugural 
nominet trust 100 a list that celebrates the people 
and organisations who are utilising digital technology 
to change the world for the better
p16
product case study 03
omega diagnostics group plc annual report and group financial statements 2014
overview
equity placing 
to raise £4 million 
completed
on 10 june 2013 the company raised £4 million before 
expenses through the issue of 23529412 new ordinary 
shares at 17 pence per share the placing was oversubscribed 
and was supported by both new and existing shareholders
600000 grant from 
unitaid to support 
manufacture
in february 2014 the company in conjunction with unitaid 
and the burnet institute melbourne was awarded us 
600000 of grant funding to support initial inventory build 
and to establish an assembly facility in india for the visitect
®
 
cd4 test
us 540000 was received by omega in march 2014 and 
we have located a suitable facility in pune india
signiﬁcant 
progress on 
the idsisys 
automated 
analyser
to date eight allergens have completed all claim 
support work an additional ﬁve allergens are now 
in various stages of the claim support programme 
and a further eleven allergens have been 
optimised and are ready to enter claim support 
at the earliest opportunity optimisation work 
continues with approximately twelve allergens 
in the early stages of assay development
2440 allergens optimised
wwwomegadiagnosticscom
keep up to date with our latest news 
view our rns announcements online
p18
financial review
visitect
®
 
cd4 app 
development
development completed and expected 
to be fully available in the coming year 
which will offer integration into cloud 
databases this “mhealth” solution has 
met with great enthusiasm by global 
health organisations omega diagnostics group plc annual report and group financial statements 2014
04
chairman’s statement
david evans nonexecutive chairman
in summary
 – increased patent protection for cd4 with 
patent awards in the us and africa
 – we successfully raised £4 million before 
expenses to ensure sufﬁcient resources are 
available for our cd4 and allergy projects
 – successful completion of the cd4 technology 
transfer project into a fully scalable 
manufacturing protocol
 – finalisation of the speciﬁc allergy assay 
protocol for use with the idsisys instrument 
with allergens successfully completing the 
development programme
 – burnet institute and omega successful in 
attracting grant funding from unitaid with 
omega receiving £04 million
strategy
pointofcare poc testing
the group has a clear strategy to become a market leader in the 
provision of poc testing for infectious diseases in large parts of the 
world where resources remain constrained and where there are 
substantial unmet needs visitect
®
 cd4 is the ﬁrst example of this 
where an estimated 17 million hiv positive patients cannot obtain 
the treatment they need through a lack of access to cd4 testing in 
rural areas visitect
®
 cd4 is an instrumentfree device that requires 
no power and no refrigeration facilities and can generate a result in 
40 minutes beta studies in kenya and india are providing further 
patient data to determine what if any aspects of the test require 
further optimisation as this test nears commercialisation we will 
continue to partner with major ngos and global health organisations 
to ensure this test is delivered at the point of most need
through our partnership with the burnet institute we also have 
access to a poc test for syphilis which can differentiate between 
active infections and past infections according to world health 
organisation who estimates there are 12 million new cases 
of syphilis each year with 90 occurring in developing countries 
at present there are no poc assays on the market that can 
detect speciﬁc igm antibodies and we have recently increased 
our inhouse resource and capability to move this project forward 
to provide a valuable tool for improved control of syphilis worldwide
automation
when we purchased the ivd allergy business in germany in 2010 
it was the ﬁrst step in a plan to become a leading provider of allergy 
tests into clinical laboratories in a global market estimated to be worth 
over us 500 million per annum dominated by one competitor 
since then we have exclusively licensed the use of ids’ automated 
isys instrument for allergy testing and invested in a long development 
programme covering initial feasibility lockdown of assay protocol 
optimisation and claim support work we have also set up an inhouse 
manufacturing facility for reagent ﬁlling during the second half of the 
year we ﬁnally saw the ﬁrst allergens to emerge from this programme 
following a successful claim support phase we have eight allergens 
which can be run on the isys instrument that show comparable 
results to the marketleading competitor and a further 16 allergens 
which have now completed optimisation our strategic aim remains 
unaltered to launch with a panel of 40 allergens followed by a 
programme of menu extensions to achieve a number two market 
position our initial commercialisation plans involve working with ids 
in markets where it has a direct presence followed by expansion 
into other territories through third party distributors
financial performance
the group performed well particularly in the second half of the year 
with turnover for the whole year increasing by 3 to £116 million 
2013 £113 million gross proﬁt increased to £74 million 
2013 £71 million and total overheads were maintained at 
approximately £68 million adjusted proﬁt before tax as deﬁned 
on page 31 increased by 41 to £11 million from million £08 million 
the year before and adjusted earnings per share were 12 pence 
2013 13 pence reﬂecting the higher average number of shares 
in issue throughout the year
the group remains in a strong cash position with cash reserves 
of £31 million 2013 £02 million at the year end following the 
fundraising completed in june last year a strong contribution 
from operating activities generated a cash inﬂow during the year 
of £17 million 2013 £10 million ensuring we continued to 
manage our working capital with efﬁciency
the group remains in a
strong cash position with
cash reserves of £31 million 05
omega diagnostics group plc annual report and group financial statements 2014
overview
corporate governance
the size and structure of the board and its committees are kept 
under review to ensure an appropriate level of governance operates 
throughout the year the board comprises two nonexecutive directors 
and three executive directors who meet frequently during the year 
to discuss strategy and to review progress and outcomes against 
objectives whilst as an aimquoted company the group is not 
required to comply with the full requirements of the uk corporate 
governance code we believe the board has a good mix of skills 
and experience and a culture that easily enables the nonexecutive 
members of the board to challenge and advise the executive team 
as appropriate
the audit committee and the remuneration committee are 
comprised of the two nonexecutive directors and the board 
believes the current makeup and number of committees remain 
appropriate for a group of our size
board and employees
i am very pleased that we were able to appoint bill rhodes as a 
nonexecutive director to the board during the year and his input 
and insightfulness is already providing a valuable contribution his 
knowledge and experience from many years spent at becton dickinson 
and elsewhere will continue to support our strategy outlined above 
i would like to reiterate past thanks to mike gurner who retired from 
the board last year and who contributed much to the group since 
it ﬁrst became a public company
much of the progress we have made would not be achieved without 
the hard work of our employees we now have 145 individuals 
around the world and i would personally like to thank each and 
every one of them for their contribution throughout this year
positive outlook
trading in the new ﬁnancial year to date is in line with management 
expectations with the marginal growth in food intolerance testing being 
offset by the marginal decline in allergy and infectious disease testing
our future landscape is brightened as well as dominated by the 
prospects for our visitect
®
 cd4 test which is now well into its ﬁeld 
trials however we all have a dislike for complete uncertainty and 
that is our challenge in being able to set our budgets for the current 
year in relation to both the timing and quantum of cd4 revenues 
cd4 will without doubt be a successful product for the group but 
we would be foolish to believe that our crystal ball is better than yours 
in being able to forecast with certainty the decision outputs from the 
ngo’s we are working with this is primarily a global tenderbased 
business with timing driven by the availability of funds and the then 
current view of the various governments as to need due to this 
fundamental timing uncertainty we have erred on the side of caution 
in terms of both revenues and building our overhead base ahead of 
the revenue curve when those cautious assumptions change we 
will update the market accordingly
we will make signiﬁcant progress this year in terms of gaining 
market acceptance for cd4 and i believe the prospects for the 
group overall are positive
david evans
nonexecutive chairman
20 june 2014
we are determined to
deliver the true beneﬁts
and value from our unique
visitect
®
 cd4 product
p20
governance
p14
chief executive’s 
review omega diagnostics group plc annual report and group financial statements 2014
06
our business model
andrew shepherd chief executive
in summary
our aim is to maximise 
shareholder value and 
improve human health and 
wellbeing by generating 
returns from our wide range 
of specialist and innovative 
diagnostic products and 
through global partnerships
 – the proﬁtability and strong cash contribution 
from core operating activities added to the 
commercial opportunities from the visitect
®
 
cd4 test and automated isys platform are 
key to maximising shareholder value
 – the ongoing validation studies for the visitect
®
 
cd4 test will lead to the roll out of the test in 
areas of the world where patients are currently 
unable to access testing and treatment 
andrew shepherd
chief executive
20 june 2014
our focus encompasses
targeting areas of 
signiﬁcant opportunity
omega’s global reputation stems from its beginnings as 
a manufacturer of tests for a range of infectious diseases 
this reputation led to the opportunity to license the cd4 
technology to develop a pointofcare poc test for an 
estimated 17 million hiv positive patients who cannot 
currently access testing we also have access to a poc 
test for syphilis which can differentiate between active and 
past infections who estimates there are 12 million new 
cases of syphilis each year with currently no poc assays 
on the market for detecting speciﬁc igm antibodies
team of experts
in recent years omega has signiﬁcantly expanded the 
senior management team recruiting a number of key 
staff with years of experience within the medical 
diagnostics industry four additional development 
scientists have been recruited since the year end 
further increasing inhouse resource to accelerate the 
development projects bill rhodes was also appointed 
in the year as a nonexecutive director and brings 
a wealth of global experience to omega 
strategic partnerships
partnership with the burnet institute in australia resulted 
in omega securing an exclusive global licence to a unique 
simple lateral ﬂow poc device which conﬁrms whether 
a patient’s cd4 count is above or below 350 cells μl 
this has the opportunity to reduce signiﬁcantly the 
number of patients lost to care as a result of the length 
of time between testing and treatment
partnership with immunodiagnostic systems group plc 
ids enabling omega to develop a range of allergy 
immunoassays on ids’s automated system idsisys 
combined with omega’s experience in assay development 
this forms a strong platform for allergy testing 
we are committed to 
addressing global health 
challenges…
1 07
omega diagnostics group plc annual report and group financial statements 2014
strategic report
we achieve this through
licensing in opportunities
the group will license in its needs in areas where it 
does not have inhouse expertise with the ids instrument 
being an example of this the group looks to collaborate 
with worldleading global health partners who are well 
placed to undertake the early research phase and who 
then look to license out those opportunities the burnet 
institute being an example of this
inhouse development
the majority of omega’s products across all segments 
have been developed over many years through an 
investment in skilled teams of scientists
manufacturing and 
marketing expertise
omega has acquired more than 25 years’ experience 
in the development and manufacture of products 
within three segments allergy and autoimmune food 
intolerance and infectious disease with each of its sites 
possessing iso 9001 and iso 13485 accreditation and 
being compliant with directive 9879ec on medical 
devices omega has a skilled and experienced global 
marketing team who are highly knowledgeable in the 
group’s products and the markets that they are sold into 
this is accomplished via
global distribution network
omega has a strong distribution network in over 100 
countries and a number of the distributors in place have 
had longstanding relationships with omega and sell 
a wide range of the company’s products
direct markets
in germany and india where omega has a direct 
presence we have sales teams focused on the 
needs of end user customers
global health initiatives
the commercialisation of the visitect
®
 cd4 test will see 
us working closely with nongovernmental organisations 
ngos government ministries of health and global aid 
agencies in order to get the test to patients who urgently 
require to be tested and gain access to treatment
through the commercialisation 
of a wide range of diagnostic 
products…
2
and ensuring our products 
reach those who need 
them most
3 uk
7
north america
south
central america
6
3
europe
57
omega diagnostics group plc annual report and group financial statements 2014
08
our core markets
well positioned to beneﬁt 
from a truly global business 
omega is one of the uk’s leading companies in the fast growing 
area of immunoassay it has a global presence in over 100 countries 
worldwide through a combination of direct subsidiaries and a strong 
distribution network
americas
market dynamics
 – strong economy in brazil and mexico
 – huge regulatory requirement in the us fda
performance highlights
 – growth of 88 of food intolerance products 
in brazil
market outlook
 – focus on mexico for growth opportunities
 – expand on a strong market position for food 
intolerance in canada
europe
market dynamics
 – continued reimbursement pressure in germany
 – depressed markets in southern europe
 – new markets opening in eastern europe
performance highlights
 – business stabilised in germany through a focus 
on customer service education and training
 – regional allergodip panel development to support 
export sales
 – food intolerance remains strong in spain and italy
 – food intolerance continues to grow 12
market outlook
 – grow export business out of germany
 – diversiﬁcation of business in germany 
to maximise resources
 – continued growth in food intolerance
group revenue share by geography
 13
 40 3
 15 asia and 
far east
14
africa and 
middle east
13
09
omega diagnostics group plc annual report and group financial statements 2014
strategic report
 countries where our products are distributed
 countries where we have a direct presence
asia and far east
market dynamics
 – fast growing economies and increased expenditure 
on healthcare
 – currency devaluation in india
performance highlights
 – continued growth in india despite currency 
devaluation combined with improved product mix
 – appointment of new distributor in indonesia
 – new food intolerance partner in malaysia  singapore
market outlook
 – diversify portfolio in india
 – focus on tier 2  3 cities in india
 – implement manufacturing facility in india to gain 
access to lower production costs
middle east and africa
market dynamics
 – political and economic instability
 – currency availability and devaluation
 – strong market in africa for current infectious 
disease products but increased competition 
and price pressure
performance highlights
 – launch of foodprint arabia in gulf countries
 – strong growth in nigeria
market outlook
 – continued growth of food intolerance in 
gulf countries
 – reverse trend in infectious disease through 
visitect
®
 cd4 sales
key  infectious diseases allergy and autoimmune food intolerance
a global reach allows the group to beneﬁt from 
fast growing economies in emerging markets while 
simultaneously mitigating challenging economic and 
political instability in certain regions of the world
 3 7 omega diagnostics group plc annual report and group financial statements 2014
10
our strategy
a clear strategy to further 
the group’s progress
the group’s strategy is to increase proﬁtability and shareholder 
value by becoming a market leader in the provision of poc testing for 
infectious diseases where there are substantial unmet needs and by 
becoming a leading provider of allergy tests in clinical laboratories
2 3 1
automation of 
allergy tests on the 
ids isys instrument
progress in 2014
eight allergens now fully completed 
and can be run on the isys instrument 
showing comparable results to the 
marketleading competitor and a further 
sixteen allergens which have now 
completed optimisation agreement 
to work alongside ids in markets where 
it has a direct presence
continue to grow food 
intolerance revenues 
progress in 2014
continued growth with sales of £52 million 
in year an increase of 18 on the prior 
year additional instruments placed 
and broadening base of markets
poc testing for 
infectious diseases 
progress in 2014
major step forward in the year with the 
successful completion of the technology 
transfer of the visitect
®
 cd4 test and the 
commencement of beta trials in india and 
kenya completion of the development 
of the android smartphone app to record 
and transmit cd4 test results signiﬁcant 
effort in priming the market for the test 
establishing the group as a serious 
contender in the global health arena
priorities for 2015
 – commercialisation of the cd4 test 
and rollout to key target markets 
in africa and beyond
 – progress the development of 
syphilis poc as well as a test 
for schistosomiasis
priorities for 2015
 – launch the isys instrument with 
a panel of 40 allergens
 – further programme of menu extensions 
to increase competitiveness
priorities for 2015
 – continue to increase genarrayt revenue 
per instrument
 – grow revenues with introduction of new 
dried blood spot test
 – broadening the portfolio in nutritional 
assessment 11
omega diagnostics group plc annual report and group financial statements 2014
strategic report
key performance indicators
it has been a year of solid performance for our core business total 
revenue was up by 3 to £116 million principally due to a strong 
performance from our food intolerance division
progress made in 2014
core business performed well especially 
in the second half of the year
strategy for 2015
commercialise isys and cd4 
and continue to grow sales in india
progress made in 2014
margin improved through revenue 
and product mix
strategy for 2015
increase gross proﬁt through the 
introduction of isys and cd4 sales
progress made in 2014
increased by 41 on prior year 
strategy for 2015
increase proﬁtability through the 
commercialisation of isys and cd4
10
08
11
2012 2013 2014
adjusted proﬁt before tax £m
£11m 41
progress made in 2014
continued revenue growth across 
a number of markets
strategy for 2015
continue to grow revenue per instrument 
and introduce dried blood spot testing
156
184
212
2012 2013 2014
food intolerance – genarrayt
®
 £m
£212m 15
111
113
116
2012 2013 2014
sales £m
£116m 3
progress made in 2014
continued growth in the top ﬁve markets 
strategy for 2015
continue to promote the beneﬁts of food 
intolerance in key markets
10
13
17
2012 2013 2014
food detective sales £m
£17m 36
630
626
636
2012 2013 2014
gross proﬁt 
636 1ppt omega diagnostics group plc annual report and group financial statements 2014
12
risks and risk management
operating a system of internal 
control and risk management
risk and description mitigating actions change
general economic conditions
the group may be faced with changes in the general economic 
climate in each territory in which it operates that may adversely 
affect the ﬁnancial performance of the group factors which may 
contribute include the level of direct and indirect competition 
against the group industrial disruption rate of growth of the 
group’s product segments and interest rates
the group seeks to mitigate this 
risk by conducting operations on 
a broad geographic basis and by 
introducing new technologies to 
remain innovative 
 
world economies in which 
the group operates continue 
to steadily recover from the 
recent economic downturns
regulatory risk
the manufacturing marketing and use of the group’s products 
are subject to regulation by government and regulatory agencies 
in many countries of particular importance is the requirement to 
obtain and maintain approval for a product from the applicable 
regulatory agencies to enable the group’s products to be marketed 
approvals can require clinical evaluation of data relating to safety 
quality and efﬁcacy of a product
the group seeks to mitigate 
regulatory risk by increasing 
the resource in this area and by 
conducting its operations within 
recognised quality assurance 
systems and undergoes external 
assessment to ensure compliance 
with these systems
the group continues 
to operate in the same 
jurisdictions and there have 
been no detrimental changes 
during the year
acquisition risk
the success of the group depends on the ability of the directors to 
assimilate and integrate the operations personnel technologies 
and products of acquired companies 
the group seeks to mitigate 
this risk by selecting companies 
that meet certain criteria and 
by conducting a detailed 
due diligence review
no acquisitions in the year
the longterm success of the group depends on the continual review 
assessment and control of the key business risks it faces the group’s 
principal risks and uncertainties are brieﬂy outlined below 13
omega diagnostics group plc annual report and group financial statements 2014
strategic report
key increase in risk no change in risk decrease in risk
risk and description mitigating actions change
eurozone risk
the euro area combines 18 countries with multiple domestic 
policies all having to operate under common monetary conditions 
the legacy of the ﬁnancial crisis and differing policy choices will 
continue to weigh more heavily on some than others
the group monitors those 
countries under pressure and 
mitigates the risk in those 
countries where it has trading 
relationships with tighter credit 
control procedures and credit 
limits where necessary
although we have seen an 
easing of difﬁcult economic 
conditions in europe there 
remains risk around deﬂation 
and gdp growth forecasts
development risk
the group continues to undertake an increased level of 
development activity than in the past with the aim of launching 
new products in the future 
there is no guarantee that development activity will lead to the 
future launch of products such development activity can meet 
technical hurdles that are unable to be overcome and market 
and competition activity can render the output from development 
activities obsolete
the group seeks to mitigate 
the risk around development 
activities by ensuring that 
development programmes 
are planned in accordance 
with recognised industry quality 
standards managed by people 
with the requisite skills 
the group also continues to 
monitor industry trends and 
customers’ needs to ensure 
its development targets 
remain relevant
completion during the year 
of the cd4 technology 
transfer moves the group 
closer to commercial launch 
of the product although the 
competition landscape 
continues to evolve and 
show signs of progress
the progress on the number 
of allergens optimised for use 
on the idsisys also moves 
the group closer to the 
commercial launch of the 
product
foreign currency risk
a signiﬁcant proportion of the group’s sales are denominated in 
euros through omega gmbh and in us dollars and the growing 
business through omega dx in india means that the group is 
subject to risks associated with currency movements geopolitical 
tensions also exist in certain parts of the world which can lead to 
a tightening of monetary conditions
natural hedging is adopted where 
possible whereby certain goods 
and services are sourced in euros 
and us dollars to match liabilities 
with trading income in these 
currencies it is currently the 
group’s policy to settle 
intercompany balances with 
omega gmbh and omega dx 
within a short timescale 
due to the investment in both 
omega gmbh and omega dx 
we have increasing exposure 
to intercompany balances 
we have also seen a 
devaluation of the iranian 
currency have an adverse 
effect on sales in that country omega diagnostics group plc annual report and group financial statements 2014
14
chief executive’s review
andrew shepherd chief executive
in summary
 – solid business performance – group 
revenue increased by 3 to £116 million
 – adjusted proﬁt before tax increased 
by 41 to £11 million
 – completed much of the foundation work for 
marketing visitect
®
 cd4 in a number of east 
african states and have begun this process 
in india francophone africa and the far east 
 – global health activities enhanced by new 
product developments which positions 
us well for future growth 
 – board strengthened by appointment 
of bill rhodes
idsisys allergy
development efforts have continued throughout the year and 
we continue to invest in facilities and skilled manpower to bring 
this project to fruition we all appreciate that this project has taken 
longer to reach a marketable product than ﬁrst anticipated and this 
has been a source of frustration for all concerned however when 
we do launch this product from the results seen to date we will 
have a product that will compete very well and will support our 
objective to secure a number two market position behind the 
current market leader
cd4
technology transfer
our strategy of maximising shareholder value through the 
development of innovative new products such as visitect
®
 cd4 
using global partnerships with groups such as the burnet institute 
has taken a major move forward in the year with the successful 
completion of the technology transfer from bench top manufacture 
to a scalable and robust manufacturing protocol you will recall 
that this involved successfully completing a threebatch validation 
of our manufacturing protocol a process which involved validation 
of the test on venous blood samples at a uk reference laboratory
manufacturing
in the year we established our uk facility for visitect
®
 cd4 production 
which is now fully validated under iso approved procedures we have 
also leased a facility and we will shortly commence the interior build of 
a manufacturing base in pune india this has been part funded by a 
£04 million grant from the burnet institute which itself received a grant 
for us16 million from unitaid to fund large scale ﬁeld trials in south 
africa and india the establishment of an indian manufacturing facility 
will enable us to produce the test locally thereby avoiding a punitive 
import duty rate that currently exists for rapid test imports into india 
as well as producing visitect
®
 cd4 tests we are aiming to manufacture 
other rapid tests for the indian market and beyond where cost per 
test is a major barrier to market entry
field evaluations
the next stage of the process has involved testing the product 
under ﬁeld conditions with the intention that patient data is used 
to determine what if any aspects of the test require ﬁnetuning 
such beta trials are underway in kenya and india and are 
providing the clinical data we need 
in india 140 patient samples have been tested to date based on an 
interim analysis of these data the test has produced results on venous 
blood samples which match with the company’s performance design 
parameters results to date on ﬁnger stick blood show similar overall 
diagnostic performance but with slightly lower levels of sensitivity and 
corresponding higher levels of speciﬁcity this is being investigated 
as the trial proceeds 
the trial in kenya has been extended beyond the initial 200 patients 
because test performance was just below optimal performance on 
both venous and ﬁnger stick blood and additional devices have already 
been sent to kenya for further evaluation the investigative site has also 
received additional user training by omega staff and we expect that 
these additional tests will allow us to determine and correct 
the root cause of this difference
good progress being made to
deliver the full value of visitect
®
cd4 and exploit other opportunities
through an increased presence
in the global health market 15
omega diagnostics group plc annual report and group financial statements 2014
strategic report
procurement
a country’s ability to purchase commercial quantities of visitect
®
 
cd4 is dependent upon receiving a positive recommendation from 
its regulatory authority and omega having attained ce mark status 
for the product which is within sight in resourcepoor countries 
supplies will be funded with ngoaid money and procured through 
supplierapproved channels one major procurement agency has 
already evaluated our quality management system and conﬁrmed 
omega to be a very low risk supplier with regard to manufacturing 
visitect
®
 cd4 
as well as ease of use another driver for the introduction of new cd4 
testing technologies is a reduction in the cost per test which will 
allow more people to be tested and treated using available funds 
marketing and training
over the last year there has been a major effort in priming the 
market for the test to the point where the company has developed 
a strong presence in the global health arena and is recognised as 
a serious contender visitect
®
 cd4 is still the only instrumentfree 
disposable cd4 test available in the world despite competition 
from several other groups
training is a vital element in launching any new test technology 
and a training package has been developed which has proved 
successful in the initial ﬁeld trial rollout in africa and india
mhealth
in addition to the test itself the development of the android smartphone 
app to record and transmit visitect
®
 cd4 test results has completed its 
development and is also undergoing ﬁeld trials we expect this app to 
be fully available in the new ﬁnancial year which will offer integration into 
cloudlims host databases to provide last mile solutions in resource 
challenged environments this socalled “mhealth” solution has met 
with great enthusiasm by ngos and global health organisations as 
the testapp combination offers a complete solution from test site to 
management headquarters mhealth itself is being seen as a new way 
of educating and providing health information solutions to governments 
and aid agencies so with the visitect
®
 app we are at the forefront 
of these developments
other global health developments
hiv viral load
this area of diagnostic testing is very challenging given that a 
complex test is expected to be used in a resourcepoor setting 
by low skilled workers while a few systems have been developed 
they are far from true pointofcare poc tests discussions with 
several groups are underway which may deliver the test that is 
required but it is likely to be some time before any signiﬁcant 
progress will be made due to the complexity of the technologies 
being utilised and the settings where the test will be used moving 
into the hiv viral load testing arena means an entrance into the 
molecular diagnostics market the fastest growing sector of the 
ivd market
syphilis
our development team is now working on other projects which 
have a high demand in the global health arena one such assay 
is the syphilis poc test developed by the burnet institute and 
exclusively licensed to omega which can be used in the same 
resourcepoor settings as visitect
®
 cd4
as a global leader in the ﬁeld of syphilis diagnostics we are 
already well placed to exploit this development as we are already 
promoting our current range of products around the world into 
many resourcepoor countries currently there are no poc tests 
that can detect active syphilis although many tests can detect 
past treated infections the test developed by burnet allows for 
the detection of an antibody that is only present at the active stage 
of infection and which disappears after successful treatment this 
test will accurately diagnose active syphilis and allow for immediate 
treatment at the point of care without the need for further laboratory 
analysis this test could therefore result in signiﬁcant improvements 
in the health of women and children through the prevention of 
stillbirths and severe neonatal morbidity in 2008 the mortality 
associated with congenital syphilis amounted to 14 million pregnant 
women in addition to the test development it is anticipated that an 
app will also be developed to work on the same android smartphone 
as the visitect
®
 cd4 app thereby linking the point of care result to 
management database systems
neglected tropical diseases ntd
neglected tropical diseases ntds disproportionately affect 
the world’s poorest and most vulnerable people inﬂicting serious 
disﬁgurement and disability reducing productivity quality of life 
often resulting in death the combined impact of ntds rivals the 
effects of human immunodeﬁciency virus hiv tuberculosis and 
malaria more and more funding is being donated to overcome 
these diseases to the point where development of appropriate 
diagnostic tests are now commercially viable
schistosomiasis
one example of an ntd is schistosomiasis which is a disease 
caused by a worm that is present in many tropical countries 
200 million people are estimated to be infected with a further 
600 million at risk after malaria schistosomiasis is the second 
most important disease caused by a parasite it is likely that as 
programmes to control schistosomiasis roll out in africa there 
will be an increasing need for a test that detects the disease 
sensitively and speciﬁcally omega is working with an expert 
in this disease area and good early progress is being made 
in the development of a new lateral ﬂow test it is anticipated 
that ﬁeld trials could commence in the second half of the year
outlook
the new ﬁnancial year is set to be a dynamic one with visitect
®
 cd4 
coming to the market the sales potential is high but as alluded 
to above in the ngoaid market sector there are some hurdles to 
overcome such as individual country evaluations and approvals we 
remain conﬁdent about selling signiﬁcant quantities of product however 
the timing to forecast when this business will materialise is not an exact 
science the core business remains in good shape as evidenced by 
the increase in food intolerance sales and increased proﬁt before tax 
so we are well positioned to take advantage of the good conditions to 
deliver on our goals of launching visitect
®
 cd4 and the isys allergy 
platform later in the year
by focusing on our core strategic areas and with increased focus 
on global health markets we believe that we are building a secure 
and stable platform for growth and enhanced proﬁtability
andrew shepherd
chief executive
20 june 2014 omega diagnostics group plc annual report and group financial statements 2014
16
product case study
hiv remains the primary cause of global disease 
burden in 12 countries including south africa and 
india we are addressing this challenge through 
our revolutionary visitect
®
 cd4 test
training health care workers in 
kenya to run visitect
® 
cd4 tests
further to the completion of the 
technology transfer announced in 
february 2014 visitect
®
 cd4 tests 
have been supplied for initial ﬁeld 
validation studies to evaluate 
performance in india and kenya 
as well as patient sample evaluations 
the kenyan study also included 
evaluation of the visitect
®
 cd4 
mhealth app smartphone reader 
the success of these initial studies will 
lead to a rollout of validation studies 
into other countries
in parallel with these trial activities 
claim support studies have commenced 
in the uk to support the regulatory 
requirements in connection with 
cemarking the test
sign posts 
directing patients 
to the kenya 
medical research 
institute in busia 
kenya where the 
initial ﬁeld trial has 
been taking place 17
omega diagnostics group plc annual report and group financial statements 2014
strategic report
hiv is a major global health challenge affecting
approximately 33 million people worldwide
more than 23 of this population are in developing countries
that’s 263 million people
but more than half don’t have access to treatment – 171 million people
south africa
india
mozambique
kenya
tanzania
nigeria uganda
russian 
federation
malawi
zambia
china
zimbabwe
top 12 countries by hiv population
fingerprick blood sampling
instrumentfree testing
results obtained in 40 minutes
convenient and easy to use
low cost – just us5 per test
visitect
®
 cd4 is portable and light
perform multiple tests at once
proven lateral ﬂow technology
the advantages of the visitect
®
 cd4 test
 reference unaids report on the global aids epidemic 2010 omega diagnostics group plc annual report and group financial statements 2014
18
financial review
financial performance
it has been a year of solid performance for our core business total 
revenue was up by 3 to £116 million principally due to a strong 
performance from our food intolerance division gross proﬁt increased 
by 5 to £74 million leading to a higher margin of 636
costs have been carefully managed throughout the year so that 
overheads were effectively unchanged at £68 million adjusted 
proﬁt before tax increased signiﬁcantly to £11 million compared to 
£08 million the year before the uk companies continue to beneﬁt 
from the enhanced rd tax credit system and a net tax credit of 
£015 million has been recognised in the year accordingly adjusted 
proﬁt after tax of £125 million on an average 104 million shares in 
issue resulted in adjusted earnings per share of 12 pence this is 
slightly reduced from 13 pence in the previous year where adjusted 
after tax proﬁts of £11 million were earned on an average 85 million 
shares in issue
segmental revenue performance
food intolerance
the food intolerance division has consistently performed well over 
a number of years exhibiting an 18 compound annual growth 
rate in revenue over the last ﬁve years for this year total food 
intolerance sales were £518 million 2013 £439 million
sales of food detective
®
 grew by 35 to £169 million 2013 £125 million 
with particularly strong sales performances in poland and brazil 
total volumes exceeded 100000 units for the ﬁrst time achieving 
sales of 106312 2013 85214 excluding component sales to 
china the average selling price per kit was £2255 2013 £2201 
the highest level seen in the last three years 
sales of genarrayt
®
 reagents grew by 15 to £212 million 
2013 £184 million with strong performances again in both the spanish 
and french markets however it is pleasing to see a broadening base 
of other markets with the top ﬁve markets by revenue accounting for 
63 of total sales this year versus 70 last year the group sold 
a further 13 instruments in the year taking the cumulative number 
of installations to 132 instruments in 35 countries and revenue 
per instrument excluding spain increased by 7 to £13746 
2013 £12885
our foodprint
®
 laboratory service achieved sales of £064 million 
2013 £061 million and we produced and sold 7985 patient reports 
in the year 2013 7529 at an average price of £7955 per report 
2013 £8065
allergy and autoimmune
sales for the allergy and autoimmune division are comprised of allergy 
sales of £352 million 2013 £362 million and sales of autoimmune 
products of £045 million 2013 £054 million the allergy sales 
are derived almost exclusively from our omega gmbh business in 
germany which is operating in an environment of reimbursement 
restrictions 12 out of the 17 health regions we operate in are under 
such restrictions but despite these regions collectively accounting 
for approximately 54 of total allergy sales the overall reduction in 
omega gmbh allergy sales was limited to 6 in euro terms in reported 
sterling terms the reduction was only 3 due to an average stronger 
eurosterling exchange rate throughout the year of 1186 2013 1223 
the strategy has been to reinforce customer relationships through 
training service and account management to secure the business 
and to prioritise allergy testing over other testing eg microbiology 
tests in a market which has declined by approximately 5 over 
the last two years
we continue to sell autoimmune products into markets where 
automation is ever increasing despite these headwinds most of 
our country markets have maintained their position and the dropoff 
is attributable to a reduction in iran where reimbursement restrictions 
have occurred due to a severe devaluation of the iranian currency
kieron harbinson finance director
in summary
 – group revenue increased by 3 
to £116 million
 – food intolerance sales increased by 18 
to £52 million
 – increase in gross margin percentage 
to 636
 – adjusted proﬁt before tax increased by 41 
to £11 million
 – adjusted earnings per share of 12 pence
 – cash in hand at the end of the year 
of £31 million
we are focusing our resources
on achieving commercialisation
of visitect
®
 cd4 and our
allergy isys project 19
omega diagnostics group plc annual report and group financial statements 2014
strategic report
infectious disease
infectious disease sales amounted to £245 million 2013 £271 million 
in the year the reduction of £026 million is principally down to two 
factors first the loss of business from a uk customer who experienced 
ﬁnancial difﬁculties led to a sales reduction of £016 million since the 
year end we have recommenced selling small volumes of product 
to this customer as its situation has recently begun to improve 
second the devaluation of the iranian currency referred to above has 
also had a similar effect in reducing infectious disease sales through 
our distributor by £01 million despite these issues they have been 
mitigated by growth in other areas particularly in india and brazil
research and development
total investment in research and development was £161 million 
2013 £117 million representing 14 of group turnover expenditure 
is focused on our two key areas of interest we spent £094 million 
2013 £083 million on our allergy isys project and £043 million 
2013 £020 million on our visitect
®
 cd4 project both these amounts 
have been capitalised on the balance sheet in accordance with ias 
38 – development costs earlier stage rd expenditure amounted 
to £024 million 2013 £014 million which has been expensed 
through the income statement
intangible assets
the group has intangible assets of £113 million comprising goodwill 
of £47 million separately identiﬁable intangible assets of £39 million 
and capitalised development costs of £27 million 
goodwill
goodwill of £47 million arose as to £30 million on acquiring 
genesiscns in 2007 £04 million on acquiring cotek in 2009 and 
£13 million in acquiring the allergy ivd business in germany in 2010 
there has been no impairment of goodwill on any of the acquisitions 
to date
intangible assets
separately identiﬁable intangible assets have been recognised on 
acquisition £20 million on genesiscns of which £06 million has 
been amortised to date £01 million on cotek which has been fully 
amortised and £18 million on omega gmbh of which £08 million 
has been amortised to date a purchased licence of £15 million 
the ﬁnal £05 million instalment for which was paid in the year 
2013 £01 million relates to the exclusive global access rights 
to the idsisys platform for allergy testing which to date has 
not been amortised 
capitalised development costs
capitalised development costs have been incurred to date 
comprising £21 million on the allergy isys project and £06 million 
on the visitect
®
 cd4 project neither of which has been amortised 
to date the amortisation of these capitalised development costs 
along with the purchased licence referred to above will only start 
after commercialisation of these assets going forward this particular 
subset of amortisation charges will not be added back in the computation 
of the group’s routinely reported adjusted proﬁt before tax
property plant and equipment
the group has invested £05 million 2013 £03 million in the year 
including a combined £04 million at the alvabased headquarters 
in scotland on its visitect
®
 cd4 manufacturing assembly unit along 
with plant and machinery to undertake the bottle ﬁlling of individual 
allergy reagents for the isys system
financing
in june last year the company successfully completed an institutional 
placing of 23529412 ordinary shares at 17 pence per share raising 
£4 million gross in the process at the year end the group still had 
over £3 million of cash in hand in may of this year the company 
renewed its overdraft facility at a level of £1 million and accordingly 
the group remains in a strong position to fund its activities
grant funding
we announced in the year that the burnet institute was successful 
in being awarded a unitaid grant for us 16 million to initiate ﬁeld 
evaluations in india and south africa omega is the collaborating 
partner in this initiative and is the means by which the burnet 
institute will be able to deliver on its project manufacturing goal 
the burnet institute agreed to provide omega with grant funding 
of £036 million and 90 of these funds were received before the 
end of the year manufacturing facilities have been located in pune 
india and since the year end a ﬁveyear lease has been taken out 
over these premises to accelerate delivery of this goal we also 
received an interim instalment of £32000 from scottish enterprise 
under the regional selective assistance programme
operating cash ﬂow
omega continues to manage its working capital efﬁciently and generated 
operating income of £167 million 2013 £101 million in the year 
including the grant income referred to above excluding this grant 
income the group has achieved a conversion rate of adjusted 
operating proﬁt operating proﬁt plus amortisation of intangible assets 
plus sharebased payments to operating cash of 122 2013 129
foreign exchange
the group has investments in overseas operations and conducts 
trading transactions in currencies other than sterling the principal 
currencies used and the average foreign exchange rates in the year 
are as follows
201314 201213
sterlingus dollar 160 158
sterlingeuro 1186 1223
sterlingindian rupee 9633 8554
proﬁt and loss account
the group has foreigndenominated bank accounts to allow for the 
receipt and settlement of amounts in connection with its normal trading 
operations these transactions are subject to timing differences 
between when they are transacted and when they are settled which 
can give rise to foreign exchange differences foreigndenominated 
receivables payables and bank balances are restated into sterling at 
closing balance sheet dates which also gives rise to foreign exchange 
differences during the year the group incurred exchange losses 
of £74000 2013 £2000 on these transactions which has been 
charged through the income statement
other comprehensive income
the group has net assets in germany and india held in fully owned 
subsidiaries the original investments in these subsidiaries are held at 
historic exchange rates the difference between these historic balances 
and their restated amounts at the most recent closing balance sheet 
rates gives rise to movements which are recorded through other 
comprehensive income and included within retained earnings on the 
balance sheet during the year there has been a charge of £127000 
2013 £27000 credit on the retranslation of foreign operations
kieron harbinson  andrew shepherd
group finance director chief executive
20 june 2014  20 june 2014
the strategic report was approved by the board of directors on 
20 june 2014 and signed on its behalf by kieron harbinson group 
finance director and andrew shepherd chief executive omega diagnostics group plc annual report and group financial statements 2014
20
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
andrew shepherd
chief executive
andrew is the founder and chief executive 
of omega he has worked in the medical 
diagnostics industry for 40 years in 1986 
he moved to scotland to join bioscot limited 
and shortly afterwards established omega 
he has used his technical experience 
and knowledge of exporting to oversee 
the signiﬁcant growth of the export of 
omega products he is an active member 
of a number of relevant trade associations 
and was a member of the bill and melinda 
gates foundation’s bmgf global health 
diagnostics forum which provided guidance 
to bmgf in advising on technology and 
future investments in worldwide diagnostics 
programmes for developing countries
kieron harbinson
finance director
kieron joined omega in august 2002 
as finance director he has a broad 
experience in technology and related 
businesses he started his career with 
scotia holdings plc in 1984 and remained 
with the company for 14 years occupying 
various senior ﬁnance roles these roles 
enabled him to acquire experience in 
corporate acquisitions disposals and 
intellectual property matters in addition 
he gained experience in various debt and 
equity transactions and was involved in 
raising over £100 million for the company 
he then joined kymata limited a startup 
optoelectronics company as finance 
director over a period of 18 months 
he was involved in raising approximately 
us85 million of venture capital funding
jag grewal
sales and marketing director
jag joined omega in june 2011 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 invitro diagnostics 
association bivda
michael gurner resigned 8 july 2013
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
william rhodes appointed 1 may 2013
nonexecutive director
during his 14 year career with becton 
dickinson and co one of the world’s 
leading suppliers of medical diagnostic 
and life science research products bill held 
a number of senior leadership positions 
and until the end of 2012 was bd’s senior 
vice president corporate strategy and 
development being responsible for bd’s 
worldwide mergers and acquisitions and 
corporate strategies previously he was 
worldwide president of bd biosciences 
a business segment with turnover of over 
us10 billion including the provision 
of ﬂow cytometry instruments and their 
associated reagents for cd4 testing used 
in a wide range of laboratory settings prior 
to working for bd bill held senior business 
development positions with pﬁzer inc 
and johnson and johnson governance
21
omega diagnostics group plc annual report and group financial statements 2014
senior management team
dr edward valente
group research and 
development director
edward joined omega in march 2011 as 
allergy systems director he has worked in 
the medical diagnostics industry for 30 years 
he started his career with amersham 
international in 1983 where he held scientiﬁc 
and managerial positions in clinical diagnostics 
research and development he then joined 
shield diagnostics in 1988 and held managerial 
positions in rd and marketing latterly he 
was responsible for market development of 
new markers including clinical studies and 
design and development of immunoassay 
products on automated platforms for 
industry majors
mike gordon
group operations director
mike joined omega in october 2011 as 
group operations director he has worked 
in the medical diagnostics industry for 30 
years he started his career with inveresk 
research international as a development 
scientist he then joined bioscot ltd 
working through its transition to cogent 
diagnostics ltd and onwards to hycor 
biomedical ltd during this time he has 
held the positions of quality manager 
production director and latterly as 
production and logistics manager for its 
last corporate owners during this period 
he was responsible for the implementation 
of iso 9001 and for successfully navigating 
the company through the process of us 
fda registration and inspection
iain logan
group financial controller
iain joined omega in november 2010 
as group financial controller he qualiﬁed 
as a chartered accountant in 2002 with 
pricewaterhousecoopers in edinburgh 
he then worked at murray international 
holdings limited in the head ofﬁce ﬁnance 
team for three years performing a variety 
of ﬁnancial accounting roles he then 
moved on to murray capital limited 
the investment management company 
of murray international holdings limited 
gaining experience in all aspects of 
acquisitions disposals and investment 
portfolio company analysis and management 
his current role primarily covers responsibility 
for the ﬁnancial reporting of the group and 
management of the group ﬁnance team
prashant maniar
managing director – 
omega dx asia pvt limited
prashant joined omega dx asia in 
october 2011 as managing director he 
has worked in the diagnostics industry for 
24 years he started his career as production 
head in cadila laboratories he then spent 
15 years working for glaxosmithkline and 
thermofisher scientiﬁc in various roles 
establishing their diagnostic business in 
india with 14 collaborations with national 
and multinational companies in his most 
recent role he established the microbial 
control business for lonza india he has 
been responsible for the commercial set 
up of omega dx asia pvt ltd and has 
transitioned the group’s business in india 
from distributor to wholly owned subsidiary
jamie yexley
site manager – 
genesis diagnostics limited 
cambridge nutritional sciences limited
jamie joined genesis and cns in june 
1999 as a production laboratory assistant 
he was promoted to production manager 
in 2005 and operations manager in 2009 
he has been instrumental in seeing the 
company through a sustained period of rapid 
growth and change in 2012 he moved to 
the role of site manager he has 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 postmerger integration omega diagnostics group plc annual report and group financial statements 2014
22
corporate governance report
as an aimquoted company the group is not required to produce 
a corporate governance report nor comply with the requirements 
of the uk corporate governance code however the directors are 
committed to providing information on an open basis and present 
their corporate governance report as follows
the board of directors
the board currently comprises one 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 william rhodes 
nonexecutive director are considered by the board to be 
independent in character and judgement the board meets at regular 
intervals and is responsible for setting corporate strategy approving 
the annual budget reviewing ﬁnancial performance agreeing the 
renewal of and any new bankingtreasury facilities approving major 
items of capital expenditure and reviewing and approving acquisitions 
the board is provided with appropriate information in advance of board 
meetings to enable it to discharge its duties effectively william rhodes 
was appointed to the board as a nonexecutive director on 1 may 2013
during the ﬁnancial year the board met on eleven occasions 
of the eleven meetings david evans andrew shepherd kieron 
harbinson and jag grewal attended all eleven and william rhodes 
attended nine out of ten meetings he was entitled to attend 
michael gurner resigned as a director on 8 july 2013 and 
attended three out of three meetings he was entitled to attend 
the chairman has additional nonexecutive directorships 
of the following companies
 – epistem holdings plc
 – momentum biosciences limited
 – scancell holdings plc
 – ekf diagnostics plc
 –cytox limited
 – venn life sciences plc
 – diagnostic capital limited
 – lochglen whisky limited
 – st andrews golf art limited
 – spectrum limited rainbow seed fund
 –optibiotix health limited
 – permaitha limited
 – integrated magnetic systems limited
 – collagen solutions plc
the audit committee
the audit committee has met on two occasions during the year and 
once since the year end the committee is comprised of david evans 
as chairman and william rhodes and has primary responsibility 
for monitoring the quality of internal controls ensuring that the 
ﬁnancial performance of the group is properly measured and 
reported on and for reviewing reports from the group’s auditors 
relating to the group’s accounting and ﬁnancial reporting in all 
cases having due regard to the interests of shareholders the 
committee shall also review preliminary results announcements 
summary ﬁnancial statements signiﬁcant ﬁnancial returns to 
regulators and any ﬁnancial information contained in certain other 
documents such as announcements of a pricesensitive nature 
william rhodes replaced michael gurner who resigned from the 
board on 8 july 2013
 nonexecutive chairman 1
 nonexecutive director 1
 executive director 3
board audit remuneration
david evans 1111 33 33
andrew shepherd 1111 — —
kieron harbinson 1111 — —
jag grewal 1111 — —
michael gurner 33 — —
william rhodes 910 33 33
responsibilities of the board
 – setting corporate strategy
 – approving the annual budget
 – reviewing ﬁnancial performance
 – agreeing the renewal of and any new banking
treasury facilities
 – approving major items of capital expenditure 
 – reviewing and approving acquisitions
the board is provided with appropriate information 
in advance of board meetings to enable it to discharge 
its duties effectively 
executivenonexecutive board membership
board attendance throughout the year
1
3
1 governance
23
omega diagnostics group plc annual report and group financial statements 2014
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 three occasions during 
the year the committee is comprised of david evans as 
chairman and william rhodes and has primary responsibility for 
determining and agreeing with the board the remuneration of the 
company’s chief executive chairman executive directors 
company secretary and such other members of the executive 
management as it is designated to consider the remuneration of 
the 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 
william rhodes replaced michael gurner who resigned from the 
board on 8 july 2013
internal control
the board is responsible for the group’s system of internal control 
and for reviewing its effectiveness throughout the year such a 
system can only provide reasonable assurance against 
misstatement or loss
the board monitors ﬁnancial controls through the setting and 
approval of an annual budget and the regular review of monthly 
management accounts management accounts contain a number 
of indicators that are designed to reduce the possibility of 
misstatement in ﬁnancial statements
where the management of operational risk requires outside advice 
this is sought from expert consultants and the group receives this 
in the areas of employment law and health and safety management
the group is compliant with industry standard quality assurance 
measures and undergoes regular external audits to ensure that 
accreditation is maintained
communication with shareholders
the board recognises the importance of communication with 
its shareholders the group maintains informative websites for 
omega diagnostics limited cambridge nutritional sciences 
limited and omega gmbh containing information likely to be of 
interest to existing and new investors in addition the group retains 
the services of ﬁnancial pr consultants providing an additional 
contact point for investors the board encourages shareholder 
participation at its annual general meeting where shareholders 
can be updated on the group’s activities and plans
going concern
the group’s business activities together with the factors likely to 
affect its future development performance and position are set out 
in the strategic report which runs on pages 6 to 19 the ﬁnancial 
position of the group its cash ﬂows liquidity position and 
borrowing facilities are described in the financial review on pages 
18 and 19 in addition note 22 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 recent renewal of overdraft facilities as well as the successful 
fundraising of £4 million in june 2013 means that the group has 
signiﬁcant 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 well 
placed to manage its business risks successfully and fully capitalise 
on the new product opportunities 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
20 june 2014 omega diagnostics group plc annual report and group financial statements 2014
24
advisers
nominated adviser and broker
ﬁnncap limited
60 new broad street
london ec2m 1jj
auditors
ernst  young llp
g1
5 george square
glasgow g2 1dy
solicitors
brodies llp
15 atholl crescent
edinburgh eh3 8ha
registrar
share registrars limited
suite e
first floor 9 lion and lamb yard
farnham
surrey gu9 7ll
pr
walbrook pr limited
4 lombard street
london ec3v 9hd
country of incorporation 
england  wales
omega diagnostics group plc
registered number 5017761 governance
25
omega diagnostics group plc annual report and group financial statements 2014
directors’ report
the directors present their annual report and group ﬁnancial statements for the year ended 31 march 2014
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 £692851 2013 £582266 which has been taken to reserves the directors do not propose to pay a dividend 
the results are disclosed in more detail in the strategic report on pages 6 to 19
the company has taken advantage of the exemption allowed under section 408 of the companies act 2006 and has not presented its 
own income statement in these ﬁnancial statements the company proﬁt for the year ended 31 march 2014 is £65166 2013 £59896
business review and future development
a review of business and future development is discussed in more detail in the strategic report key performance indicators are 
disclosed and discussed on page 11 
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 14 and 15 costs in the year amounted to £1615240 2013 £1167274 costs of £245873 in relation to 
research activities 2013 £140810 were expensed through the statement of comprehensive income and costs of £1369367 in relation 
to product development 2013 £1026464 were capitalised and included within intangible assets as detailed in note 8
directors
the names of the directors who have served the group throughout the year are
 – david evans
 – michael gurner resigned 8 july 2013
 – kieron harbinson
 – andrew shepherd
 –jag grewal
 – william rhodes appointed 1 may 2013
biographies of all directors serving at the year end are on page 20
directors’ interests
the beneﬁcial interests of directors who have served throughout the year are listed in the directors’ remuneration report on pages 27 
and 28 there are no nonbeneﬁcial interests held by directors there have been no changes to any director’s interests in the shares 
of the group between 31 march 2014 and the date of this report
major interests in shares
as at 31 may 2014 the following shareholders held more than 3 of the group’s issued ordinary share capital
number of 4 pence
ordinary shares percentage
legal  general investment management 19476471 1791
liontrust asset management 8711494 801
octopus investments limited 6676930 614
mobeus equity partners llp 6541600 602
unicorn asset management 4266750 392
charles stanley stockbrokers 3695149 340
barclays stockbrokers 3406962 313
killik  co llp 3395643 312
richard sneller 3365000 309 omega diagnostics group plc annual report and group financial statements 2014
26
directors’ report continued
employees
the group encourages communication with its employees and favours an environment where staff can put forward their ideas 
suggestions and concerns on any matter that involves them the group gives full and fair consideration to applications for employment 
made by disabled people having regard to their particular aptitudes and abilities where an employee becomes disabled in the course 
of their employment where possible arrangements will be made for appropriate retraining to match their abilities with their duties
principal risks and uncertainties
the board meets regularly to review operations and to discuss risk areas the strategic report contains details of the group’s system of 
internal control note 22 to the ﬁnancial statements contains details of ﬁnancial risks faced by the group
donations
the group made no charitable donations in the year 2013 £nil nor any political donations 2013 £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 20 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
20 june 2014 governance
27
omega diagnostics group plc annual report and group financial statements 2014
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 david evans and william rhodes the committee meets as and when required to 
determine and agree with the board the policy for the remuneration of the group’s chief executive chairman and executive directors 
the objective of this policy shall be to ensure that members of the executive management of the group are provided with appropriate 
incentives to encourage enhanced performance and are in a fair and reasonable manner rewarded for their individual contributions 
to the success of the group no director or manager shall be involved in any decisions as to their own remuneration
remuneration policy
the group’s policy is that the remuneration arrangements including pensions for subsequent ﬁnancial years should be sufﬁciently 
competitive to attract retain and motivate high quality executives capable of achieving the group’s objectives thereby enhancing 
shareholder value
incentive schemesshare option schemes
during the year andrew shepherd was issued with an option over 800000 ordinary shares of the group kieron harbinson was issued 
with an option over 640000 ordinary shares of the group and jag grewal was issued with an option over 610000 ordinary shares of 
the group all of the options were granted on 25 february 2014 and were under the company’s emi share option scheme
william rhodes was issued with an option over 2130406 ordinary shares of the group the option was granted under the company’s 
third unapproved option scheme
directors’ service contracts
andrew shepherd entered into a service contract with the group on 23 august 2006 under which he was appointed as chief executive 
on an annual salary of £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 
twelve months’ notice in writing
kieron harbinson entered into a service contract with the group on 23 august 2006 under which he was appointed as finance director 
and company secretary on an annual salary of £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 michael gurner resigned on 8 july 2013
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 
william rhodes was appointed a nonexecutive director of the group on 1 may 2013 and is entitled to an annual fee of £40000 
the agreement will continue until terminated by either party giving to the other not less than one month’s notice in writing
directors’ emoluments
 feesbasic beneﬁts total total
 salary bonuses in kind 2014 2013
consolidated £££ £ £
executive
andrew shepherd 145000 — — 145000 145000
kieron harbinson 115000 — 1561 116561 116506
jag grewal 110000 — — 110000 110000
nonexecutive
david evans 25000 — — 25000 25000
william rhodes 36667 — — 36667 —
michael gurner 10000 — — 10000 20000 omega diagnostics group plc annual report and group financial statements 2014
28
directors’ remuneration report continued
the amounts paid in the year towards directors’ pension contributions were as follows
directors’ pension contributions
2014 2013
£ £
andrew shepherd 7250 7250
kieron harbinson 5750 5750
jag grewal 5500 5500
directors’ interests in the 4 pence ordinary shares of omega diagnostics group plc
31 march 31 march
2014 2013
david evans 2870134 2870134
michael gurner 418730 271671
kieron harbinson 363562 294150
andrew shepherd 2677206 2618030
jag grewal 68604 —
william rhodes — —
the directors have no interest in the shares of subsidiary companies
directors’ share options
at granted lapsed exercised at option earliest
1 april during during during 31 march price date of exercise expiry
2013 the year the year the year 2014 pence grant date date
david evans 390822 — — — 390822 190p 101208 101209 101218
william rhodes — 2130406 — — 2130406 1525p 040713 040716 040723
andrew shepherd 703480 — — — 703480 190p 101208 101209 101218
600000 — — — 600000 145p 050712 050715 050722
— 800000 — — 800000 305p 250214 250217 250224
kieron harbinson 468987 — — — 468987 190p 101208 101209 101218
300000 — — — 300000 145p 050712 050715 050722
— 640000 — — 640000 305p 250214 250217 250224
jag grewal 100000 — — — 100000 1325p 120811 120812 120821
200000 — — — 200000 145p 050712 050715 050722
— 610000 — — 610000 305p 250214 250217 250224
during the year andrew shepherd kieron harbinson and jag grewal were issued with options under the company’s emi option scheme 
and william rhodes was issued with options under the company’s third unapproved option scheme
the share price at 31 march 2014 was 2762 pence the highest and lowest share price during the year was 3162 pence and 
1312 pence respectively
approved by the board
david evans
nonexecutive director
20 june 2014 governance
29
omega diagnostics group plc annual report and group financial statements 2014
statement of directors’ responsibilities
the directors are responsible for preparing the annual report and the group and company ﬁnancial statements in accordance with 
applicable united kingdom law and those international financial reporting standards ifrss as adopted by the european union
the directors are required to prepare group and company ﬁnancial statements for each ﬁnancial year end under company law the 
directors must not approve the ﬁnancial statements unless they are satisﬁed that they present fairly the ﬁnancial position of the group 
and company ﬁnancial performance of the group and cash ﬂows of the group and company for that period in preparing the group 
and company ﬁnancial statements the directors are required to
 – select suitable accounting policies in accordance with ias 8 – accounting policies changes in accounting estimates and errors 
and then apply them consistently
 – present information including accounting policies in a manner that provides relevant reliable comparable and understandable 
information
 – provide additional disclosures when compliance with the speciﬁc requirements in ifrss is insufﬁcient to enable users to understand 
the impact of particular transactions other events and conditions on the group’s ﬁnancial position and ﬁnancial performance
 – state that the group and company has complied with ifrss subject to any material departures disclosed and explained in the 
ﬁnancial statements and
 – make judgements and estimates that are reasonable
the directors are responsible for keeping adequate accounting records that are sufﬁcient to show and explain the group’s and 
company’s transactions and disclose with reasonable accuracy at any time the ﬁnancial position of the group and company 
and enable them to ensure that the group and company ﬁnancial statements comply with the companies act 2006 they are also 
responsible for safeguarding assets of the group and company and hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities omega diagnostics group plc annual report and group financial statements 2014
30
independent auditors’ 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 2014 which comprise the 
consolidated statement of comprehensive income consolidated balance sheet consolidated statement of changes in equity consolidated 
cash ﬂow statement company balance sheet company statement of changes in equity company cash ﬂow statement and the related 
notes 1 to 22 the ﬁnancial reporting framework that has been applied in their preparation is applicable law and international financial 
reporting standards ifrss as adopted by the european union and as regards the parent company ﬁnancial statements as applied 
in accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them 
in an auditors’ report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed 
respective responsibilities of directors and 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 on the 
ﬁnancial statements in accordance with applicable law and international standards on auditing uk and ireland those standards require 
us to comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the ﬁnancial statements
an audit involves obtaining evidence about the amounts and disclosures in the ﬁnancial statements sufﬁcient to give reasonable assurance 
that the ﬁnancial statements are free from material misstatement whether caused by fraud or error this includes an assessment of whether 
the accounting policies are appropriate to the group’s and the parent company’s circumstances and have been consistently applied and 
adequately disclosed the reasonableness of signiﬁcant accounting estimates made by the directors and the overall presentation of the 
ﬁnancial statements in addition we read all the ﬁnancial and nonﬁnancial information in the annual report and group financial statements 
to identify material inconsistencies with the audited ﬁnancial statements and to identify any information that is apparently material based 
on or materially inconsistent with the knowledge acquired by us in the course of performing the audit if we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report
opinion on ﬁnancial statements
in our opinion
 − the ﬁnancial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 march 2014 
and of the group’s proﬁt for the year then ended
 − the group ﬁnancial statements have been properly prepared in accordance with ifrss as adopted by the european union 
 − the parent company ﬁnancial statements have been properly prepared in accordance with ifrss as adopted by the european union 
and as applied in accordance with the provisions of the companies act 2006 and
 − the ﬁnancial statements have been prepared in accordance with the requirements of the companies act 2006
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the strategic report and the directors’ report for the ﬁnancial year for which the ﬁnancial 
statements are prepared is consistent with the ﬁnancial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our opinion 
 − adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received 
from branches not visited by us or 
 − the parent company ﬁnancial statements are not in agreement with the accounting records and returns or 
 − certain disclosures of directors’ remuneration speciﬁed by law are not made or
 − we have not received all the information and explanations we require for our audit 
james nisbet senior statutory auditor
for and on behalf of ernst  young llp statutory auditor
glasgow
20 june 2014 31
omega diagnostics group plc annual report and group financial statements 2014
financial statements
consolidated statement of comprehensive income
for the year ended 31 march 2014
 2014 2013
note £ £
continuing operations
revenue 7 11593870 11262898
cost of sales 4223000 4209905
gross proﬁt 7370870 7052993
administration costs 4741186 4448646
selling and marketing costs 2102359 2297702
operating proﬁt 7 527325 306645
finance costs 5 28975 32914
finance income – interest receivable 7 44691 2493
proﬁt before taxation 543041 276224
tax credit 6 149810 306042
proﬁt for the year 692851 582266
other comprehensive income to be reclassiﬁed to proﬁt and loss 
in subsequent periods
exchange differences on translation of foreign operations 126514 26970
tax creditcharge 13488 4922
other comprehensive income that will not be reclassiﬁed to proﬁt and loss 
in subsequent periods 
actuarial gainloss on deﬁned beneﬁt pensions 51941 50439
tax chargecredit 12071 12900
other comprehensive income for the year 73156 15491
total comprehensive income for the year 619695 566775
earnings per share eps
basic and diluted eps on proﬁt for the year 21 07p 07p
 2014 2013
£ £
proﬁt before taxation 543041 276224
ifrsrelated discount charges included within finance costs 12575 25046
fair value adjustments to ﬁnancial derivatives included within finance costs — 454
amortisation of intangible assets included within administration costs 414308 406553
sharebased payment charges included within administration costs 125987 71193
adjusted proﬁt before taxation 1095911 778562
earnings per share eps
adjusted eps on proﬁt for the year 12p 13p
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
adjusted proﬁt before taxation
for the year ended 31 march 2014 omega diagnostics group plc annual report and group financial statements 2014
32
consolidated balance sheet
as at 31 march 2014
2014 2013
note £ £
assets
noncurrent assets
intangibles 8 11259215 10347 876
property plant and equipment 9 2283911 2116286
deferred taxation 14 1138404 553647
retirement beneﬁt surplus 18 84370 31886
total noncurrent assets 14765900 13049695
current assets
inventories 10 1692941 1833887
trade and other receivables 11 2415917 2556762
income tax receivable — 7 106
cash and cash equivalents 3116013 160693
total current assets 7224871 4558448
total assets 21990771 17 608143
equity and liabilities
equity
issued capital 16727516 12977 107
retained earnings 1731053 985371
total equity 18458569 13962478
liabilities
noncurrent liabilities
longterm borrowings 12 319044 484472
deferred taxation 14 1042925 609395
total noncurrent liabilities 1361969 1093867
current liabilities
shortterm borrowings 12 427823 367649
trade and other payables 13 1386358 1684149
deferred income 13 356052 —
other ﬁnancial liabilities 19 — 500000
total current liabilities 2170233 2551798
total liabilities 3532202 3645665
total equity and liabilities 21990771 17 608143
david evans   kieron harbinson
nonexecutive chairman  finance director
20 june 2014   20 june 2014
omega diagnostics group plc
registered number 5017761 33
omega diagnostics group plc annual report and group financial statements 2014
financial statements
consolidated statement of changes in equity
for the year ended 31 march 2014
share share retained
capital premium earnings total
£££ £
balance at 31 march 2012 4145580 8831527 347403 13324510
proﬁt for the year ended 31 march 2013 — — 582266 582266
other comprehensive income – net exchange adjustments — — 26970 26970
other comprehensive income – actuarial loss on deﬁned beneﬁt pensions — — 50439 50439
other comprehensive income – tax credit — — 7978 7978
total comprehensive income for the year — — 566775 566775
sharebased payments — — 71193 71193
balance at 31 march 2013 4145580 8831527 985371 13962478
issue of share capital for cash consideration 941176 3058824 — 4000000
expenses in connection with share issue — 249591 — 249591
proﬁt for the year ended 31 march 2014 — — 692851 692851
other comprehensive income – net exchange adjustments — — 126514 126514
other comprehensive income – actuarial gain on deﬁned beneﬁt pensions — — 51941 51941
other comprehensive income – tax credit — — 1417 1417
total comprehensive income for the year — — 619695 619695
sharebased payments — — 125987 125987
balance at 31 march 2014 5086756 11640760 1731053 18458569 omega diagnostics group plc annual report and group financial statements 2014
34
consolidated cash flow statement
for the year ended 31 march 2014
2014 2013
note £ £
cash ﬂows generated from operations
proﬁt for the year 692851 582266
adjustments for
taxation 149810 306042
finance costs 28975 32914
finance income 44691 2493
operating proﬁt before working capital movement 527325 306645
decreaseincrease in trade and other receivables 140845 139262
decreaseincrease in inventories 140946 144338
decreaseincrease in trade and other payables 297791 231132
gainloss on sale of property plant and equipment 11224 1010
depreciation 9 265553 268699
amortisation of intangible assets 8 414308 406553
movement in grants 356052 —
sharebased payments 125987 71193
taxation received 7106 13321
cash ﬂow from operating activities 1669107 1014953
investing activities
finance income 44691 2493
purchase of property plant and equipment 9 478968 308876
purchase of intangible assets 1880845 1185133
sale of property plant and equipment 32500 —
net cash used in investing activities 2282622 1491516
financing activities
finance costs 13057 6107
proceeds from issue of share capital 4000000 —
expenses of share issue 249591 —
new ﬁnance leases 282365 —
loan repayments 360000 497377
finance lease repayments 43538 18759
net cash fromused in ﬁnancing activities 3616179 522243
net increasedecrease in cash and cash equivalents 3002664 998806
effects of exchange rate movements 47344 367
cash and cash equivalents at beginning of year 160693 1159132
cash and cash equivalents at end of year 3116013 160693 35
omega diagnostics group plc annual report and group financial statements 2014
financial statements
company balance sheet
as at 31 march 2014
2014 2013
note £ £
assets
noncurrent assets
investments 20 11170267 10928927
intangible assets 8 1531786 1506765
deferred taxation 125613 —
total noncurrent assets 12827666 12435692
current assets
trade and other receivables 11 4107038 4127911
cash and cash equivalents 1987153 —
total current assets 6094191 4127911
total assets 18921857 16563603
equity and liabilities
equity
issued capital 17717191 13966782
retained earnings 555181 364028
total equity 18272372 14330810
liabilities
noncurrent liabilities
longterm borrowings 12 111526 455608
total noncurrent liabilities 111526 455608
current liabilities
shortterm borrowings 12 360000 360000
trade and other payables 13 177959 660865
other ﬁnancial liabilities 19 — 500000
bank overdraft — 256320
total current liabilities 537959 1777185
total liabilities 649485 2232793
total equity and liabilities 18921857 16563603
david evans   kieron harbinson
nonexecutive chairman  finance director
20 june 2014   20 june 2014
omega diagnostics group plc
registered number 5017761 omega diagnostics group plc annual report and group financial statements 2014
36
company statement of changes in equity
for the year ended 31 march 2014
share share retained 
capital premium earnings total 
£££ £
balance at 31 march 2012 4517862 9448920 232939 14199721
proﬁt for the year ended 31 march 2013 — — 59896 59896
total comprehensive income for the year — — 59896 59896
sharebased payments — — 71193 71193
balance at 31 march 2013 4517862 9448920 364028 14330810
issue of share capital for cash consideration 941176 3058824 — 4000000
expenses in connection with share issue — 249591 — 249591
proﬁt for the year ended 31 march 2014 — — 65166 65166
total comprehensive income for the year — — 65166 65166
sharebased payments — — 125987 125987
balance at 31 march 2014 5459038 12258153 555181 18272372 37
omega diagnostics group plc annual report and group financial statements 2014
financial statements
company cash flow statement
for the year ended 31 march 2014
 2014 2013
£ £
cash ﬂows generated from operations
proﬁt for the year 65166 59896
adjustments for
taxation 125613 13322
finance costs 15918 27830
finance income 113984 74026
operating lossproﬁt before working capital movement 158513 378
decrease in trade and other receivables 20873 216922
decreaseincrease in trade and other payables 482906 153483
taxation received — 13321
sharebased payments 125987 71193
net cash ﬂow from operating activities 494559 455297
investing activities
finance income 113983 74026
purchase of intangible assets 525021 152102
investment in subsidiaries 241339 154009
net cash used in investing activities 652377 232085
financing activities
finance costs — 1024
proceeds from issue of share capital 4000000 —
expenses of share issue 249591 —
loan repayments 360000 497377
net cash ﬂow fromused in ﬁnancing activities 3390409 498401
net increasedecrease in cash and cash equivalents 2243473 275189
cash and cash equivalents at beginning of year 256320 18869
cashoverdraft and cash equivalents at end of year 1987153 256320 omega diagnostics group plc annual report and group financial statements 2014
38
notes to the financial statements
for the year ended 31 march 2014
1 authorisation of ﬁnancial statements
the ﬁnancial statements of omega diagnostics group plc for the year ended 31 march 2014 were authorised for issue by the board 
of directors on 20 june 2014 and the balance sheets were signed on the board’s behalf by david evans and kieron harbinson 
omega diagnostics group plc is a public limited company incorporated in england the company’s ordinary shares are traded on aim
2 accounting policies
basis of preparation
the accounting policies which follow set out those policies which have been applied consistently to all periods presented in these ﬁnancial 
statements these ﬁnancial statements are presented in sterling and have been prepared in accordance with 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 a charge is made to the income statement after initial recognition goodwill is stated at cost less any accumulated 
impairment losses
for the purpose of impairment testing goodwill is allocated to the related cashgenerating 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 – 5–20 years
customer relationships – 5–10 years
supply agreements – 5 years
licensessoftware – 5 – 20 years
the carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying 
value may not be recoverable
research and development costs
expenditure on research and initial feasibility work is written off through the income statement as incurred thereafter expenditure on 
product development which meets certain criteria is capitalised and amortised over its useful life the stage at when it is probable that the 
product will generate future economic beneﬁts is when the following criteria have been met technical feasibility intention and ability to sell 
the product availability of resources to complete the development of the product and the ability to measure the expenditure attributable 
to the product the useful life of the intangible asset is determined on a productbyproduct 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 39
omega diagnostics group plc annual report and group financial statements 2014
financial statements
2 accounting policies continued
property plant and equipment
property plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses depreciation 
is charged so as to write off the cost of assets to their estimated residual values over their estimated useful lives on a straight line basis 
as follows
land and property – 33 years straight line with no residual value
leasehold improvements – 10 years straight line with no residual value
plant and machinery – 3 to 10 years straight line with no residual value
motor vehicles – 5 years straight line with no residual value
the carrying values of property plant and equipment are reviewed for impairment if events or changes in circumstances indicate the 
carrying value may not be recoverable and are written down immediately to their recoverable amount useful lives are reviewed annually 
and where adjustments are required these are made prospectively
impairment of assets
the group and company assess at each reporting date whether there is an indication that an asset may be impaired if any such indication 
exists the group and company makes an estimate of the asset’s recoverable amount an asset’s recoverable amount is the higher of an 
asset’s or 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 ias 39 ﬁnancial assets liabilities and equity instruments are classiﬁed according to the substance of the contractual arrangements 
entered into an equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities
financial assets are classiﬁed as either
 − ﬁnancial assets at fair value through proﬁt or loss or
 − loans and receivables
financial assets at fair value through proﬁt or loss
the group uses derivative ﬁnancial instruments to reduce its exposure to ﬂuctuations in interest rates both in sterling and us dollars 
the group does not hold or issue derivatives for speculative or trading purposes derivative ﬁnancial instruments with positive fair values 
are recognised as assets measured at their fair values at the balance sheet date the fair value of interest rate contracts is determined by reference 
to market values for similar instruments that have similar maturities changes in fair value are recognised in the income statement included 
in ﬁnance costs due to the fact that hedge accounting has not been applied
loans and receivables
trade receivables that do not carry any interest and have ﬁxed or determinable payment amounts that are not quoted in an active market 
are classiﬁed as loans and receivables loans and receivables with a maturity of less than twelve months are included in current assets and 
are measured at amortised cost using the effective interest method as reduced by appropriate allowances for estimated irrecoverable amounts
financial liabilities are classiﬁed as either
 − ﬁnancial liabilities at fair value through proﬁt or loss or
 − other liabilities omega diagnostics group plc annual report and group financial statements 2014
40
2 accounting policies continued
financial instruments 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 interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using 
the effective interest method
bank borrowings are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method 
for 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 short term 
derivatives are also classiﬁed as held for trading unless they are designated as hedge instruments assets are carried in the balance sheet 
at fair value with gains or losses recognised in the income statement
company’s investments in subsidiaries
the company recognises its investments in subsidiaries at cost the carrying value of investments is reviewed for impairment whenever 
events or changes in circumstances indicate the carrying value may not be recoverable
presentation currency
the ﬁnancial statements are presented in uk pounds sterling transactions in currencies other than sterling are recorded at the prevailing 
rate of exchange at the date of the transaction at each balance sheet date monetary assets and liabilities that are denominated in foreign 
currencies are retranslated at the rates prevailing on the balance sheet date
foreign currencies
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
for the year ended 31 march 2014 41
omega diagnostics group plc annual report and group financial statements 2014
financial statements
2 accounting policies continued
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 are recognised in proﬁt or loss
use of estimates and judgements
the preparation of these ﬁnancial statements requires management to make judgements estimates and assumptions that affect the 
application of accounting policies and the reported amounts of assets liabilities income and expenses actual results may differ from 
these estimates
estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the period 
in which the estimate is revised and in any future periods affected omega diagnostics group plc annual report and group financial statements 2014
42
2 accounting policies continued
use of estimates and judgements continued
the signiﬁcant areas of estimation and uncertainty and critical judgements in applying the accounting policies that have the most signiﬁcant 
effect on the amounts recognised in the ﬁnancial information are discussed overleaf further judgements assumptions and estimates are 
set out in the group ﬁnancial statements
valuation of intangible assets
management judgement is required to estimate the useful lives of intangible assets having reference to future economic beneﬁts expected 
to be derived from use of the asset economic beneﬁts are based on the fair values of estimated future cash ﬂows
impairment of goodwill
goodwill is tested annually for impairment the test considers future cash ﬂow projections of cashgenerating units that give rise to the 
goodwill where the discounted cash ﬂows are less than the carrying value of goodwill an impairment charge is recognised for the difference 
further analysis of the estimates and judgements is disclosed in note 8
deferred tax assets
management judgement is required to determine the amount of deferred tax assets that can be recognised based upon the likely timing 
and level of future taxable proﬁts together with an assessment of the effect of future tax planning strategies the carrying value of the deferred 
tax asset at 31 march 2014 is £1138404 2013 £553647 further details are contained in note 14
new standards and interpretations not applied
iasb and ifric have issued the following standards and interpretations which are considered relevant to the group with an effective 
date after the date of these ﬁnancial statements
effective date
annual periods
international accounting standards iasifrss beginning on or after
ias 36 amendment impairment of assets 1 january 2014
ifrs 9 financial instruments 1 january 2018
ifrs 10 consolidated financial statements 1 january 2014
ifrs 11 joint arrangements 1 january 2014
ifrs 12 disclosure of interests in other entities 1 january 2014
annual improvements to ifrss 2010–2012 cycle 1 july 2014
annual improvements to ifrss 2011–2013 cycle 1 july 2014
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 the following standards were adopted with no 
material impact – ias 1 amendment ias 19 revised and ifrs 13
4 segment information
for management purposes the group is organised into three operating divisions allergy and autoimmune food intolerance and infectious 
disease and other
the allergy and autoimmune division specialises in the research development production and marketing of 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 disease division specialises in the research development and production and marketing of kits to aid the diagnosis 
of infectious diseases
corporate consists of centralised corporate costs which are not allocated across the three business divisions
intersegment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated 
third parties
notes to the financial statements continued
for the year ended 31 march 2014 43
omega diagnostics group plc annual report and group financial statements 2014
financial statements
4 segment information continued
business segment information
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2014 ££££ £
statutory presentation
revenue 4086060 6307793 2616700 — 13010553
intersegment revenue 119442 1130298 166943 — 1416683
total revenue 3966618 5177495 2449757 — 11593870
operating costs 4033421 3618695 2558105 856324 11066545
operating lossproﬁt 66803 1558800 108348 856324 527325
net ﬁnance costsincome 69812 323 12859 98064 15716
lossproﬁt before taxation 136615 1559123 121207 758260 543041
adjusted proﬁt before taxation
lossproﬁt before taxation 136615 1559123 121207 758260 543041
ifrsrelated discount charges ——— 12575 12575
amortisation of intangible assets 288989 98885 26434 — 414308
sharebased payment charges — — — 125987 125987
adjusted proﬁtloss before taxation 152374 1658008 94773 619698 1095911
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2013 ££££ £
statutory presentation
revenue 4254313 5222919 2869053 — 12346285
intersegment revenue 93304 833232 156851 — 1083387
total revenue 4161009 4389687 2712202 — 11262898
operating costs 4391981 3258964 2559475 745833 10956253
operating lossproﬁt 230972 1130723 152727 745833 306645
net ﬁnance costsincome 72362 513 4868 46296 30421
lossproﬁt before taxation 303334 1131236 147859 699537 276224
adjusted proﬁt before taxation
lossproﬁt before taxation 303334 1131236 147859 699537 276224
ifrsrelated discount charges ——— 25046 25046
fair value adjustments to ﬁnancial derivatives — — — 454 454
amortisation of intangible assets 282412 98866 25275 — 406553
sharebased payment charges — — — 71193 71193
adjusted lossproﬁt before taxation 20922 1230102 173134 603752 778562
the segment assets and liabilities are as follows
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2014 ££££ £
segment assets 8942934 6062066 2730161 1193 17 736354
unallocated assets ———— 4254417
total assets 8942934 6062066 2730161 1193 21990771
segment liabilities 195440 396536 994550 155884 1742410
unallocated liabilities ———— 1789792
total liabilities 195440 396536 994550 155884 3532202 omega diagnostics group plc annual report and group financial statements 2014
44
4 segment information continued
business segment information continued
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2013 ££££ £
segment assets 9019799 5551814 2298462 16622 16886697
unallocated assets ———— 721446
total assets 9019799 5551814 2298462 16622 17 608143
segment liabilities 337982 355997 849050 141121 1684150
unallocated liabilities ———— 1961515
total liabilities 337982 355997 849050 141121 3645665
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
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
 2014 2013
£ £
revenues
uk 841880 991513
germany 3503074 3654701
rest of europe 3084683 2752442
north america 393761 348984
southcentral america 714672 511968
india 450805 399775
asia and far east 1094649 1041788
africa and middle east 1510346 1561727
11593870 11262898
 property retirement trade
plant and beneﬁt and other
intangibles equipment surplus inventories receivables total
2014 £££££ £
assets
uk 8608729 1313607 — 862706 2008074 12793116
germany 2646298 951920 84370 762079 283135 4727802
india 4188 18384 — 68156 124708 215436
unallocated assets ————— 4254417
total assets 11259215 2283911 84370 1692941 2415917 21990771
 property retirement trade
plant and beneﬁt and other
intangibles equipment surplus inventories receivables total
2013 £££££ £
assets
uk 7443646 995942 — 899494 2073849 11412931
germany 2900341 1090479 31886 849865 381648 5254219
india 3889 29865 — 84528 101265 219547
unallocated assets ————— 721446
total assets 10347876 2116286 31886 1833887 2556762 17 608143
notes to the financial statements continued
for the year ended 31 march 2014 45
omega diagnostics group plc annual report and group financial statements 2014
financial statements
4 segment information continued
geographical information continued
2014 2013
£ £
liabilities
uk 1546872 1365434
germany 139128 256346
india 56410 62370
unallocated liabilities 1789792 1961515
total liabilities 3532202 3645665
capital expenditure
uk 457306 256568
germany 20392 42318
india 1270 9990
total capital expenditure 478968 308876
5 finance costs
2014 2013
consolidated £ £
interest payable on loans and bank overdrafts 6872 6471
exchange difference on loans — 927
unwinding of discounts 13118 21732
fair value adjustment to ﬁnancial derivatives — 454
finance leases 8985 4238
28975 32914
6 taxation
2014 2013
consolidated £ £
a tax credited in the income statement
current tax – current year — —
current tax – prior year adjustment — 16373
deferred tax – current year 316525 163462
deferred tax – prior year adjustment 166715 126207
149810 306042
b tax relating to items charged or credited to other comprehensive income
deferred tax on actuarial gainloss on retirement beneﬁt obligations 12071 12900
deferred tax on net exchange adjustments 13488 4922
total tax credit 1417 7978
2014 2013
consolidated £ £
c reconciliation of total tax credit
factors affecting the tax charge for the year
proﬁt before tax 543041 276224
effective rate of taxation 23 24
proﬁt before tax multiplied by the effective rate of tax 124899 66294
effects of
expenses not deductible for tax purposes and permanent differences 4191 4337
other timing differences 28977 17 086
research and development and deferred tax credits 444853 227422
tax underoverprovided in prior years 166715 142580
adjustment due to different overseas tax rate 9512 9372
impact of uk rate change on deferred tax 20227 14385
tax credit for the year 149810 306042 omega diagnostics group plc annual report and group financial statements 2014
46
6 taxation continued
the uk government has announced that the main uk corporation tax rate will be reduced from the current rate of 23 which has applied 
from 1 april 2013 to 20 via a 2 reduction at 1 april 2014 and a 1 reduction at 1 april 2015 the reductions in the corporation tax 
rates to 21 and 20 were included within the 2013 finance act that was enacted on 17 july 2013 at 31 march 2014 the changes in the 
corporation tax rate from 23 to 21 on 1 april 2014 and 21 to 20 on 1 april 2015 had been substantively enacted and therefore the 
deferred tax assets and liabilities included within these results have been calculated based on the reduced current uk corporation tax 
rate of 20 on the basis that this is the rate at which the majority of the deferred tax assets and liabilities are expected to reverse
7 revenue and expenses
2014 2013
consolidated £ £
revenue
revenue – sales of goods 11593870 11262898
finance income 44691 2493
total revenue 11638561 11265391
2014 2013
consolidated £ £
operating proﬁt is stated after chargingcrediting 
material costs 3077807 3053462
depreciation 265553 268699
amortisation of intangibles 414308 406553
net foreign exchange lossesgains 73596 4863
research and development costs 245873 140810
operating lease rentals 252904 254476
sharebased payments 125987 71193
auditors’ remuneration
fees payable to the company’s auditors for the audit of the annual accounts 20000 20000
local statutory audit of subsidiaries 50000 50000
local statutory audit of the parent company 5000 5000
fees payable to the company’s auditors for other services
taxation compliance 12500 12500
taxation advisory 2000 2000
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
2014 2013
consolidated number number
operations 81 74
management and administration 54 52
employee numbers 135 126
their aggregate remuneration comprised
2014 2013
£ £
wages and salaries 4010042 3967856
social security costs 484770 490079
pension costs 189353 225344
sharebased payments 125987 71193
4810152 4754472
notes to the financial statements continued
for the year ended 31 march 2014 47
omega diagnostics group plc annual report and group financial statements 2014
financial statements
7 revenue and expenses continued
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 do not require to be the subject of any performance criteria the scheme rules allow 
for performance criteria to be applied in appropriate cases
the fair value of the options is estimated at the grant date using the 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
third unapproved option scheme tuos
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 
directors of the company the exercise price of the option is equal to the market price of the shares on the date of grant the options vest 
three years after the date of grant and are subject to performance criteria
the fair value of the options is estimated at the grant date using the 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 70000 options lapsed during the year and a further 3320000 were granted under the third unapproved 
option scheme tuos during the year 2130406 options were granted
the following table illustrates the number and weighted average exercise prices waep of and movements in share options during the year
2014 2014 2013 2013
number waep number waep
outstanding 1 april 3598289 179p 2283289 190p
granted during the year under the emi option scheme 3320000 2926p 1450000 145p
granted during the year under the tuos 2130406 1525p ——
exercised during the year —— ——
lapsed during the year under the emi option scheme 70000 — 135000 —
outstanding at 31 march 2014 8978695 — 3598289 —
exercisable at 31 march 2014 2498289 — 2148289 —
the following table lists the inputs to the model used for the years ended 31 march 2014 and 31 march 2013
emi option scheme and unapproved option schemes
2014 2013
dividend yield 0 0
expected volatility 41 47
riskfree interest rate 5 5
weighted average remaining contractual life 77 74
weighted average share price 238p 145p
exercise price 238p 145p
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 omega diagnostics group plc annual report and group financial statements 2014
48
7 revenue and expenses continued
directors’ remuneration
2014 2013
consolidated £ £
fees 71667 45000
emoluments 371561 371506
443228 416506
contributions to personal pension 18500 18500
461728 435006
members of a deﬁned contribution pension scheme at the year end 3 3
information in respect of individual directors’ emoluments is provided in the directors’ remuneration report on pages 27 and 28
8 intangibles
 licences supply technology customer development
goodwill software arrangements assets relationships costs total
££££££ £
cost 
at 31 march 2012 4672941 1136416 521914 2146805 1219940 298806 9996822
additions — 570582———— 570582
additions internally generated ————— 1026464 1026464
currency translation 11837 1925 4669 1538 10018 4480 34467
at 31 march 2013 4684778 1708923 526583 2148343 1229958 1329750 11628335
additions — 11478 ———— 11478
additions internally generated ————— 1369367 1369367
currency translation 27256 3999 10752 3539 23072 5924 74542
at 31 march 2014 4657522 1716402 515831 2144804 1206886 2693193 12934638
accumulated amortisation 
at 31 march 2012 — 45947 130479 493592 190732 — 860750
amortisation charge in the year — 44948 101739 130710 129156 — 406553
currency translation — 1824 4745 1490 5097 — 13156
at 31 march 2013 — 92719 236963 625792 324985 — 1280459
amortisation charge in the year — 44243 105283 131823 132959 — 414308
currency translation — 2726 6955 2185 7478 — 19344
at 31 march 2014 — 134236 335291 755430 450466 — 1675423
net book value 
31 march 2014 4657522 1582166 180540 1389374 756420 2693193 11259215
31 march 2013 4684778 1616204 289620 1522551 904973 1329750 10347 876
31 march 2012 4672941 1090469 391435 1653213 1029208 298806 9136072
of the development costs balance above of £2693193 costs of £629021 relate to the visitect
®
 cd4 project and costs of £2064172 
relate to the allergy isys project
of the licencessoftware balance above £1531786 2013 £1506765 is held on the balance sheet of the company and relates to the ids 
and cd4 licences additional costs of £25021 were capitalised in the year in relation to these 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 2013 £3016892 cotek 
£332986 2013 £332986 and omega gmbh £1307644 2013 £1334900
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 actual results for the year ended 31 march 2014 and the ﬁnancial budget approved by the board covering 
the period to 31 march 2015 with projected cash ﬂows thereafter through to march 2018 based on a growth rate of 3 per annum the 
key assumptions used in the budget for genesiscns are the sales projections which are predicated on the continued success of genarrayt
®
 
and food detective
®
 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 sales in the german market at the levels achieved in previous years as well as 
achieving a small 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
notes to the financial statements continued
for the year ended 31 march 2014 49
omega diagnostics group plc annual report and group financial statements 2014
financial statements
8 intangibles continued
impairment testing of goodwill continued
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 3 which 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
sensitivity analysis
base forecasts show headroom of £66 million above carrying value for genesiscns headroom of £07 million above carrying value for 
cotek and headroom of £06 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 3 to 1 this would have the effect of reducing the headroom 
in genesiscns by £227000 over ﬁve years in cotek by £40000 over ﬁve years and in omega gmbh by £33000 over ﬁve years
for genesiscns the discount rate would have to increase to 63 or the growth rate would have to be a decline of 132 for the 
headroom to reduce to £nil
for cotek the discount rate would have to increase to 82 or the growth rate would have to be a decline of 59 for the headroom 
to reduce to £nil
for omega gmbh the discount rate would have to increase to 20 or the growth rate would have to be a decline of 42 for the 
headroom to reduce to £nil
9 property plant and equipment
land and leasehold plant and motor
property improvements machinery vehicles total
consolidated ££££ £
cost
at 31 march 2012 687813 221882 2505305 49209 3464209
additions — 19958 288918 — 308876
disposals — —4907 —4907
currency translation 6152 85 8394 441 15072
at 31 march 2013 693965 241925 2797710 49650 3783250
additions — 17077 461891 — 478968
disposals — — 108635 — 108635
currency translation 14170 1430 18756 1014 35370
at 31 march 2014 679795 257572 3132210 48636 4118213
accumulated depreciation
at 31 march 2012 23450 118729 1237687 15834 1395700
charge in the year 18348 27605 212818 9928 268699
disposals — — 3897 — 3897
currency translation 853 282 4837 490 6462
at 31 march 2013 42651 146616 1451445 26252 1666964
charge in the year 18984 20562 215733 10274 265553
disposals — — 87359 — 87359
currency translation 1253 840 8020 743 10856
at 31 march 2014 60382 166338 1571799 35783 1834302
net book value
31 march 2014 619413 91234 1560411 12853 2283911
31 march 2013 651314 95309 1346265 23398 2116286
31 march 2012 664363 103153 1267618 33375 2068509
the net book value of plant and machinery held under ﬁnance leases at 31 march 2014 is £323675 2013 £24636 omega diagnostics group plc annual report and group financial statements 2014
50
10 inventories
2014 2013
£ £
raw materials 1121638 993354
work in progress 112482 121667
finished goods and goods for resale 458821 718866
1692941 1833887
11 trade and other receivables
2014 2013
consolidated £ £
trade receivables 2206136 2309765
less provision for impairment of receivables 14117 14117
trade receivables – net 2192019 2295648
prepayments and other receivables 223898 261114
2415917 2556762
the directors consider that the carrying amount of trade receivables and other receivables approximates their fair value
2014 2013
company £ £
prepayments and other receivables 1193 16622
due from subsidiary companies 4105845 4111289
4107038 4127911
analysis of trade receivables
2014 2013
consolidated £ £
neither impaired nor past due 2034515 1857 402
past due but not impaired 157504 438246
2014 2013
company £ £
neither impaired nor past due 4105845 4111289
ageing of past due but not impaired trade receivables
2014 2013
£ £
up to three months 150972 295148
between three and six months 25 32329
more than six months 6507 110769
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
for the year ended 31 march 2014 51
omega diagnostics group plc annual report and group financial statements 2014
financial statements
12 interestbearing loans and borrowings and ﬁnancial instruments
2014 2013
consolidated £ £
current
other loans 360000 360000
obligations under ﬁnance leases 67823 7649
427823 367649
noncurrent
obligations under ﬁnance leases 207518 28864
other loans 111526 455608
319044 484472
the directors consider that the carrying amount of other loans and ﬁnance obligations approximates their fair values
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
2014 2013
£ £
future minimum payments due
not later than one year 80258 10007
after one year but not more than ﬁve years 224146 32524
304404 42531
less ﬁnance charges allocated to future periods 29062 6018
present value of minimum lease payments 275342 36513
the present value of minimum lease payments is analysed as follows
not later than one year 67824 7649
after one year but not more than ﬁve years 207518 28864
275342 36513
2014 2013
consolidated £ £
other loans comprise the following
vendor loan – 2014 base rate 471526 815608
471526 815608
2014 2013
company £ £
current
other loans 360000 360000
noncurrent
other loans 111526 455608
2014 2013
company £ £
other loans comprise the following
vendor loan – 2014 base rate 471526 815608 omega diagnostics group plc annual report and group financial statements 2014
52
13 trade and other payables
2014 2013
consolidated £ £
trade payables 821793 1231405
social security costs 128510 135292
accruals and other payables 436055 317452
1386358 1684149
unitaid and scottish enterprise grant funding as detailed in the financial review totalling £356052 is included as deferred income 
on the consolidated balance sheet
trade payables and other payables comprise amounts outstanding for trade purchases and ongoing costs the directors consider that 
the carrying amount of trade payables approximates their fair value
2014 2013
company £ £
trade payables 1920 42527
accruals and other payables 153963 98594
due to subsidiary companies 22076 519744
177959 660865
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
14 deferred taxation
the deferred tax asset is made up as follows
2014 2013
consolidated £ £
decelerated capital allowances 2665 2676
temporary differences 134026 46261
tax losses carried forward 1001713 504710
1138404 553647
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
2014 2013
consolidated £ £
fair value adjustments on acquisition 360992 400163
accelerated capital allowances 121521 49684
other timing differences 560412 151056
retirement beneﬁt obligations — 8492
1042925 609395
15 share capital
2014 2013
company number number
authorised share capital
ordinary shares of 40 pence each 184769736 184769736
deferred shares of 09 pence each 123245615 123245615
issued and fully paid ordinary share capital
at the beginning of the year 85216257 85216257
issued during the year 23529412 —
at the end of the year 108745669 85216257
during the year to 31 march 2014 the company granted options over 5450406 ordinary shares at an average exercise price 
of 238 pence per share the options will expire if not exercised within ten years of the date of grant
notes to the financial statements continued
for the year ended 31 march 2014 53
omega diagnostics group plc annual report and group financial statements 2014
financial statements
16 commitments and contingencies
operating lease commitments
future minimum rentals payable under noncancellable operating leases are as follows
2014 2013
consolidated £ £
land and buildings
within one year 221636 221636
within two to ﬁve years 693137 793477
after ﬁve years 250689 371985
other
within one year 33702 35357
within two to ﬁve years 98700 92709
after ﬁve years 1480 19240
land and buildings leases in force for omega diagnostics limited premises extend to 30 june 2021 the land and buildings leases 
in force for the premises of genesis diagnostics limited and cambridge nutritional sciences extend to march 2017
other leases are in force for ofﬁce equipment items and extend to time periods ranging from april 2014 to june 2021 the leases may 
be extended at the expiry of their term
performance bonds
the group has performance bonds and guarantees in place amounting to £35372 at 31 march 2014 2013 £34610
17 related party transactions
remuneration of key personnel
the remuneration of the key management personnel of omega diagnostics group plc is set out below in aggregate for each of the 
categories speciﬁed in ias 24 – related party disclosures
2014 2013
£ £
shortterm employee beneﬁts 943292 912875
sharebased payments 104925 45934
postemployment beneﬁts 40375 40375
1088592 999184
included within shortterm employee beneﬁts are amounts paid to mba consultancy of £25000 2013 £25000 a company controlled 
by david evans £10000 2013 £20000 to holdmer associates limited a company controlled by michael gurner and £36667 
2013 £nil paid to third day advisors a company controlled by william rhodes
other related party transactions
during the year there have been transactions between the parent company omega diagnostics limited odl genesis diagnostics 
limited genesis cambridge nutritional sciences cns cotek south west limited cotek omega gmbh gmbh and omega dx 
asia largely relating to payment of fees the amounts outstanding at the year end are as follows
 odg odl genesis cns cotek gmbh dx asia
at 31 march 2014 ££££££ £
omega diagnostics group plc —1578718 33634 22076 —2493492 —
omega diagnostics limited 1578718 — 742615 393710 7121 — 48183
genesis diagnostics limited 33634 742615 — 161729 41608 — 48193
cambridge nutritional sciences
limited 22076 393710 161729 — 20000 — 6837
cotek south west limited — 7121 41608 20000 — — —
omega gmbh 2493492——————
omega dx asia —48183 48193 6837 — — —
 odg odl genesis cns cotek gmbh dx asia
at 31 march 2013 ££££££ £
omega diagnostics group plc — 1362530 194167 325577 — 2748759 —
omega diagnostics limited 1362530 — 131508 240498 15424 — 59727
genesis diagnostics limited 194167 131508 — 183891 20391 — 69778
cambridge nutritional sciences
limited 325577 240498 183891 — — — 6054
cotek south west limited — 15424 20391 — — — —
omega gmbh 2748759————— 18132
omega dx asia — 59727 69778 6054 — 18132 — omega diagnostics group plc annual report and group financial statements 2014
54
17 related party transactions continued
other related party transactions continued
during the year there were transactions between the company and its subsidiaries as follows
2014 2013
£ £
balance at 1 april 3591545 3960974
charges to subsidiary companies 757002 722300
transfers of cash from subsidiary companies 264779 1091729
balance at 31 march 2014 4083768 3591545
18 retirement beneﬁt obligations
the group operates pension schemes for the beneﬁt of its uk and overseas employees
details of the deﬁned contribution schemes for the group’s employees are given below in note a details of the deﬁned beneﬁt schemes 
for the group’s german employees and details relating to these schemes are given below in note b during the year group accounted 
for these pension schemes under ias 19 – employee beneﬁts
a deﬁned contribution schemes
the group makes contributions to personal plans of employees on a deﬁned contribution basis the group does not have ownership 
of the schemes with individual plans being arrangements between the employee and pension provider for new hires in germany 
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 £59165 2013 £62775
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 remaining 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 ias 19 – employee beneﬁts formal valuations 
of each scheme have been carried out by towers watson reutlingen gmbh who are independent professionally qualiﬁed actuaries 
on 5 may 2014 using the following assumptions
2014 2013
discount rate 382 382
future salary increases 250 250
future pension increases 175 175
price inﬂation 175 200
i the amounts recognised in the balance sheet are as follows
2014 2013
£ £
deﬁned beneﬁt obligation 1695381 1664439
fair value of plan assets 1779751 1696325
net asset 84370 31886
ii the amounts chargedcredited to operating proﬁt
2014 2013
£ £
current service costs 123726 162569
interest cost on the deﬁned beneﬁt obligation 62283 68530
interest income on plan assets 63477 64450
total included in employee beneﬁts expense 122532 166649
the current service costs for the year £122532 2013 £166649 have been included in administration costs
notes to the financial statements continued
for the year ended 31 march 2014 55
omega diagnostics group plc annual report and group financial statements 2014
financial statements
18 retirement beneﬁt obligations continued
b deﬁned beneﬁt schemes continued
iii the amounts recognised in the consolidated statement of comprehensive income
2014 2013
£ £
actuarial gainloss arising during the period 101447 64211
return on plan assets 49506 13772
total actuarial gainloss on pensions 51941 50439
iv changes in the deﬁned obligation during the year
2014 2013
£ £
opening deﬁned beneﬁt obligation 1664439 1358452
current service cost 123726 162569
interest cost 62283 68530
actuarial gainloss on plan liabilities 101447 64211
exchange differences on foreign plans 33985 10677
beneﬁts paid 19635 —
closing deﬁned beneﬁt obligation 1695381 1664439
the weighted average duration of the deﬁned beneﬁt obligation is 18 years
v changes in plan assets during the year
2014 2013
£ £
opening fair value of plan assets 1696325 1444091
interest income 63477 64450
return on plan assets 49506 13772
contributions by employer 123726 162569
exchange differences on foreign plans 34636 11443
beneﬁts paid 19635 —
closing fair value of plan assets 1779751 1696325
fair value of plan assets
quoted unquoted total
££ £
equities 355950 — 355950
bondsdebt instruments 723633 397610 1121243
cashother 302558 — 302558
total value of plan assets 1382141 397610 1779751 omega diagnostics group plc annual report and group financial statements 2014
56
18 retirement beneﬁt obligations continued
b deﬁned beneﬁt schemes continued
vi the major categories of plan assets as a percentage of total plan assets
2014 2013
equities 20 15
bondsdebt instruments 63 68
cashother 17 17
the asset ﬁgures above are now weighted with the underlying assets
the group expects to contribute £125000 to its deﬁned beneﬁt pension plans in the year ending 31 march 2015
vii mortality assumptions
assumptions regarding future mortality experience are set based on advice in accordance with published statistics and experience in 
germany in the calculations the mortality rate used is in accordance with heubeck richttafeln’s basis of calculation for group pension 
insurance 2005g other assumptions have been set in accordance with heubeck richttafeln’s basis of calculation for group pension 
insurance as set out in schedule 2005g
viii sensitivity analysis
changes in assumptions compared with march 2014 actuarial assumptions
effect on
deﬁned
beneﬁt
obligation
2014
£
discount rate 
increase by 1 264585
decrease by 1 342208
inﬂation rate
increase by 05 149277
decrease by 05 132930
19 other ﬁnancial liabilities
2014
consolidated and company £
as at 1 april 2013 500000
payment in year to ids 500000
as at 31 march 2014 —
at 31 march 2013 the liability related to a ﬁnal payment due to ids under the licence agreement and was paid on 28 march 2014
20 investments
company
the company’s investments in subsidiaries which are all 100 owned are comprised of the following
country of 2014 2013
incorporation £ £
investment in omega diagnostics limited uk 1752884 1752884
investment in genesis diagnostics limited uk 1845066 1845066
investment in cambridge nutritional sciences limited uk 4034110 4034110
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 india 514906 273566
11170267 10928927
the further investment in the year relates to continued funding of omega dx asia
bealaw 692 limited and bealaw 693 limited are both dormant companies that have never traded
notes to the financial statements continued
for the year ended 31 march 2014 57
omega diagnostics group plc annual report and group financial statements 2014
financial statements
21 earnings per share
basic earnings per share is calculated by dividing net proﬁt for the year attributable to ordinary equity holders of the group by the 
weighted average number of ordinary shares outstanding during the year
diluted earnings per share is calculated by dividing the net proﬁt attributable to ordinary equity holders of the group by the weighted 
average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be 
issued on the conversion of all the dilutive potential ordinary shares into ordinary shares diluting events are excluded from the calculation 
when the average market price of ordinary shares is lower than the exercise price
2014 2013
£ £
proﬁt attributable to equity holders of the group 692851 582266
2014 2013
number number
basic average number of shares 104052644 85216257
share options 1043840 52703
diluted weighted average number of shares 105096484 85268960
adjusted earnings per share on proﬁt for the year
the group presents adjusted earnings per share which is calculated by taking adjusted proﬁt before taxation and adding the tax credit or 
deducting the tax charge in order to allow shareholders to understand better the elements of ﬁnancial performance in the year so as to 
facilitate comparison with prior periods and to better assess trends in ﬁnancial performance
2014 2013
£ £
adjusted proﬁt before taxation 1095911 778562
tax credit 149810 306042
adjusted proﬁt attributable to equity holders of the group 1245721 1084604
22 financial instruments
the group’s principal ﬁnancial instruments comprise loans ﬁnance leases ﬁnancial derivatives and cash the main purpose of these 
ﬁnancial instruments is to manage the group’s funding and liquidity requirements the group has other ﬁnancial instruments such as 
trade receivables and trade payables which arise directly from its operations the categories of ﬁnancial instruments are summarised 
in the following tables
loans and
receivables total
assets as per the consolidated balance sheet £ £
2014
trade receivables 2192019 2192019
cash and cash equivalents 3116013 3116013
5308032 5308032
loans and
receivables total
assets as per the consolidated balance sheet £ £
2013
trade receivables 2295648 2295648
cash and cash equivalents 160693 160693
2456341 2456341 omega diagnostics group plc annual report and group financial statements 2014
58
22 financial instruments continued
loans and
receivables total
assets as per the company balance sheet £ £
2014
due from subsidiary companies 4105845 4105845
cash and cash equivalents 1987 153 1987 153
6092998 6092998
loans and
receivables total
assets as per the company balance sheet £ £
2013
due from subsidiary companies 4111289 4111289
cash and cash equivalents — —
4111289 4111289
liabilities as per the consolidated balance sheet
liabilities at 
fair value 
through 
proﬁt and 
loss
£
amortised
cost
£
total
£
2014
trade payables —821793 821793
obligations under ﬁnance leases —275342 275342
other loans designated on initial recognition 471526 — 471526
other ﬁnancial liabilities —— —
471526 1097135 1568661
liabilities at 
fair value
through
proﬁt and amortised
loss cost total
liabilities as per the consolidated balance sheet ££ £
2013
trade payables — 1231405 1231405
obligations under ﬁnance leases — 36513 36513
other loans designated on initial recognition 815608 — 815608
other ﬁnancial liabilities — 500000 500000
815608 1767918 2583526
notes to the financial statements continued
for the year ended 31 march 2014 59
omega diagnostics group plc annual report and group financial statements 2014
financial statements
22 financial instruments continued
liabilities as per the company balance sheet
liabilities at 
fair value 
through
proﬁt and 
loss
£
amortised
cost
£
total
£
2014
trade payables and amounts due to subsidiary companies — 23996 23996
other loans designated upon initial recognition 471526 — 471526
other ﬁnancial liabilities —— —
471526 23996 495522
liabilities at
fair value
through
proﬁt and amortised
loss cost total
liabilities as per the company balance sheet ££ £
2013
trade payables and amounts due to subsidiary companies — 562271 562271
other loans designated upon initial recognition 815608 — 815608
other ﬁnancial liabilities — 500000 500000
815608 1062271 1877879
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 of £360000 in september 2012 2013 and 2014 and a 
ﬁnal capital payment of £20000 in september 2015 the interest is rolled up and repayable with the ﬁnal capital payment the fair value is 
calculated as the future cash ﬂows expected to result based on current estimates of interest rates there has been no change in the year 
to the fair value of the loan due to changes in credit risk the movement in the year of £344082 2013 £338781 is due to the second 
instalment being paid in september 2013 £360000 offset by the effect of unwinding discount factors £15918 which is included within 
ﬁnance charges in the income statement
financial risk management
the principal ﬁnancial risks to which the group is exposed are those relating to foreign currency credit liquidity and interest rate these 
risks are managed in accordance with 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 eurodenominated 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 2014 and 31 march 2013 
the group has not entered into any hedge transactions omega diagnostics group plc annual report and group financial statements 2014
60
22 financial instruments continued
financial risk management continued
foreign currency risk continued
the following table demonstrates the sensitivity to a possible change in currency rates on the group’s proﬁt before tax and equity through 
the impact of sterling weakening against the us dollar the euro and the canadian dollar
effect on
decrease proﬁt effect on
in currency before tax equity
rate £ £
2014
trade and other receivables 5 56671 —
trade and other payables 5 18332 —
cash and cash equivalents 5 31295 —
net investment in overseas subsidiary 5 — 18590
2013
trade and other receivables 5 61271 —
trade and other payables 5 28400 —
cash and cash equivalents 5 13002 —
net investment in overseas subsidiary 5 — 75310
an increase in currency rate of 5 would have a similar but opposite effect the sensitivity around bank loans above represents the entire 
impact on the company’s proﬁt before tax and equity
credit risk
the group’s credit risk is primarily attributable to its trade receivables the group conducts its operations in many countries so there 
is no concentration of risk in any one area in most cases the group grants credit without security to its customers creditworthiness 
checks are undertaken before entering into contracts with new customers and credit limits are set as appropriate the group conducts 
most of its operations through distributors and is therefore able to maintain a fairly close relationship with its immediate customers as such 
the group monitors payment proﬁles of customers on a regular basis and is able to spot deteriorations in payment times an allowance for 
impairment is made that represents the potential loss in respect of individual receivables where there is an identiﬁable loss event which 
based on previous experience is evidence of a reduction in the recoverability of cash ﬂows the amounts presented in the balance sheet 
are net of allowance for doubtful receivables an analysis of trade receivables from various regions is analysed in the following table
2014 2013
trade trade
receivables receivables
£ £
ukeurope 1293732 1368012
north america 9502 94783
southcentral america 162970 110354
asia and far east 365664 302678
africa and middle east 360151 419821
2192019 2295648
capital management
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 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
notes to the financial statements continued
for the year ended 31 march 2014 61
omega diagnostics group plc annual report and group financial statements 2014
financial statements
22 financial instruments continued
financial risk management continued
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 2014 based on the undiscounted cash ﬂows 
of liabilities which include both future interest and principal amounts outstanding based on the earliest date on which the group can be 
required to pay the amounts of future interest are not included in the carrying value of ﬁnancial liabilities on the balance sheet
less than 3 to 12 1 to 5
3 months months years total 
consolidated £££ £
2014
trade payables 821793 — — 821793
obligations under ﬁnance leases 9734 58090 207518 275342
vendor loan — 360000 111526 471526
831527 418090 319044 1568661
2013
trade payables 1231405 — — 1231405
obligations under ﬁnance leases 2502 7505 32524 42531
vendor loan — 360000 480318 840318
1233907 367 505 512842 2114254
the table below summarises the maturity proﬁle of the company’s ﬁnancial liabilities at 31 march 2014 based on the undiscounted cash 
ﬂows of liabilities based on the earliest date on which the company can be required to pay
less than 3 to 12 1 to 5
3 months months years total 
company £££ £
2014
trade payables and amounts due to subsidiary companies 23996 — — 23996
vendor loan — 360000 111526 471526
23996 360000 111526 495522
2013
trade payables and amounts due to subsidiary companies 562271 — — 562271
vendor loan — 360000 480318 840318
562271 360000 480318 1402589 omega diagnostics group plc annual report and group financial statements 2014
62
notes to the financial statements continued
for the year ended 31 march 2014
22 financial instruments continued
financial risk management continued
interest rate risk
all of the group’s borrowings are at variable rates of interest
the following table demonstrates the sensitivity to a possible change in interest rates on the group’s proﬁt before tax through the impact 
on ﬂoating rate borrowings and cash balances
effect on proﬁt
before tax 
increase in and equity
consolidated basis points £
2014
cash and cash equivalents 25 4096
vendor loan 25 1400
2013
cash and cash equivalents 25 1650
vendor loan 25 2300
the following table demonstrates the sensitivity to a possible change in interest rates on the company’s proﬁt before tax through the 
impact on ﬂoating rate borrowings and cash balances
effect on proﬁt
before tax 
increase in and equity
company basis points £
2014
cash and cash equivalents 25 2164
vendor loan 25 1400
2013
cash and cash equivalents 25 297
vendor loan 25 2300
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 2014 and 31 march 2013 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 2014 and 31 march 2013 represents the 
group’s maximum exposure to credit risk 63
omega diagnostics group plc annual report and group financial statements 2014
financial statements
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 2014 at 11am for the following purposes
1 to receive and adopt the reports of the directors and the auditors and the audited accounts for the year ended 31 march 2014
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 jagdeep grewal 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 convert any security into shares in the company “rights” up to an aggregate 
nominal amount of £144994224 ordinary shares of 4 pence each “ordinary shares” 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 2015 save that the company may before such expiry make an offer or agreement which would or might require shares 
to be allotted or rights to be granted and the directors may allot shares or grant rights in pursuance of any such offer or agreement 
notwithstanding that the authority conferred by this resolution has expired this authority is in substitution for all previous authorities 
conferred on the directors in accordance with section 551 of the companies act 2006 but without prejudice to any allotment already 
made or to be made pursuant to such authority
resolution 5 is proposed as a special resolution
5  that conditional upon the passing of resolution 4 above and in accordance with section 570 of the companies act the directors be 
generally empowered to allot equity securities as deﬁned in section 560 of the companies act 2006 pursuant to the authority conferred 
by resolution 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 ordinary shares otherwise than pursuant to sub paragraph 51 above up to an aggregate nominal amount 
of £21749132
  and provided that this power shall unless renewed varied or revoked by the company expire on the conclusion of the next annual 
general meeting of the company or if earlier 31 october 2015 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
20 june 2014
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 omega diagnostics group plc annual report and group financial statements 2014
64
entitlement to attend and vote
1  pursuant to regulation 41 of the uncertiﬁcated securities 
regulations 2001 the company speciﬁes that only those 
members registered on the company’s register of members 
at 11am on 28 august 2014 shall be entitled to attend and vote 
at the meeting
appointment of proxies
2  if you are a member of the company at the time set out in 
note 1 above you are entitled to appoint a proxy to exercise all 
or any of your rights to attend speak and vote at the meeting 
and you should have received a proxy form with this notice of 
meeting you can only appoint a proxy using the procedures 
set out in these notes and the notes to the proxy form
3  a proxy does not need to be a member of the company but 
must attend the meeting to represent you details of how to 
appoint the chairman of the meeting or another person as your 
proxy using the proxy form are set out in the notes to the proxy 
form if you wish your proxy to speak on your behalf at the meeting 
you will need to appoint your own choice of proxy not the 
chairman and give your instructions directly to them
4  you may appoint more than one proxy provided each proxy is 
appointed to exercise rights attached to different shares you 
may not appoint more than one proxy to exercise rights attached 
to any one share to appoint more than one proxy please 
contact the registrars of the company share registrars 
limited on 01252 821 390
5  a vote withheld is not a vote in law which means that the vote 
will not be counted in the calculation of votes for or against the 
resolution if no voting indication is given your proxy will vote or 
abstain from voting at his or her discretion your proxy will vote 
or abstain from voting as he or she thinks ﬁt in relation to any 
other matter which is put before the meeting
6  the notes to the proxy form explain how to a direct your proxy 
to vote on each resolution or withhold their vote b appoint proxies 
c change proxy instructions and d terminate proxy appointments
corporate representing
7  corporate members are referred to the guidance issued by the 
institute of chartered secretaries and administrators on proxies 
and corporate representatives – wwwicsaorguk – for further 
details of this procedure
issued shares and total voting rights
8  as at the date of this annual report the company’s issued 
voting share capital comprised 108745669 ordinary shares 
of 4 pence each each ordinary share carries the right to one 
vote at a general meeting of the company and therefore the 
total number of voting rights in the company is as at the date 
of this annual report
communications with the company
9  except as provided above members who have general queries 
about the meeting should telephone kieron harbinson on 
4401259 763 030 no other methods of communication will 
be accepted you may not use any electronic address provided 
either in this notice of annual general meeting or any related 
documents including the proxy form to communicate with the 
company for any purposes other than those expressly stated
voting through crest
crest members who wish to appoint a proxy or proxies through 
the crest electronic proxy appointment service may do so for the 
annual general meeting and any adjournments thereof by using 
the procedures described in the crest manual
crest personal members or other crest sponsored members 
and those crest members who have appointed a voting service 
providers should refer to their crest sponsor or voting service 
providers who will be able to take the appropriate action 
on their behalf
in order for a proxy appointment or instruction made using the crest 
service to be valid the appropriate crest message a “crest proxy 
instruction” must be properly authenticated in accordance with 
crestco limited’s speciﬁcations and must contain the information 
required for such instructions as described in the crest manual
the message regardless of whether it relates to the appointment 
of a proxy or to an amendment to the instruction given to a previously 
appointed proxy must in order to be valid be transmitted so as to 
be received by the issuer’s agent 7ra36 by the latest times for 
receipt of proxy appointments speciﬁed above for this purpose 
the time of receipt will be taken to be the time as determined by 
the timestamp applied to the message by the crest applications 
host from which the issuer’s agent is able to retrieve the message 
by enquiry to crest in the manner prescribed by crest after this 
time any change of instructions to proxies appointed through crest 
should be communicated to the appointee through other means
crest members and where applicable their crest sponsors or 
voting service providers should note that crestco limited does 
not make available special procedures in crest for any particular 
messages normal system timings and limitations will therefore 
apply in relation to the input of crest proxy instructions it is the 
responsibility of the crest member concerned to take or if the 
crest member is a crest personal member or sponsored member 
or has appointed a voting service providers to procure that his or 
her crest sponsor or voting service providers takes such action 
as shall be necessary to ensure that a message is transmitted by 
means of crest by any particular time in this connection crest 
members and where applicable their crest sponsors or voting 
service providers are referred in particular to those sections of the 
crest manual concerning practical limitations of the crest 
system and timings
the company may treat as invalid a crest proxy instruction in the 
circumstances set out in regulation 355 a of the uncertiﬁcated 
securities regulations 2001
notes to the notice of annual general meeting
  printed by park communications on fsc® certiﬁed paper park is 
emas certiﬁed its environmental management system is certiﬁed to 
iso 14001 and it is a carbonneutral® company 100 of the inks 
used are vegetable oil based 95 of press chemicals are recycled 
for further use and on average 99 of any waste associated with this 
production will be recycled this document is printed on core silk a 
paper containing 100 environmental chlorine free ecf virgin ﬁbre 
sourced from wellmanaged responsible fsc® certiﬁed forests omega diagnostics group plc
omega house 
hillfoots business village 
alva fk12 5dq 
scotland 
united kingdom 
wwwomegadiagnosticscom
tel 44 01259 763030 
fax 44 01259 761853


Summary:
 omega diagnostics group plc annual report and group financial statements 2014
04
chairman’s statement
david evans nonexecutive chairman
in summary
 – increased patent protection for cd4 with 
patent awards in the us and africa
 – we successfully raised £4 million before 
expenses to ensure sufﬁcient resources are 
available for our cd4 and allergy projects
 – successful completion of the cd4 technology 
transfer project into a fully scalable 
manufacturing protocol
 – finalisation of the speciﬁc allergy assay 
protocol for use with the idsisys instrument 
with allergens successfully completing the 
development programme
 – burnet institute and omega successful in 
attracting grant funding from unitaid with 
omega receiving £04 million
strategy
pointofcare poc testing
the group has a clear strategy to become a market leader in the 
provision of poc testing for infectious diseases in large parts of the 
world where resources remain constrained and where there are 
substantial unmet needs visitect
®
 cd4 is the ﬁrst example of this 
where an estimated 17 million hiv positive patients cannot obtain 
the treatment they need through a lack of access to cd4 testing in 
rural areas visitect
®
 cd4 is an instrumentfree device that requires 
no power and no refrigeration facilities and can generate a result in 
40 minutes beta studies in kenya and india are providing further 
patient data to determine what if any aspects of the test require 
further optimisation as this test nears commercialisation we will 
continue to partner with major ngos and global health organisations 
to ensure this test is delivered at the point of most need
through our partnership with the burnet institute we also have 
access to a poc test for syphilis which can differentiate between 
active infections and past infections according to world health 
organisation who estimates there are 12 million new cases 
of syphilis each year with 90 occurring in developing countries 
at present there are no poc assays on the market that can 
detect speciﬁc igm antibodies and we have recently increased 
our inhouse resource and capability to move this project forward 
to provide a valuable tool for improved control of syphilis worldwide
automation
when we purchased the ivd allergy business in germany in 2010 
it was the ﬁrst step in a plan to become a leading provider of allergy 
tests into clinical laboratories in a global market estimated to be worth 
over us 500 million per annum dominated by one competitor 
since then we have exclusively licensed the use of ids’ automated 
isys instrument for allergy testing and invested in a long development 
programme covering initial feasibility lockdown of assay protocol 
optimisation and claim support work we have also set up an inhouse 
manufacturing facility for reagent ﬁlling during the second half of the 
year we ﬁnally saw the ﬁrst allergens to emerge from this programme 
following a successful claim support phase we have eight allergens 
which can be run on the isys instrument that show comparable 
results to the marketleading competitor and a further 16 allergens 
which have now completed optimisation our strategic aim remains 
unaltered to launch with a panel of 40 allergens followed by a 
programme of menu extensions to achieve a number two market 
position our initial commercialisation plans involve working with ids 
in markets where it has a direct presence followed by expansion 
into other territories through third party distributors
financial performance
the group performed well particularly in the second half of the year 
with turnover for the whole year increasing by 3 to £116 million 
2013 £113 million gross proﬁt increased to £74 million 
2013 £71 million and total overheads were maintained at 
approximately £68 million adjusted proﬁt before tax as deﬁned 
on page 31 increased by 41 to £11 million from million £08 million 
the year before and adjusted earnings per share were 12 pence 
2013 13 pence reﬂecting the higher average number of shares 
in issue throughout the year
the group remains in a strong cash position with cash reserves 
of £31 million 2013 £02 million at the year end following the 
fundraising completed in june last year a strong contribution 
from operating activities generated a cash inﬂow during the year 
of £17 million 2013 £10 million ensuring we continued to 
manage our working capital with efﬁciency
the group remains in a
strong cash position with
cash reserves of £31 million 05
omega diagnostics group plc annual report and group financial statements 2014
overview
corporate governance
the size and structure of the board and its committees are kept 
under review to ensure an appropriate level of governance operates 
throughout the year the board comprises two nonexecutive directors 
and three executive directors who meet frequently during the year 
to discuss strategy and to review progress and outcomes against 
objectives whilst as an aimquoted company the group is not 
required to comply with the full requirements of the uk corporate 
governance code we believe the board has a good mix of skills 
and experience and a culture that easily enables the nonexecutive 
members of the board to challenge and advise the executive team 
as appropriate
the audit committee and the remuneration committee are 
comprised of the two nonexecutive directors and the board 
believes the current makeup and number of committees remain 
appropriate for a group of our size
board and employees
i am very pleased that we were able to appoint bill rhodes as a 
nonexecutive director to the board during the year and his input 
and insightfulness is already providing a valuable contribution his 
knowledge and experience from many years spent at becton dickinson 
and elsewhere will continue to support our strategy outlined above 
i would like to reiterate past thanks to mike gurner who retired from 
the board last year and who contributed much to the group since 
it ﬁrst became a public company
much of the progress we have made would not be achieved without 
the hard work of our employees we now have 145 individuals 
around the world and i would personally like to thank each and 
every one of them for their contribution throughout this year
positive outlook
trading in the new ﬁnancial year to date is in line with management 
expectations with the marginal growth in food intolerance testing being 
offset by the marginal decline in allergy and infectious disease testing
our future landscape is brightened as well as dominated by the 
prospects for our visitect
®
 cd4 test which is now well into its ﬁeld 
trials however we all have a dislike for complete uncertainty and 
that is our challenge in being able to set our budgets for the current 
year in relation to both the timing and quantum of cd4 revenues 
cd4 will without doubt be a successful product for the group but 
we would be foolish to believe that our crystal ball is better than yours 
in being able to forecast with certainty the decision outputs from the 
ngo’s we are working with this is primarily a global tenderbased 
business with timing driven by the availability of funds and the then 
current view of the various governments as to need due to this 
fundamental timing uncertainty we have erred on the side of caution 
in terms of both revenues and building our overhead base ahead of 
the revenue curve when those cautious assumptions change we 
will update the market accordingly
we will make signiﬁcant progress this year in terms of gaining 
market acceptance for cd4 and i believe the prospects for the 
group overall are positive
david evans
nonexecutive chairman
20 june 2014
we are determined to
deliver the true beneﬁts
and value from our unique
visitect
®
 cd4 product
p20
governance
p14
chief executive’s 
review