omega diagnostics group plc  
annual report and  
group financial statements 2013 our mission is to improve 
human health and well
being through innovative 
diagnostic products and 
global partnerships
omega is focused on selling a wide range of specialist 
products primarily in the immunoassay in vitro 
diagnostics ivd market
overview
01 highlights
02 what we do
04 chairman’s statement
06 our markets
08 strategy and kpis
business review
10 chief executive’s review
14  segmental review infectious diseases
16  segmental review allergy and autoimmune
16  segmental review food intolerance
18 financial review
governance
20 board of directors
21 senior management team
22 advisers
23 directors’ report
25  directors’ remuneration report
27 corporate governance report
29  statement of directors’ responsibilities
financial statements
30 independent auditor’s report
31  consolidated statement of 
comprehensive income
31 adjusted proﬁt before taxation
32 consolidated balance sheet
33  consolidated statement of changes in equity
34 consolidated cash flow statement
35 company balance sheet
36 company statement of changes in equity
37 company cash flow statement
38 notes to the financial statements
61 notice of annual general meeting
62 notes to the notice of annual general meeting
contents
  our business is split 
into three segments 
read about each in 
the business review 
from page 4 onwards
  read more about our business on page 2 omega diagnostics group plc annual report and group financial statements 2013
01
overview business review governance financial statements
highlights
–  cd4 technical transfer from the burnet institute 
nearing completion and grant of us patent 
–  isys allergy program on track with assay protocol ﬁnalised 
to launch 40 allergen test menu by q4 in fy14
–  strong performance from direct selling operations in india 
and exclusive distribution agreement for food detective
®
 
signed with super religare laboratories
–  strong performance from food intolerance segment with 
food detective
®
 sales exceeding £1 million for the ﬁrst time 
and registration of food detective
®
 in china
–  appointment of bill rhodes as nonexecutive director 
–  successful equity placing to raise £4 million completed 
and oversubscribed
operational highlights
visitect
®
 cd4 at actual size 
the test enables cd4 tcell 
levels to be determined quickly 
and conveniently using a 
ﬁngerprick blood sample 
enabling patients to receive 
lifesaving antiretroviral treatment
  read the full 
product focus 
on page 15
find out more
find uptodate information at 
omegadiagnosticscom
financial highlights
2012
113
111
2013
sales £m
£113m
1
2011
79
2012
71
70
2013
gross profit £m
£71m
1
2011
47
2012
08
10
2013
adjusted pbt £m
£08m
 225
2011
07
2012
63 63
2013
gross profit 
63
 
no change
2011
60 omega diagnostics group plc annual report and group financial statements 2013
02
what we do
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 in vitro diagnostics ivd market within 
three segments allergy and autoimmune food intolerance and 
infectious disease
we’re committed 
to addressing global 
health challenges
how we work
we identify major 
health challenges
we form partnerships 
to help find solutions 1 2
the company’s global reputation 
stems from its beginnings as a 
manufacturer of tests for a range of 
infectious diseases such as syphilis 
tuberculosis dengue fever chagas 
disease and malaria this reputation 
led to the opportunity to commercialise 
a groundbreaking cd4 technology
partnership with burnet institute in 
australia resulted in omega securing 
an exclusive global licence to a unique 
simple lateral flow pointofcare device 
confirming patient cd4 count is above or 
below 350 cells μl this has the opportunity 
to greatly reduce the number of patients 
lost to care as a result of the length of 
time between testing and treatment
 full review on page 8 omega diagnostics group plc annual report and group financial statements 2013
03
overview business review governance financial statements
our global presence
we attain global reach by developing distributing 
and selling products across three main areas 3
allergy and 
autoimmune
main products
– allergozyme
– allergodip
– genesis elisa
food 
intolerance
main products
– genarrayt
®
 microarray
– food detective
– foodprint service
infectious 
diseases
main products
– immutrep syphilis
– micropath bacterial tests
– dengue elisa
37
 full review on page 16
  see our global market 
focus on page 6
 full review on page 16 full review on page 14
 where our products are distributed
 where we have a direct presence
39 24
revenue share revenue share revenue share 04
omega diagnostics group plc annual report and group financial statements 2013
chairman’s statement
the group has taken a number of positive 
steps both during the ﬁnancial year and 
since the yearend
achievements during the ﬁnancial year
 – prelaunch of visitect
®
 cd4 in 
washington us and cape town 
south africa
 – commencement of direct selling 
operations in india and exclusive 
distribution agreement for food 
detective
®
 signed with super religare 
laboratories
 – award of grant funding of up to £015m 
from scottish enterprise
 – registration of food detective
®
 in china
 – increase in average revenue per 
genarrayt
®
 system excluding spain 
by 19 to £12885
 – food detective
®
 sales exceed £1m 
for the ﬁrst time
achievements since the yearend
 – agreement intending to appoint 
immunodiagnostic systems holdings plc 
“ids” as exclusive allergy distributor 
in ids’ core markets
 – appointment of bill rhodes as 
a nonexecutive director
 – grant of us patent for cd4
 – successful institutional placing raising 
£4m before expenses
financial performance
turnover
turnover for the group showed a slight 
increase on the prior year at £1126 million 
2012 £1112 million our food intolerance 
division grew turnover by 13 with continued 
growth in genarrayt
®
 revenue with france 
becoming the largest market by sales 
food detective
®
 also performed well 
exceeding the £1m sales barrier for the 
ﬁrst time as reported at the halfyear 
stage the allergy and autoimmune division 
particularly in germany was affected by 
the weaker pollen season and euro exchange 
rate a part recovery in the second half meant 
that turnover reduced by 7 for the year 
infectious disease turnover was broadly 
unchanged showing a slight decline 
of 1 due mainly to a loss of revenue 
approximately £02 million following 
a ban of bloodbased tb tests by 
the indian government
visitect
®
 cd4 remains 
a signiﬁcant nearterm 
opportunity for the group 
and continues to attract 
substantial interest from 
the wider hivaids 
healthcare community
in summary
–  prelaunch of visitect
®
 cd4 in washington us 
and cape town south africa
–  commencement of direct selling operations in 
india and exclusive distribution agreement for food 
detective
®
 signed with super religare laboratories
– registration of food detective
®
 in china
–  increase in average revenue per genarrayt
®
 system 
excluding spain by 19 to £12885
– food detective
®
 sales exceed £1m for the ﬁrst time
david evans nonexecutive chairman omega diagnostics group plc annual report and group financial statements 2013
05
overview business review governance financial statements
gross proﬁt
gross proﬁt amounted to £705 million 
2012 £700 million and the gross margin 
was practically unchanged at 626 
compared to 630 in the previous year 
this level of gross proﬁt was in line with 
expectation as the food intolerance and 
allergyautoimmune divisions generate 
similar levels of gross proﬁt
adjusted proﬁt before taxation
the group generated an adjusted proﬁt 
before tax “adjusted pbt” of £078 million 
compared to £100 million in the previous 
year the reduction was mainly due to 
two reasons ﬁrstly the effect of increased 
costs associated with the direct subsidiary 
operation in india occurring at the same 
time as the loss of revenue from tb tests 
referred to above and secondly due to 
a reduced contribution from the omega 
gmbh allergy business in germany for 
the reasons referred to above there is 
a reconciliation between adjusted pbt 
and statutory pbt below the income 
statement on page 31
taxation 
the group continues to beneﬁt from 
an enhanced level of rd tax allowances 
due to the increase in capitalised development 
expenditure which qualiﬁes for the 
aforementioned tax allowances there is a 
tax credit of £031 million in the year compared 
to £005 million in the previous year
adjusted eps
given the tax credit situation above the group 
achieved an adjusted proﬁt after tax of £109 
million 2012 £105 million resulting in adjusted 
earnings per share of 13p 2012 12p 
balance sheet
assets
 intangible assets increased to £1035 million 
2012 £914 million reflecting the level of 
capitalised development expenditure offset by 
amortisation of intangible assets there have 
been no impairment charges against goodwill 
or intangible assets throughout the year
 inventory levels increased marginally to 
£183 million 2012 £169 million and reﬂect 
the additional need to carry inventory within 
our indian subsidiary
 cash at the yearend reduced to £0 16 million 
2012 £116 million reﬂecting the level of 
investment in development activity and loan 
repayments collectively exceeding cash 
generated from operating activities
liabilities
 trade and other payables increased 
to £168 million 2012 £145 million
 total borrowings and other ﬁnancial liabilities 
reduced to £135 million 2012 £143 million 
due mainly to repayment of loans of £05m 
and settlement of an idsisys licence fee 
instalment of £013 million offset by the 
creation in the year of the liability for the ﬁnal 
licence fee payment of £05 million due to ids
funding
during the ﬁnancial year the company 
negotiated an increase to its overdraft facility 
from £07 million to £17 million repayable 
on demand the facility was renewed at the 
beginning of may for one year prior to the 
institutional placing announced on 24 may 
2013 further to the approval of shareholders 
given at the general meeting on 10 june 
the group raised £4 million before expenses 
through the issue of 23529412 new ordinary 
shares at 17p per share the placing was 
oversubscribed and we are very grateful for 
the support of existing and new shareholders 
alike the additional funds will enable us 
to implement our main strategies below
product strategy
visitect
®
 cd4
feedback from the global hivaids 
healthcare community continues to underpin 
the signiﬁcance of the opportunity represented 
by the company’s pointofcare “poc” 
visitect
®
 cd4 test subject to a successful 
completion of the technology transfer from the 
burnet institute to the company a large part of 
the placing proceeds see funding above will 
be used both to scale up the manufacturing 
and inventorybuild of cd4 to meet the 
potential demand that undoubtedly exists 
for a poc product solution and to undertake 
incountry ﬁeld evaluations that are planned 
with major organisations active in the hivaids 
arena the early feasibility work undertaken 
to develop a smartphone app reader is also 
promising in scope and applicability in parts 
of the world where visitect
®
 cd4 is expected 
to have most impact this remains the most 
signiﬁcant nearterm opportunity for the group 
to achieve growth in shareholder value and is 
expected to lead to a longer term strategy for 
poc product opportunities in emerging and 
developing world infectious diseases
allergy automation
the group remains focused on launching 
a panel of approximately 40 allergy tests 
on the automated idsisys instrument 
by the end of march 2014 and the recently 
announced achievement of ﬁnalising the 
assay protocol on which all remaining 
development will take place along with 
the intention to appoint ids as distributor 
in their core markets of the uk germany 
france the nordic regions and the us 
means we remain committed to building 
a signiﬁcant presence in the growing 
automated allergy testing market
market strategy – bric focus
the ivd industry as a whole has seen a 
slowdown in growth during 2012 as the 
major european us and japanese markets 
have experienced increased pressure on 
reimbursement levels and cuts in national 
health expenditure by contrast the emerging 
markets particularly india and china have 
continued to experience doubledigit growth 
rates the group’s decision to set up its 
own subsidiary in india nearly two years ago 
appears prescient against this backdrop and 
is expected to achieve growth both with our 
existing food intolerance products and the 
recently launched allergodip
®
 doctor’s ofﬁce 
test both china and brazil are topﬁve 
markets ranked by sales of food detective
®
 
and the relationship with hob biotech in 
china is expected to deliver further growth 
in this market
board and employees
i am very pleased that we have been able 
to attract and appoint bill rhodes as a 
nonexecutive director to the board and 
look forward to working with him given 
his knowledge and experience built up 
over many years particularly with becton 
dickinson as we implement our strategies 
outlined above mike gurner has decided 
to retire and step down from the board 
with immediate effect i would like to thank 
mike for his contribution over the many years 
since the group became a public company 
and i on behalf of the board wish him all 
the best in his retirement
outlook
more than half of group turnover is generated 
in the uk and europe predominantly through 
the food intolerance and allergyautoimmune 
divisions the economic uncertainty in this 
region has led to a slowdown in growth in 
european ivd markets and the ability to grow 
our own business is not immune from the 
broader landscape in germany in particular 
the reimbursement picture remains uncertain 
and the early pollen season has once more 
suffered from some of the wettest weather 
seen in northern germany for many years 
sales in the middle east have also got off to 
a slower start in part linked to the political 
situation to counter risk in these areas we 
have a strategy to focus on the emerging bric 
markets and our success in growing revenue 
in the year ahead will be dependent on 
whether sales into these higher growth 
territories can compensate for the pressures 
being experienced in europe and elsewhere
beyond the immediate term our ability to 
drive growth will be best delivered through the 
successful commercialisation of the cd4 test 
and automated allergy tests on the idsisys 
instrument a signiﬁcant amount of progress 
has been made in the past year and it is now 
time to deliver on these strategies
david evans
nonexecutive chairman
28 june 2013 omega diagnostics group plc annual report and group financial statements 2013
06
our markets
today omega is one of the uk’s leading companies in the fast 
growing area of immunoassay and has a global presence in over 
100 countries worldwide through directly controlled subsidiaries 
and a strong distribution network
we provide millions of 
diagnostic tests to over 
100 countries
our global markets
north america
southcentral america africa and middle east asia and far east
uk europe
56 9 3
13 14 5
 infectious diseases 
 allergy  autoimmune 
 food intolerance
group revenue share by geography omega diagnostics group plc annual report and group financial statements 2013
07
overview business review governance financial statements
the bric group of countries 
are our strategic market focus 
we have further concentrated 
our efforts on expanding our 
business in these areas
our products can be found 
globally in
– hospitals
– blood banks
– laboratories
– general practitioners
– nutritionists
– outreach clinics
russia india china brazil
–  strong growth in sales 
of food intolerance products 
 
 
–  commencement of direct 
selling and exclusive distribution 
agreement for food detective 
signed with super religare 
laboratories
–  reduction of sales due to the 
timing of contract deliveries 
and introduction of competitive 
automated systems 
–  food detective
®
 formally 
approved by the state food 
and drug administration 
of china and ﬁrst genarrayt
®
 
installation
2012 2012
brazil russia india china total
2012 2012 2013 2013
103
176
285
400
247
150
118
259
sales £’000
2013 2013
performance in 2013
our focus on bric markets
2011 estimated ivd market
10bn
03bn
05bn
25bn
43bn
our customers
  note 2012 excludes bloodbased 
tb tests to show likeforlike with 2013 omega diagnostics group plc annual report and group financial statements 2013
08
strategy and kpis
omega aims to deliver organic growth from recently acquired 
products markets and technologies omega will also continue 
to pursue acquisition opportunities that are earnings enhancing 
or strategically placed in major growth markets
a robust strategy for 
tackling worldwide 
health issues
group strategy
acquisitions
global 
partnerships
signiﬁcant  
growth
the acquisition of the business and certain 
assets of the in vitro allergy diagnostics 
business of allergopharma joachim ganzer 
kg in december 2010 provided the group 
with access to the high value allergy 
testing market
in march 2011 the group entered into an 
exclusive patent licence agreement with 
a subsidiary of 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
the global allergy market is currently 
estimated at 05 billion per year with 
a compound annual growth rate of 8 
the acquisition and partnership represent 
a signiﬁcant opportunity for revenue 
generation in this area
  omega diagnostics group plc annual report and group financial statements 2013
09
overview business review governance financial statements
key performance indicators
sales
2013
£113m
1
£111m
41
£79m
27
£62m
14
£54m
56
2012 2011 2010 2009
£113m  
1
progress made in 2013
solid performance with margin maintained
strategy for 2014
commercialise isys and cd4 and continue 
to grow sales in india
gross margin
2013
63
–
63
34
596
13
583
32
615
71
2012 2011 2010 2009
63  
 
no change
progress made in 2013
margin maintained
strategy for 2014
improved margin through the introduction 
of new products
adjusted profit before tax
2013
£08m
22
£1m
36
£736k
25
£589k
8
£540k
81
2012 2011 2010 2009
£08m 
22
progress made in 2013
reduced by 22 on prior year
strategy for 2014
manage cost base through ﬁnal development phase 
of new products
food intolerance – genarrayt
®
 reagent sales
2013
£184m
18
£156m
5
£149m
80
£720k
44
£547k
35
2012 2011 2010 2009
£184m  
18
progress made in 2013
france became largest market by revenue
strategy for 2014
to continue to grow revenue per instrument
food detective sales
2013
£125m
27
£980k
27
£772k
2
£790k
152
£314k
44
2012 2011 2010 2009
£125m  
27
progress made in 2013
sales exceeded £1 million for the ﬁrst time
strategy for 2014
to replicate success of top ﬁve markets 10
omega diagnostics group plc annual report and group financial statements 2013
chief executive’s review
the group has seen a marginal increase 
in revenue for the year to £1126 million 
slightly ahead of last year’s ﬁgure 
2012 £1112 million 
it is pleasing to have managed to retain 
proﬁtability in turbulent economic times 
our decision to go direct in the indian 
market has been vindicated with a strong 
performance from the new team with 
visitect
® 
cd4 we have been making steady 
progress with the technology transfer process 
nearing completion and the latest results 
looking very encouraging in addition our 
allergy test development programme with 
the idsisys instrument has also made 
good progress
food intolerance
the food intolerance market has 
continued to grow despite the obvious 
pressures on consumer spending in 
europe and the segment has continued 
to perform very well with sales growing 
by 13 to £439 million for the year ended 
31 march 2013 2012 £390 million
sales of food detective
®
 grew by 
27 to £125 million 2012 £098 million 
with poland continuing to remain as the 
group’s largest market for this product 
the number of countries where we have 
now sold product has continued to increase 
to 72 2012 68 with an increase in volumes 
to 85214 kits 2012 60782 the top ﬁve 
markets account for just over 50 of sales 
with good growth in china and brazil which 
ﬁts with the group’s strategic focus on 
bric countries product registration in 
china ﬁnally concluded in december 2012 
and as a result we expect sales in china 
to increase the signing of an exclusive 
distribution agreement with super religare 
laboratories india’s largest independent 
laboratory chain should also lead to 
good sales growth going forward
sales of genarrayt
®
 reagents have 
increased by 18 to £184 million 2012 
£156 million with france overtaking spain 
to become the largest single market by 
sales revenue per instrument excluding 
spain increased by 19 to £12885 
2012 £10783 and 11 genarrayt
®
 systems 
2012 13 systems were sold in the year 
bringing the total global placements to 
119 systems
sales of foodprint
®
 tests through the 
cns testing laboratory have grown to 
£061 million 2012 £048 million the 
testing services for food intolerance and 
the ‘game changing’ growth 
potential of the visitect
®
 cd4 
product is expected to make 
a major impact in global 
health markets as this test 
satisﬁes a current unmet 
clinical need
in summary
–  cd4 technology transfer nearing completion
 –  isys allergy programme on track to launch 
40 allergen test menu by end of march 2014
 –  appointment of bill rhodes as a 
nonexecutive director
 –  oversubscribed fundraising to raise £4 million 
in cash before expenses
andrew shepherd chief executive 11
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
other related tests have shown an increase 
in business to £065 million 2012 £062 million 
the progress with registration of food 
detective
®
 in the united states has 
continued to be slow and the fda has 
recently conﬁrmed that they will require 
either a 510k or pma application to be 
ﬁled the 510k route is considered to be 
the more unlikely option due to the lack of 
a suitable predicate device as such the 
timeline to registration remains uncertain 
the whole business area of food intolerance 
testing in the us is under review and other 
additional routes to market are being 
explored particularly for the genarrayt
®
 
laboratory testing system which we believe 
has good potential and could be subject to 
a less onerous regulatory environment
allergy and autoimmune
this segment has seen a reduction in sales 
of 7 to £416 million 2012 £448 million
sales for omega diagnostics gmbh 
‘omega gmbh’ our german subsidiary 
fell by 7 to £359 million 2012 £386 
million as reported at the interim results 
the ﬁrst half saw a weaker pollen season 
due to unseasonably wet weather a weaker 
euro also contributed to the lower result 
this segment performed better in the 
second half helped by the launch of an 
indian version of allergodip
®
 the company 
has also launched a new liquid format of 
the allergozyme
®
 product range which is 
expected to contribute to omega gmbh’s 
export performance in the new ﬁnancial year
sales of autoimmune tests reduced by 7 
to £057 million 2012 £062 million we 
previously reported that the current range 
of autoimmune test kits were limited to small 
labs with manual test systems continued 
consolidation in developed country laboratory 
markets mean that they require even more 
automation and menu driven solutions which 
has outpaced our own ability to invest in 
developing revised kit formats therefore 
the decision was taken to direct resources 
to the idsisys project however in india 
a market dominated by many small manual 
testing laboratories with less dependency 
on automated systems we have seen an 
increase in business and we expect to see 
further growth in the new ﬁnancial year
infectious diseaseother
sales of infectious disease products fell 
slightly by 1 to £271 million 2012 £275 
million this is despite the loss of annual 
sales of approximately £02 million in india 
due to a government ban on the import 
of bloodbased tb tests the market 
for the current range still remains highly 
competitive but we believe that the 
cd4 opportunity will be the step change 
in activity and focus required to transform 
this segment
cd4
the cd4 test branded as visitect
®
 cd4 was 
prelaunched at the 19th international aids 
conference aids 2012 in washington dc 
us on 2227 july 2012 and the response 
to the product was extremely encouraging 
with a high level of interest being shown by 
various governments nongovernmental 
organisations ngos and large multinational 
diagnostics companies from the responses 
received we believe that we are closest to 
bringing a cd4 pointofcare test to market 
amongst other groups working in this area 
this ﬁrst to market advantage will add extra 
impetus to the introduction of the commercial 
product when it becomes available
the project to transfer the technology from 
the burnet institute to omega is in its ﬁnal 
stages and despite it taking longer than we 
ﬁrst envisaged we are now in the process 
of selecting the ﬁnal highly scalable 
manufacturing protocol evaluation sites in 
hiv reference laboratories in the uk us 
and india are already established as well as 
a ﬁeld trial site in mozambique and other 
countries through various ngos
visitect
® 
cd4 was also showcased at the 
african society for laboratory medicine 
meeting in cape town south africa in 
december 2012 and the response to 
the product mirrored that in washington 
this meeting also gave us the opportunity 
to gain further intelligence as to the market 
potential for the product the global cd4 
need is expected to grow substantially over 
the next 8 years as countries scale up their 
hivaids treatment programmes the number 
of tests is expected to rise from current 2012 
levels of just over 30 million to nearly 60 million 
tests by 2020
the recent grant of a us patent for the cd4 
technology also underlines the strong ip 
position for the test which extends the 
current patent protection in south africa 
and the member states of the african 
intellectual property organisation with 
patents pending in many other territories
we have also been looking to enhance the 
value of our visitect
®
 cd4 product offering 
by responding to requests from key opinion 
leaders to provide a ‘connectivity solution’ so 
that results can be transmitted from rural test 
sites to citybased ministry locations although 
the test does not need an instrument to read 
the result we have recently completed a 
feasibility study in using a smartphone camera 
to capture the result and then to transmit the 
result to management centres while removing 
any operator subjectivity in interpreting the 
results it could also provide additional beneﬁts 
such as disease demographic studies and 
supply chain logistics a common problem 
found in resourcepoor countries
distribution network 
sales growth has been recorded in most 
geographic regions of the world with the 
exception of europe which reduced by 1 
to £641 million 2012 £648 million and the 
africamiddle east region which dropped 
by 4 to £156 million 2012 £163 million 
these reductions were more than offset by 
good growth in the asiafar east markets 
with sales rising by 9 to £144 million 
2012 £132 million and in the north 
american market by sales rising 6 to 
£035 million 2012 £033 million sales 
to southcentral america rose by 16 
to £051 million 2012 £044 million
bric strategy
in the year we have further concentrated 
our efforts on expanding our business in 
the bric group of countries and we have 
met with some success in brazil we 
increased sales by 10 to £029 million 
2012 £026 million in china we increased 
sales by 49 to £018 million 2012 £012 
million but in russia sales decreased by 
31 to £010 million 2012 £015 million 
which was due to the timing of contract 
deliveries and the introduction of 
competitive automated systems
direct sales in india commenced at the end 
of july last year and the team has achieved 
an impressive sales performance which 
when aggregated with the ﬁnal sales made 
by the old distributor in the three months of 
apriljune 2012 meant total indian sales 
of approximately £040m for the year this 
compares to a prior year likeforlike sales 
ﬁgure of approximately £020 million which 
excludes the tb product sales noted earlier
discussions have also been taking place 
with other ivd companies with a view to 
representing them in the indian market 
and two distribution agreements have 
already been signed with others in 
early stage discussions  12
omega diagnostics group plc annual report and group financial statements 2013
growth has been recorded 
in most geographic regions 
of the world
“
research and development
idsisys
during the year our development efforts 
have focussed on a core set of assays with 
the ﬁrst group of 10 allergens completing 
optimisation however during that process 
certain imprecision issues were identiﬁed 
with the assay protocol which whilst taking 
longer to resolve than ﬁrst anticipated have 
now been resolved this protocol will now 
be used throughout the remaining 
development programme and the claim 
support phase with the ﬁrst 10 allergens 
has now commenced the previous 
problem with the sourcing of sufﬁcient 
patient serum samples has now been 
resolved with enough material in stock 
to undertake the optimisation and claim 
support work for a further 30 allergens 
therefore with the reproducibility of the 
chosen protocol overall we now anticipate 
launching a panel of 40 allergens by the 
end of march 2014
in our last annual report we commented 
on efforts to either source or develop a 
multiplex testing platform for allergen 
speciﬁc ige testing whilst those initial tests 
were encouraging no further efforts have 
been made on this project as we decided 
to concentrate our development resources 
on the isys programme 
infectious disease
at the same time as we licensed the 
cd4 test from the burnet institute we also 
licensed a second test technology for 
a poc test for detecting active syphilis 
infection which is a major public health 
problem in developing countries progress 
with the technology transfer of this product 
has not advanced due to the time effort 
and concentration being expended on cd4 
we expect to renew our efforts with this test 
upon completion of the technology transfer 
of the cd4 test
enhancing the value of our visitect
®
 cd4 product offering by 
responding to requests from key opinion leaders to provide a 
‘mhealth solution’ so that results can be transmitted from rural 
test sites to citybased ministry locations
visitect
®
 cd4 app
results from remote village to ministry of health
remote location
1
download app
2
run tests
3
visitect
®
cd4 test
chief executive’s review continued 13
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
outlook
the new ﬁnancial year presents some 
challenges for the management team 
in terms of market and overall economic 
conditions with new product introductions 
into key markets such as india and further 
growth in food intolerance in china and 
brazil we expect to be able to respond 
positively to these challenges the ‘game 
changing’ growth potential of the visitect
®
 
cd4 product is expected to make a major 
impact in global health markets as this 
test satisﬁes a current unmet clinical need
over the last year we have been given 
deep insight into the ngoaidrelated business 
sector which is where the visitect
®
 cd4 test 
is targeted until now this sector has not been 
at the forefront of our commercial focus but 
we are reviewing this part of our strategy with 
a view to identifying other opportunities that 
would ﬁt into this sector one such opportunity 
that may exist is in the area of hiv viral load 
testing an area which is highly complementary 
to cd4 testing
we have been delighted at the support 
received from existing shareholders and 
new investors for our recent oversubscribed 
fundraising and while there are challenges 
in the eurozone countries we believe our 
continued focus on new products such as 
cd4 and the bric markets should result 
in further proﬁtable growth
andrew shepherd
chief executive
28 june 2013
–  feasibility study completed in using a smartphone camera to capture the 
result and then to transmit the result to management centres
–  feasibility work is promising in scope and applicability in parts of the world 
where visitect
®
 cd4 is expected to have most impact
–  removes any operator subjectivity in interpreting results
–  additional beneﬁts such as disease demographic studies and supply 
chain logistics
–  further differentiates omega’s product offering from the competition
scan results
4
sync to server
5
global access to secure 
results and data
6
mhealth technology cloud database
wwwcd4countscom 14
omega diagnostics group plc annual report and group financial statements 2013
segmental review infectious diseases
the company is pursuing an exciting new opportunity represented 
by its new pointofcare poc visitect
®
 cd4 test poc testing for 
cd4 could transform the way that care and treatment are provided 
to hivpositive patients particularly in developing countries
infectious diseases 
a change in activity 
and market focus
turnover in the infectious disease division 
was effectively ﬂat with sales of £271 million 
compared to £275 million in the prior year 
this result is despite the loss of tb sales in 
india due to a government ban on the import 
of all bloodbased tb tests and which in 
the prior year accounted for approximately 
£02 million of the company’s revenue 
the market for the current range still remains 
highly competitive but we believe that the 
cd4 opportunity will be the step change 
in activity and focus required to transform 
this segment the increased level of 
administration costs incurred through the 
indian subsidiary has resulted in adjusted 
pbt falling to £017 million from £032 million 
the year before
the cd4 test branded as visitect
®
 cd4 was 
prelaunched at the 19th international aids 
conference aids 2012 in washington dc 
us on 22–27 july 2012 and the response 
to the product was extremely encouraging 
with a high level of interest being shown by 
various governments nongovernmental 
organisations ngos and large multinational 
diagnostics companies from the responses 
received we believe that we are closest to 
bringing a cd4 pointofcare test to market 
amongst other groups working in this area 
the project to transfer the technology 
from the burnet institute to omega is in 
its ﬁnal stages and despite it taking longer 
than we ﬁrst envisaged we are now in the 
process of selecting the ﬁnal highly scalable 
manufacturing protocol evaluation sites 
in hiv reference laboratories in the uk 
us and india are already established as well 
as a ﬁeld trial site in mozambique and other 
countries through various ngos
visitect
® 
cd4 was also showcased at the 
african society for laboratory medicine 
meeting in cape town south africa in 
december 2012 and the response to 
the product mirrored the experience of 
washington this meeting also gave us 
the opportunity to gain further intelligence 
as to the market potential for the product 
the global cd4 need is expected to grow 
substantially over the next eight years as 
countries scale up their hivaids treatment 
programmes with the number of tests 
rising from current 2012 levels of just over 
30 million to nearly 60 million tests by 2020
the recent grant of a us patent for the 
cd4 technology also underlines the strong 
intellectual property position for the test 
which extends the current patent protection 
in south africa and the member states of 
the african intellectual property organisation 
with patents pending in many other territories
£271m
1
revenue
main products
– immutrep syphilis
– micropath bacterial tests
– dengue elisa 15
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
product focus 
visitect
®
 cd4 pointofcare hiv testing
hiv is a major global health challenge affecting 
approximately 33 million people with ﬁve million 
new cases per year mainly in the emerging 
and developing world and is the primary 
cause of disease burden in twelve countries 
including south africa and india where we 
have people present 
the burnet institute has developed a test that provides an 
affordable solution using a format similar to a home pregnancy test 
implementation of the visitect
®
 cd4 will directly increase the availability 
access scope and coverage of cd4 testing beyond the urban centres 
to reach the rural majority in emerging and developing countries 
substantially increasing the number of people with access to cd4 
testing will reduce morbidity and mortality decrease hospitalisation 
and loss to treatment
what are the challenges 
presented by hiv
how does visitect
®
 cd4 
provide a solution
although hiv is 
easy to diagnose 
identifying who 
needs treatment 
is difﬁcult
visual 
results from 
a ﬁngerprick 
blood sample 
are achievable 
in around 
40 minutes
hiv primarily 
affects those in 
developing countries 
who might not have 
access to tests
cd4 is portable 
and instrumentfree 
and therefore is easy 
to access
tests are typically 
expensive – over 
us10
low cost – at just 
us5 per test
342m
potential number of cd4 tests 
performed per year based on world 
health organisation guideline of 
two tests per annum
171
infected people in developing countries 
with no access to treatment
33m
hivinfected people globally
u
u
u
v
v 16
omega diagnostics group plc annual report and group financial statements 2013
segmental review allergy  autoimmune and food intolerance
a competitive 
automated allergy 
system and the ﬁfth 
year of consecutive 
growth in food 
intolerance sales
segmental review allergy 
and autoimmune
turnover in the allergy and autoimmune 
division fell by 7 with sales of £416 million 
compared to £448 million in the prior year 
sales in germany fell by 2 in constant 
currency terms due to a weaker pollen 
season with a further 5 reduction due 
to a weaker euro on average throughout 
the year against sterling as compared with 
the year before therefore sales through 
omega gmbh were £359 million compared 
to £386 million a year earlier sales of 
autoimmune products also fell by 7 
to £057 million 2012 £062 million 
approximately £50k of restructuring costs 
related to this division and alongside the 
reduced sales led to an adjusted loss before 
tax of £20k 2012 proﬁt of £134k this 
segment performed better in the second 
half helped by the launch of an indian 
version of allergodip
®
 the company has 
also launched a new liquid format of the 
allergozyme
®
 product range which is 
expected to contribute to omega gmbh’s 
export performance in the new ﬁnancial year
segmental review food intolerance
the food intolerance division continued 
to perform well with growth in turnover of 
13 to £439 million 2012 £390 million 
genarrayt
®
 reagent sales continued to rise 
across the installed instrument base with 
a 19 increase in average revenue per 
instrument to £12885 in all markets 
excluding spain a further eleven systems 
were installed in the year increasing total 
placements to 119 total reagent sales grew 
to £184 million with france becoming the 
number one market ranked by sales ahead 
of spain sales of food detective
®
 performed 
strongly with an increase in turnover of 27 to 
£125 million 2012 £098 million with another 
exceptional performance in poland where 
sales grew by a further £0 1 million to 
£03 million the overall average price per kit 
excluding china also increased to £2201 
from £2164 the year before showing a level 
of resilience in a consumer market environment 
the foodprint
®
 laboratory recorded another 
year of revenue growth of 26 with sales up to 
£061 million 2012 £048 million the adjusted 
pbt for this division grew to £123 million from 
£1 14 million the year before
£416m 
 7
£439m 
 13
revenue allergy  autoimmune
revenue food intolerance 17
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
product focus 
idsisys automated allergy testing
allergy areas
the assay protocol has been ﬁnalised on 
representative allergens from the groups below
foods
dust mites
pollens
nuts
pets
idsisys update
since the beginning of april 2012 when six allergens had been 
optimised a further four allergens were optimised by the end of 
november 2012 at which point it was decided to concentrate on 
ﬁnalising the assay protocol whilst building up sufﬁcient quantities 
of patient serum samples for the next 30 allergens to be optimised 
the assay protocol has now been ﬁnalised and sufﬁcient stocks of 
patient sera now exist the work still to be done includes claim 
support of the ﬁrst group of ten allergens followed by optimisation
claim support of the remaining allergens groups to meet the 
planned target of launching a panel of 40 tests by march 2014
the main revenue stream will be from allergy test sales to new and 
already installed analyser customer base either directly or through 
appropriate distribution channels the fundamental change in strategy 
is the amendment of the ids licence agreement which now allows 
omega to appoint ids as an exclusive distributor in ids core markets 
uk germany france nordic countries and us this will allow 
access to a preinstalled base of approximately 340 instruments 
and an established service engineer’s base this agreement with 
ids will allow accelerated market penetration
product focus 
genarrayt
® 
food intolerance testing
the group provides a range of diagnostic laboratory tests and 
instrumentation associated with food intolerance and gut health based 
on quantifying total igg reactions to over 220 different foods these tests 
are designed to support both health professionals and individuals who 
wish to make informed decisions when managing their health
genarrayt
®
 is a laboratorybased system developed and 
manufactured by the group which utilises an innovative colorimetric 
microarraybased elisa technology for the measurement of 
foodspeciﬁc igg antibodies in human serum plasma or whole blood 
the ﬂexibility of the system permits a wide range of food panels to be 
offered including 40 60 120 and 200 foods together with vegan 
vegetarian and herbsspices options
genarrayt
®
 reagent sales continued to rise across the installed 
instrument base with a 19 increase in average revenue per instrument 
to £12885 in all markets excluding spain a further eleven systems were 
installed in the year increasing total global placements to 1 19
total reagent sales grew to £184 million with france becoming the 
number one market ranked by sales ahead of spain
the whole business area of food intolerance testing in the us is 
under review and other additional routes to market are being explored 
particularly for the genarrayt
®
 system which we believe has good 
potential and could be subject to a less onerous regulatory environment 18
omega diagnostics group plc annual report and group financial statements 2013
financial performance
turnover for the group increased marginally 
by 1 to £1 126 million 2012 £1 1 12 million 
the food intolerance division increased 
turnover to £439 million 2012 £390 million 
with genarrayt
®
 reagent sales per instrument 
of £12885 compared to £10783 in the 
previous year and food detective
®
 kits 
generating revenue of £125 million 2012 
£098 million allergy and autoimmune 
turnover fell to £4 16 million 2012 £448 million 
due mainly to a weaker euro against sterling 
as compared to the prior year but also due 
to wet weather as reported at the halfyear 
affecting the pollen season resulting in fewer 
patient visits to doctors turnover in the 
infectious disease division reduced slightly 
to £271 million from £275 million in the 
year before
gross proﬁt has remained fairly constant at 
£705 million 2012 £70 million and similarly 
gross margin has been maintained at 626 
2012 630
administration costs have reduced 
marginally by £22k to £445 million 2012 
£447 million an increase of £015 million 
relating to costs incurred in being fully 
operational through omega dx asia in 
india has been offset by a reduction mainly 
relating to uncapitalised development
technical expenditure of approximately 
£027 million oneoff restructuring costs 
of approximately £01 million were incurred 
during the ﬁrst half of the year 
sales and marketing costs have increased 
by £028 million to £230 million 2012 £202 
million £026 million of this increase reﬂects 
a full year’s charge in the current year for four 
ukbased headcount positions recruited at 
varying stages in the prior year one at director 
level one at business development director 
level and two product manager positions the 
remaining increase of £18k reﬂects additional 
sales force costs incurred in india
adjusted proﬁt before tax reduced by 
225 to £078 million 2012 £10 million 
a reconciliation between statutory proﬁt 
before tax and adjusted proﬁt before tax is 
shown at the foot of the income statement
taxation
there has been a signiﬁcant increase in 
the tax credit position resulting in a credit 
of £306k 2012 £48k in the year of this credit 
£16k relates to hmrc rebates and the majority 
of £290k relates to movements in deferred tax 
the deferred tax asset has grown signiﬁcantly 
mainly reﬂecting an increase in tax losses 
carried forward as a result of enhanced tax 
credits available on development expenditure 
the deferred liability has increased during the 
year as a result of a timing difference arising on 
capitalised development expenditure prior year 
adjustments to the tax charge arise when there 
are differences between estimated ﬁgures 
chargeable to tax and ﬁnal tax computations
our recent equity placing 
to raise £4m was completed 
very successfully and was 
signiﬁcantly oversubscribed
in summary
–  successful equity placing to raise £4m completed 
and oversubscribed
–  growth of 13 in food intolerance sales
 –  increase in average revenue per genarrayt
®
 
system excluding spain by 19 to £12885
–  food detective sales of £12m
kieron harbinson finance director
financial review 19
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
earnings per share
adjusted proﬁt after tax “pat” of £108 million 
2012 £105 million is arrived at by taking 
adjusted proﬁt before tax of £078 million 
2012 £10 million plus the tax credit of 
£030 million 2012 £48k 
adjusted earnings per share amounted to 
13p 2012 12p and is arrived at by taking 
the adjusted pat of £1085k and dividing 
by 85268960 2012 852387 46 being the 
weighted average number of shares in issue 
for the year statutory proﬁt for the year 
amounted to £582k 2012 £527k which 
resulted in earnings per share of 07p 
versus earnings per share of 06p in the 
previous year 
operational performance
food intolerance
the food intolerance division continued to 
perform well with growth in turnover of 13 to 
£439 million 2012 £390 million genarrayt
®
 
reagent sales continued to rise across the 
installed instrument base with a 19 increase 
in average revenue per instrument to £12885 
2012 £10783 in all markets excluding spain 
a further 1 1 systems were installed in the year 
increasing total placements to 119 total 
reagent sales grew to £184 million 2012 
£156 million with france becoming the 
number one market ranked by sales 
ahead of spain
sales of food detective
®
 performed 
strongly with an increase in turnover of 
27 to £125 million 2012 £098 million 
with another exceptional performance 
in poland where sales grew by a further 
£01 million to £03 million the overall 
average price per kit excluding china 
also increased to £2201 from £2164 the 
year before showing a level of resilience 
in a consumer market environment
the foodprint
®
 laboratory recorded another 
year of revenue growth of 26 with sales 
up to £061 million 2012 £048 million
the adjusted pbt for this division grew to 
£123 million from £1 14 million the year before
allergy and autoimmune
turnover in the allergy and autoimmune 
division fell by 7 with sales of £416 million 
2012 £448 million sales in germany fell 
by 2 in constant currency terms due to 
a weaker pollen season with a further 5 
reduction due to a weaker euro on average 
throughout the year against sterling as 
compared with the year before therefore 
sales through omega gmbh were £359 
million compared to £386 million a year 
earlier sales of autoimmune products also 
fell by 7 to £057 million 2012 £062 million 
approximately half of the restructuring costs 
referred to earlier so approx £50k related 
to this division and alongside the reduced 
sales led to an adjusted loss before tax of 
£20k 2012 proﬁt of £134k
infectious diseaseother
turnover in the infectious disease division 
was effectively ﬂat with sales of £271 million 
compared to £275 million in the prior year 
this result is despite the loss of tb sales 
in india due to a government ban on the 
import of all bloodbased tb tests and 
which in the prior year accounted for 
approximately £02 million of the company’s 
revenue the increased level of administration 
costs incurred through the indian subsidiary 
has resulted in adjusted pbt falling to £017 
million from £032 million the year before
corporate costs
net centralised costs include costs not 
allocated to any speciﬁc division and where 
the group makes internal arrangements 
to fund divisions via intercompany loans 
interest is charged to the speciﬁc division 
and the corresponding interest income is 
netted off through corporate costs net 
centralised corporate costs for the year 
of £060 million were in line with last year 
2012 £058 million
treasury operations
currency management
the group continues to transact operations 
in three main currencies being sterling euros 
and us dollars in the case of transactions 
in euros and us dollars the group may 
be exposed to ﬂuctuations in the rates of 
exchange against sterling where possible 
the group operates a natural hedge by 
entering into transactions of both a buying 
and selling nature that limits the risk of 
adverse exchange rate losses the company 
generates a net surplus of us dollars from 
its trading activities the exchange rate 
between sterling and the us dollar has 
been relatively stable throughout the year 
such that a translation loss of £1k 2012 
£1k was recorded on us dollar borrowings 
held throughout the ﬁrst half of the year 
but now repaid in full along with a loss 
on trading operations of £2k 2012 £22k 
included within administration costs
the group’s net investment in and funding 
of omega gmbh is in euros which will give 
rise to foreign exchange variations from 
one period to another in the year a foreign 
exchange gain of £27k 2012 loss of £271k 
which has arisen due to a stronger euro 
as measured at yearend rates has been 
included within other comprehensive income
interest rate management
during the ﬁrst half of the year the group 
operated certain derivative ﬁnancial 
instruments for its sterling and us dollar 
borrowings in the case of its sterling loan 
the group operated an instrument to cap 
interest at 55 and in the case of the us 
dollar loan the group operated instruments 
to cap the interest rate based on us libor at 
5 and one to operate a ﬂoor rate on us 
libor of 225 these instruments terminated 
on repayment of the associated borrowings 
during the year there was a fair value 
adjustment gain through the income 
statement of £1k 2012 £3k 
cash ﬂow and net debt
net cash ﬂow generated from operations 
improved signiﬁcantly to £101 million 2012 
£069 million despite a reduction in operating 
proﬁt through a more efﬁcient handling 
of working capital the group spent a net 
£149 million 2012 £120 million on investing 
activities of which £118 million 2012 £075 
million was on intangible assets and £031 
million 2012 £045 million was on property 
plant and equipment loan repayments 
included the ﬁnal repayments of the bank 
loans taken out in 2007 and a ﬁrst instalment 
of £036 million was repaid in september 2012 
on the vendor loan note cash balances at 
the yearend amounted to £016 million 
2012 £116 million and the net debt position 
was £069 million 2012 £014 million
financing
just after the yearend the company 
renewed its £17 million overdraft facility 
on the same terms as before and it remains 
annually renewable and repayable on 
demand in june approval was received 
in general meeting for the allotment of 
23529412 new ordinary shares at 17p 
per share which were admitted to trading 
on aim this follows a successful equity 
placing to existing and new institutional 
shareholders to raise £4 million before 
expenses of approximately £024 million 
the placing was oversubscribed and we 
are grateful for the good level of support 
shown for the group’s strategy this leaves 
the group with a very strong cash position
capital management
the ﬁnancial performance of the group 
is measured and monitored on a monthly 
basis through a combination of management 
reporting and kpis the group manages its 
working capital requirements to ensure it 
continues to operate within the covenant limits 
applicable to any borrowing facilities whilst 
safeguarding the ability to continue to operate 
as a going concern the group funds its 
operations with a mixture of short and 
longterm borrowings or equity as appropriate 
with a view to maximising returns for 
shareholders and maintaining investor creditor 
and market conﬁdence the use of funds for 
acquisitions is closely monitored by the board 
so that existing funds are not adversely 
impacted by such activity and the board 
reviews and approves an annual budget to 
help ensure it has adequate facilities to meet 
all its operational needs and to support future 
growth in the business
kieron harbinson
group finance director
28 june 2013 20
omega diagnostics group plc annual report and group financial statements 2013
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 36 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 
in vitro diagnostics association bivda 
michael gurner resigned 1 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 fourteen 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
board of directors 21
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
senior management team
dr edward valente
group research and 
development director
edward joined omega in march 2011 as 
allergy systems director he has worked in 
the medical diagnostics industry for 29 years 
he started his career with amersham 
international in 1983 where he held scientiﬁc 
and managerial positions in clinical diagnostics 
research and development he then joined 
shield diagnostics in 1988 and held managerial 
positions in rd and marketing latterly 
he 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 28 years 
he started his career with inveresk research 
international as a development scientist 
he then joined bioscot ltd working through 
its transition to cogent diagnostics ltd and 
onwards to hycor biomedical ltd during 
this time he has held the positions of quality 
manager production director and latterly 
as production and logistics manager for its 
last corporate owners during this period he 
was responsible for the implementation of 
iso 9001 and for successfully navigating 
the company through the process of us 
fda registration and inspection
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 22 years 
he started his career as production head 
in cadila laboratories he then spent 
15 years working for glaxosmithkline and 
thermofisher scientiﬁc in various roles 
establishing their diagnostic business in india 
with 14 collaborations with national and 
multinational companies in his most recent 
role he established the microbial control 
business for lonza india he has been 
responsible for the commercial set up 
of omega dx asia pvt ltd and 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 22
omega diagnostics group plc annual report and group financial statements 2013
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 23
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
the directors present their annual report and group ﬁnancial statements for the year ended 31 march 2013
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 £582266 2012 £526983 which has been taken to reserves the directors do not propose to pay 
a dividend the results are disclosed in more detail in the chairman’s statement on pages 4 and 5 and the financial review on pages 
18 and 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 2013 is £59896 2012 loss 
of £89416
business review and future development
a review of business and future development is discussed in more detail in the chairman’s statement chief executive’s review and 
financial review commencing on pages 4 10 and 18 respectively key performance indicators are disclosed and discussed on page 9 
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 10 to 13 costs in the year amounted to £1167274 2012 £785390 costs of £140810 in relation to 
research activities 2012 £486584 were expensed through the statement of comprehensive income and costs of £1026464 in relation 
to product development 2012 £298806 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 1 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 25 and 26 
there are no nonbeneﬁcial interests held by directors directors’ interests in the shares of the group between 31 march 2013 and the date 
of this report have changed as certain of the directors participated in the june 2013 fundraising new ordinary shares purchased
andrew shepherd  — 41176
kieron harbinson  — 29412
michael gurner  — 147059
jag grewal  — 29412
major interests in shares
as at 11 june 2013 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 17 91
octopus investments limited 9946870 915
mobeus equity partners llp 8333250 766
killik  co llp 6629358 610
unicorn asset management 4266650 392
liontrust investment partners llp 4117 647 379
jm finn  co 3994946 367
supplier payment policy
it is the group’s policy to agree the terms of payment with its suppliers to ensure its suppliers are made aware of those terms and to pay 
in accordance with them
trade creditors of the group at 31 march 2013 were equivalent to 66 days 2012 60 days based on the average daily amount invoiced 
by suppliers during the year
directors’ report 24
omega diagnostics group plc annual report and group financial statements 2013
employees
the group encourages communication with its employees and favours an environment where staff can put forward their ideas 
suggestions and concerns on any matter that involves them the group gives full and fair consideration to applications for employment 
made by disabled people having regard to their particular aptitudes and abilities where an employee becomes disabled in the course 
of their employment where possible arrangements will be made for appropriate retraining to match their abilities with their duties
principal risks and uncertainties
the board meets regularly to review operations and to discuss risk areas the corporate governance report contains details 
of the group’s system of internal control note 22 to the ﬁnancial statements contains details of ﬁnancial risks faced by the group
the board considers the following to be the nonﬁnancial risks
general economic conditions
the group may be faced with changes in the general economic climate in each territory in which it operates that may adversely affect the 
ﬁnancial performance of the group factors which may contribute include the level of direct and indirect competition against the group 
industrial disruption rate of growth of the group’s sectors and interest rates the group seeks to mitigate this risk by conducting 
operations on a broad geographic basis and by introducing new technologies to remain innovative
regulatory risk
the manufacturing marketing and use of the group’s products are subject to regulation by government and regulatory agencies in many 
countries of particular importance is the requirement to obtain and maintain approval for a product from the applicable regulatory agencies 
to enable the group’s products to be marketed approvals can require clinical evaluation of data relating to safety quality and efﬁcacy 
of a product the group seeks to mitigate regulatory risk by conducting its operations within recognised quality assurance systems and 
undergoes external assessment to ensure compliance with these systems
acquisition risk
the success of the group depends upon the ability of the directors to assimilate and integrate the operations personnel technologies 
and products of acquired companies the group seeks to mitigate this risk by selecting companies that meet certain selection criteria 
and by conducting a detailed due diligence review
eurozone risk
recent turmoil in the economic conditions in europe increases the risk of one or more countries exiting the eurozone this could lead to 
currency devaluation in those countries which could lead to adverse economic impacts elsewhere approximately one third of the group’s 
revenue is derived in germany where the euro is the functional reporting currency the group does not currently have operations located 
in any other european country however in the event of a country’s exit from the eurozone potentially higher volatility of the euro could 
lead to a reduction in the reported trading results of our german operation when translated into sterling the group mitigates risk in 
countries such as spain and italy where it has trading relationships with tighter credit control procedures and credit limits where 
necessary
development risk
the group is undertaking an increased level of development activity than in the past with the aim of launching new products in the future 
there is no guarantee that development activity will lead to the future launch of products such development activity can meet technical 
hurdles that are unable to be overcome and market and competition activity can render the output from development activities as obsolete 
the group seeks to mitigate the risk around development activities by ensuring that development programmes are planned in accordance 
with recognised industry quality standards managed by people with the requisite skills the company also continues to monitor industry 
trends and customer needs to ensure its development targets remain relevant
donations
the group made no charitable donations in the year 2012 £nil nor any political donations 2012 £nil
auditors
the auditors ernst  young llp have indicated their willingness to continue in ofﬁce and a resolution for their reappointment will 
be proposed at the forthcoming annual general meeting
directors’ statement as to disclosure of information to auditors
the directors who were members of the board at the time of approving the directors’ report are listed on page 23 having made 
enquiries of fellow directors and of the company’s auditors each of these directors conﬁrms that
 − to the best of each director’s knowledge and belief there is no information that is information needed by the group’s auditors 
in connection with preparing their report of which the group’s auditors are unaware and
 − each director has taken all the steps a director might reasonably be expected to have taken to be aware of relevant audit information 
and to establish that the group’s auditors are aware of that information
by order of the board
kieron harbinson
company secretary
28 june 2013
directors’ report continued 25
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
as an aimquoted company the group is not required to produce a remuneration report that satisﬁes all the requirements of the 
companies act however the directors are committed to providing information on an open basis and present their remuneration report 
as follows
remuneration committee
the remuneration committee is comprised of michael gurner as chairman and david evans the committee meets as and when required 
to determine and agree with the board the policy for the remuneration of the group’s chief executive chairman executive directors and 
company secretary the objective of this policy shall be to ensure that members of the executive management of the group are provided 
with appropriate incentives to encourage enhanced performance and are in a fair and reasonable manner rewarded for their individual 
contributions to the success of the group no director or manager shall be involved in any decisions as to their own remuneration
remuneration policy
the group’s policy is that the remuneration arrangements including pensions for subsequent ﬁnancial years should be sufﬁciently 
competitive to attract retain and motivate high quality executives capable of achieving the group’s objectives thereby enhancing 
shareholder value
incentive schemesshare option schemes
andrew shepherd was issued with an option over 600000 ordinary shares of the group kieron harbinson was issued with an option 
over 300000 ordinary shares of the group and jag grewal was issued with an option over 200000 ordinary shares of the group 
all of the options were granted on 5 july 2012 and were under the company’s emi share option scheme
bill rhodes is entitled to be granted an option over 2130406 ordinary shares of the company at the prevailing market price at the earliest 
opportunity in accordance with rule 21 of the aim rules the option will be 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 the agreement will continue until terminated by either party 
giving to the other not less than one month’s notice in writing
jag grewal entered into a service contract with the group on 30 june 2011 under which he was appointed as an executive director on 
an annual salary of £110000 the agreement will continue until terminated by either party giving to the other not less than three months’ 
notice in writing 
bill 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
andrew shepherd kieron harbinson and geoff gower received bonuses in the prior year of £13125 £9450 and £16000 respectively 
these were noncontractual and calculated at 10 10 and 20 of their basic annual salaries at 31 march 2011 based on the 
ﬁnancial results achieved for the year ended 31 march 2011
directors’ emoluments
 feesbasic beneﬁts total total
 salary bonuses in kind 2013 2012
consolidated £££ £ £
executive
andrew shepherd 145000 — — 145000 158125
kieron harbinson 115000 — 1506 116506 125688
jag grewal 110000 — — 110000 82500
geoff gower resigned 31 march 2012 — — — — 111516
nonexecutive
david evans 25000 — — 25000 25000
michael gurner 20000 — — 20000 20000
directors’ remuneration report 26
omega diagnostics group plc annual report and group financial statements 2013
the amounts paid in the year towards directors’ pension contributions were as follows
directors’ pension contributions
2013 2012
£ £
andrew shepherd 7250 7250
kieron harbinson 5750 5750
jag grewal 5500 —
geoff gower — 13500
directors’ interests in the 4 pence ordinary shares of omega diagnostics group plc
31 march 31 march
2013 2012
david evans 2870134 2870 134
michael gurner 271671 246671
kieron harbinson 294150 294150
andrew shepherd 2618030 1955530
jag grewal — —
geoff gower — 500000
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
2012 the year the year the year 2013 pence grant date date
david evans 390822 — — — 390822 190p 101208 101209 101218
andrew shepherd 703480 — — — 703480 190p 101208 101209 101218
— 600000 — — 600000 145p 050712 050715 050722
kieron harbinson 468987 — — — 468987 190p 101208 101209 101218
— 300000 — — 300000 145p 050712 050715 050722
jag grewal 100000 — — — 100000 1325p 120811 120812 120821
— 200000 — — 200000 145p 050712 050715 050722
during the year andrew shepherd kieron harbinson and jag grewal were issued with options under the company’s emi option scheme
the share price at 31 march 2013 was 1388 pence the highest and lowest share price during the year was 18 pence and 105 pence respectively
approved by the board
michael gurner
nonexecutive director
28 june 2013
directors’ remuneration report continued 27
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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 two nonexecutive directors and three executive directors who are the 
chief executive the finance director and the sales and marketing director david evans nonexecutive chairman and michael gurner 
and bill rhodes both nonexecutive directors are considered by the board to be independent in character and judgement michael gurner 
is the senior independent nonexecutive director the board meets at regular intervals and is responsible for setting corporate strategy 
approving the annual budget reviewing ﬁnancial performance agreeing the renewal of and any new bankingtreasury facilities and approving 
major items of capital expenditure the board is provided with appropriate information in advance of board meetings to enable it to discharge 
its duties effectively bill rhodes was appointed to the board as a nonexecutive director on 1 may 2013 
during the ﬁnancial year the board met on ten occasions of the ten meetings david evans and jag grewal attended eight michael gurner 
attended nine and andrew shepherd and kieron harbinson attended all ten
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
 − horizon discovery limited
 − spectrum limited rainbow seed fund
 − optibiotix health limited
 − marine biotech limited
 − collbio limited
 − integrated magnetic systems limited
 − healthcare opportunity investments 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 michael gurner and has primary responsibility for monitoring the quality of internal controls ensuring that the ﬁnancial 
performance of the group is properly measured and reported on and for reviewing reports from the group’s auditors relating to the 
group’s accounting and 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 bill rhodes has been appointed 
to the audit committee and will replace michael gurner who is stepping down from the board on 1 july 2013
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 michael gurner as chairman 
and david evans and has primary responsibility for determining and agreeing with the board the remuneration of the company’s chief executive 
chairman executive directors 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 bill rhodes has been appointed to the 
remuneration committee and will replace michael gurner
corporate governance report 28
omega diagnostics group plc annual report and group financial statements 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 business review which runs on pages 4 to 5 and pages 10 to 13 and pages 18 and 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 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
28 june 2013
corporate governance report continued 29
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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
statement of directors’ responsibilities 30
omega diagnostics group plc annual report and group financial statements 2013
we have audited the ﬁnancial statements of omega diagnostics group plc for the year ended 31 march 2013 which comprise the 
consolidated statement of comprehensive income consolidated balance sheet consolidated statement of changes in equity 
consolidated cash flow statement company balance sheet company statement of changes in equity company cash flow statement 
and the related notes 1 to 23 the ﬁnancial reporting framework that has been applied in their preparation is applicable law and 
international financial reporting standards ifrss as adopted by the european union and as regards the parent company ﬁnancial 
statements as applied in accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed 
respective responsibilities of directors and auditors
as explained more fully in the statement of directors’ responsibilities on page 29 the directors are responsible for the preparation of the 
ﬁnancial statements and for being satisﬁed that they give a true and fair view our responsibility is to audit and express an opinion 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 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 2013 
and of the group’s proﬁt for the year then ended
 − the group ﬁnancial statements have been properly prepared in accordance with ifrss as adopted by the european union 
 − the parent company ﬁnancial statements have been properly prepared in accordance with ifrss as adopted by the european union 
and as applied in accordance with the provisions of the companies act 2006 and
 − the ﬁnancial statements have been prepared in accordance with the requirements of the companies act 2006
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the directors’ report for the ﬁnancial year for which the ﬁnancial statements are prepared 
is consistent with the ﬁnancial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our opinion 
 − adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received 
from branches not visited by us or 
 − the parent company ﬁnancial statements are not in agreement with the accounting records and returns or 
 − certain disclosures of directors’ remuneration speciﬁed by law are not made or
 − we have not received all the information and explanations we require for our audit 
annie graham senior statutory auditor
for and on behalf of ernst  young llp statutory auditors
glasgow
28 june 2013
independent auditors’ report
to the members of omega diagnostics group plc 31
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
 2013 2012
note £ £
continuing operations
revenue 7 11262898 11124053
cost of sales 4209905 4120259
gross proﬁt 7052993 7003794
administration costs 4448646 4471381
selling and marketing costs 2297702 2015300
operating proﬁt 7 306645 517 113
finance costs 5 32914 48542
finance income – interest receivable 7 2493 10856
proﬁt before taxation 276224 479427
tax credit 6 306042 47 556
proﬁt for the year 582266 526983
other comprehensive income
exchange differences on translation of foreign operations 26970 271130
actuarial lossgain on deﬁned beneﬁt pensions 50439 56000
tax credit 7978 16585
other comprehensive income for the year 15491 198545
total comprehensive income for the year 566775 328438
earnings per share eps
basic and diluted eps on proﬁt for the year 21 07p 06p
 2013 2012
£ £
proﬁt before taxation 276224 479427
ifrsrelated discount charges included within finance costs 25046 45225
fair value adjustments to ﬁnancial derivatives included within finance costs 454 2981
amortisation of intangible assets included within administration costs 406553 415419
sharebased payment charges included within administration costs 71193 29716
acquisition related costs included within administration costs — 37461
adjusted proﬁt before taxation 778562 1004267
earnings per share eps
adjusted eps on proﬁt for the year 13p 12p
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
consolidated statement of comprehensive income
for the year ended 31 march 2013
adjusted proﬁt before taxation
for the year ended 31 march 2013 32
omega diagnostics group plc annual report and group financial statements 2013
2013 2012
note £ £
assets
noncurrent assets
intangibles 8 10347876 9136072
property plant and equipment 9 2116286 2068509
deferred taxation 14 553647 150332
retirement beneﬁt surplus 18 31886 85639
13049695 11440552
current assets
inventories 10 1833887 1689549
trade and other receivables 11 2556762 2417500
income tax receivable 7106 4054
cash and cash equivalents 160693 1159132
4558448 5270235
total assets 17608143 16710787
equity and liabilities
equity
issued capital 12977107 12977 107
retained earnings 985371 347403
total equity 13962478 13324510
liabilities
noncurrent liabilities
longterm borrowings 12 484472 794389
deferred taxation 14 609395 503728
derivative ﬁnancial instruments 22 — 454
total noncurrent liabilities 1093867 1298571
current liabilities
shortterm borrowings 12 367649 509811
trade and other payables 13 1684149 1453018
other ﬁnancial liabilities 19 500000 124877
total current liabilities 2551798 2087706
total liabilities 3645665 3386277
total equity and liabilities 17608143 16710787
david evans     kieron harbinson
nonexecutive chairman    finance director
28 june 2013     28 june 2013
omega diagnostics group plc
registered number 5017761
consolidated balance sheet
as at 31 march 2013 33
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
share share retained
capital premium earnings total
£££ £
balance at 31 march 2011 4145580 8831527 10751 12966356
proﬁt for the year ended 31 march 2012 — — 526983 526983
other comprehensive income – net exchange adjustments — — 271130 271130
other comprehensive income – actuarial gain on deﬁned beneﬁt pensions — — 56000 56000
other comprehensive income – tax credit — — 16585 16585
total comprehensive income for the year — — 328438 328438
sharebased payments — — 29716 29716
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
consolidated statement of changes in equity
for the year ended 31 march 2013 34
omega diagnostics group plc annual report and group financial statements 2013
2013 2012
note £ £
cash ﬂows generated from operations
proﬁt for the year 582266 526983
adjustments for
taxation 306042 47556
finance costs 32914 48542
finance income 2493 10856
operating proﬁt before working capital movement 306645 517 113
increase in trade and other receivables 139262 47799
increase in inventories 144338 186890
increasedecrease in trade and other payables 231132 37697
lossgain on sale of property plant and equipment 1010 283
depreciation 9 268699 264710
amortisation of intangible assets 8 406553 415419
sharebased payments 71193 29716
taxation receivedpaid 13321 143306
cash ﬂow from operating activities 1014953 810983
settlement of acquisition related liability — 125000
cash ﬂow from operating activities 1014953 685983
investing activities
finance income 2493 10856
purchase of property plant and equipment 9 308876 454179
purchase of intangible assets 1185133 768968
sale of property plant and equipment — 13681
net cash used in investing activities 1491516 1198610
financing activities
finance costs 6107 12563
loan repayments 497377 272832
finance lease repayments 18759 60030
net cash used in ﬁnancing activities 522243 345425
net decrease in cash and cash equivalents 998806 858052
effects of exchange rate movements 367 37693
cash and cash equivalents at beginning of year 1159132 2054877
cash and cash equivalents at end of year 160693 1159132
consolidated cash flow statement
for the year ended 31 march 2013 35
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
2013 2012
note £ £
assets
noncurrent assets
investments 20 10928927 10774918
intangible assets 8 1506765 984663
12435692 11759581
current assets
trade and other receivables 11 4127911 4344833
cash and cash equivalents — 18869
4127911 4363702
total assets 16563603 16123283
equity and liabilities
equity
issued capital 13966782 13966782
retained earnings 364028 232939
total equity 14330810 14199721
liabilities
noncurrent liabilities
longterm borrowings 12 455608 794389
derivative ﬁnancial instruments 22 — 454
total noncurrent liabilities 455608 794843
current liabilities
shortterm borrowings 12 360000 496450
trade and other payables 13 660865 507382
other ﬁnancial liabilities 19 500000 124887
bank overdraft 256320 —
total current liabilities 1777185 1128719
total liabilities 2232793 1923562
total equity and liabilities 16563603 16123283
david evans     kieron harbinson
nonexecutive chairman    finance director
28 june 2013     28 june 2013
omega diagnostics group plc 
registered number 5017761
company balance sheet
as at march 2013 36
omega diagnostics group plc annual report and group financial statements 2013
share share retained 
capital premium earnings total 
£££ £
balance at 31 march 2011 4517862 9448920 292639 14259421
loss for the year ended 31 march 2012 — — 89416 89416
total comprehensive income for the year — — 89416 89416
sharebased payments — — 29716 29716
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
company statement of changes in equity
for the year ended 31 march 2013 37
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
 2013 2012
£ £
cash ﬂows generated from operations
proﬁtloss for the year 59896 89416
adjustments for
taxation 13322 7528
finance costs 27830 45338
finance income 74026 79944
operating proﬁtloss before working capital movement 378 116494
decrease in trade and other receivables 216922 605150
increasedecrease in trade and other payables 153483 182630
taxation receivedpaid 13321 112768
sharebased payments 71193 29716
net cash ﬂow from operating activities 455297 222974
investing activities
finance income 74026 79944
purchase of intangible assets 152102 435000
investment in subsidiaries 154009 119557
net cash used in investing activities 232085 474613
financing activities
finance costs 1024 9362
loan repayments 497377 272832
net cash used in ﬁnancing activities 498401 282194
net decrease in cash and cash equivalents 275189 533833
cash and cash equivalents at beginning of year 18869 552702
overdraftcash and cash equivalents at end of year 256320 18869
company cash flow statement
for the year ended 31 march 2013 38
omega diagnostics group plc annual report and group financial statements 2013
1 authorisation of ﬁnancial statements
the ﬁnancial statements of omega diagnostics group plc for the year ended 31 march 2013 were authorised for issue by the board of directors 
on 28 june 2013 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
other intangibles – 5 years
software – 5 years
the carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying 
value may not be recoverable
research and development costs
expenditure on research 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
notes to the financial statements
for the year ended 31 march 2013 39
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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 – 8 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 40
omega diagnostics group plc annual report and group financial statements 2013
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 2013 41
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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 is recognised in proﬁt or loss
use of estimates and judgements
the preparation of these ﬁnancial statements requires management to make judgements estimates and assumptions that affect 
the application of accounting policies and the reported amounts of assets liabilities income and expenses actual results may differ 
from these estimates
estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the period 
in which the estimate is revised and in any future periods affected
the signiﬁcant areas of estimation and uncertainty and critical judgements in applying the accounting policies that have the most 
signiﬁcant effect on the amounts recognised in the ﬁnancial information are discussed overleaf further judgements assumptions 
and estimates are set out in the group ﬁnancial statements 42
omega diagnostics group plc annual report and group financial statements 2013
2 accounting policies continued
use of estimates and judgements continued
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 2013 is £553647 2012 £150332 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
international accounting standards iasifrss effective date
ias 19 employee beneﬁts amendment 1 january 2013
ifrs 9 financial instruments 1 january 2015
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
ifrs 13 fair value measurement 1 january 2013
the above standards and interpretations will be adopted in accordance with their effective dates and have not been adopted in these 
ﬁnancial statements the directors do not anticipate that the adoption of these standards and interpretations will have a material impact 
on the group’s ﬁnancial statements in the period of initial application
3 adoption of new international ﬁnancial reporting standards 
the accounting policies adopted are consistent with those of the previous ﬁnancial year
4 segment information
for management purposes the group is organised into three operating divisions allergy and autoimmune food intolerance 
and infectious disease and other 
the allergy and autoimmune division specialises in the research development production and marketing of in vitro allergy 
and autoimmune tests used by doctors to diagnose patients with allergies and autoimmune diseases
the food intolerance division specialises in the research development and production of kits to aid the detection of immune reactions 
to food it also provides clinical analysis to the general public clinics and health professionals as well as supplying the consumer food 
detective
®
 test
the infectious disease division specialises in the research development and production and marketing of kits to aid the diagnosis 
of infectious diseases
corporate consists of centralised corporate costs which are not allocated across the three business divisions
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 2013 43
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
4 segment information continued
business segment information
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 proﬁtloss 230972 1130723 152727 745833 306645
net ﬁnance costsincome 72362 513 4868 46296 30421
proﬁtloss before taxation 303334 1131236 147859 699537 276224
adjusted proﬁt before taxation
proﬁtloss 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 proﬁtloss before taxation 20922 1230102 173134 603752 778562
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2012 ££££ £
statutory presentation
revenue 4488210 4456689 2762572 — 11707 471
intersegment revenue 11436 555984 15998 — 583418
total revenue 4476774 3900705 2746574 — 11124053
operating costs 4616762 2863458 2450586 676134 10606940
operating proﬁtloss 139988 1037247 295988 676134 517 113
net ﬁnance costsincome 72095 197 — 34606 37686
proﬁtloss before taxation 212083 1037050 295988 641528 479427
adjusted proﬁt before taxation
proﬁtloss before taxation 212083 1037050 295988 641528 479427
ifrsrelated discount charges 12344 — — 32881 45225
fair value adjustments to ﬁnancial derivatives — — — 2981 2981
amortisation of intangible assets 296667 98748 20004 — 415419
acquisition costs 37461 — — — 37461
sharebased payment charges — — — 29716 29716 
adjusted proﬁtloss before taxation 134389 1135798 315992 581912 1004267
the segment assets and liabilities are as follows
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 17608143
segment liabilities 337982 355997 849050 141121 1684150
unallocated liabilities ———— 1961515
total liabilities 337982 355997 849050 141121 3645665 44
omega diagnostics group plc annual report and group financial statements 2013
4 segment information continued
business segment information continued
infectious
allergy and food disease
autoimmune intolerance other corporate group 
2012 ££££ £
segment assets 7784700 5800726 1791682 20161 15397 269
unallocated assets — — — — 1313518
total assets 7 784700 5800726 1791682 20161 16710787
segment liabilities 259121 306478 618849 268570 1453018
unallocated liabilities — — — — 1933259
total liabilities 259121 306478 618849 268570 3386277
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
 2013 2012
£ £
revenues
uk 991513 933164
germany 3654701 3875905
rest of europe 2752442 2604134
north america 348984 327505
southcentral america 511968 441347
india 399775 401799
asia and far east 1041788 913494
africa and middle east 1561727 1626705
11262898 11124053
 property retirement trade
plant and beneﬁt and other
intangibles equipment surplus inventories receivables total
2013 £££££ £
assets
uk 7443646995942 —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 17608143
 property retirement trade
plant and beneﬁt and other
intangibles equipment surplus inventories receivables total
2012 £££££ £
assets
uk 6142429 867105 — 852810 2071704 9934048
germany 2990422 1174008 85639 836739 339591 5426399
india 3221 27396 — — 6205 36822
unallocated assets ————— 1313518
total assets 9136072 2068509 85639 1689549 2417500 16710787
notes to the financial statements continued
for the year ended 31 march 2013 45
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
4 segment information continued
geographical information continued
2013 2012
£ £
liabilities
uk 1365434 1234205
germany 256346 328379
india 62370 15311
unallocated liabilities 1961515 1808382
total liabilities 3645665 3386277
capital expenditure
uk 256568 310208
germany 42318 113638
india 9990 30333
total capital expenditure 308876 454179
5 finance costs
2013 2012
consolidated £ £
interest payable on loans and bank overdrafts 6471 14862
exchange difference on loans 927 577
unwinding of discounts 21732 32880
fair value adjustment to ﬁnancial derivatives 454 2981
finance leases 4238 3204
32914 48542
6 taxation
2013 2012
consolidated £ £
a tax credited in the income statement
current tax – current year — —
current tax – prior year adjustment 16373 18158
deferred tax – current year 163462 66583
deferred tax – prior year adjustment 126207 869
306042 47 556
b tax relating to items charged or credited to other comprehensive income 
deferred tax on actuarial lossgain on retirement beneﬁt obligations 12900 21393
deferred tax on net exchange adjustments 4922 37978
total tax credit 7978 16585
2013 2012
consolidated £ £
c reconciliation of total tax credit
factors affecting the tax charge for the year
proﬁt before tax 276224 479427
effective rate of taxation 24 26
proﬁt before tax multiplied by the effective rate of tax 66294 124651
effects of
expenses not deductible for tax purposes and permanent differences 21423 6815
research and development tax credits 227422 151954
tax overunderprovided in prior years 142580 19027
adjustment due to different overseas tax rate 9372 1015
impact of uk rate change on deferred tax 14385 45080
tax credit for the year 306042 47556
in his budget speech on 20 march 2013 the chancellor announced that the main uk corporation tax rate would be reduced from 
the current rate of 24 to 20 by 2015 the rate of corporation tax reduced from 28 to 26 on 1 april 2011 and a reduction to 24 
effective from 1 april 2012 was included in the finance bill that was enacted on 17 july 2012 a further reduction in the corporation 
tax rate to 23 effective from 1 april 2013 was also included in the finance bill
as the reduction in the rate to 23 was enacted at the balance sheet date this is the rate at which deferred tax has been provided 
the further rate reductions are to be incorporated within future legislative acts and so will not be substantively enacted until later 
periods the estimated impact of the proposed further rate reduction to 20 would be to reduce the deferred tax liability by £7272 46
omega diagnostics group plc annual report and group financial statements 2013
7 revenue and expenses
2013 2012
consolidated £ £
revenues
revenue – sales of goods 11262898 11124053
finance income 2493 10856
total revenue 11265391 11134909
2013 2012
consolidated £ £
operating proﬁt is stated after chargingcrediting 
material costs 3053462 2978393
depreciation 268699 264710
amortisation of intangibles 406553 415419
net foreign exchange gainslosses 4863 21722
research and development costs 140810 486584
operating lease rentals 249931 193822
sharebased payments 71193 29716
auditors’ remuneration
fees payable to the company’s auditors for the audit of the annual accounts 20000 23300
– 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 14500 14550
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
 2013 2012
consolidated number number
operations 74 70
management and administration 52 37
employee numbers 126 107
their aggregate remuneration comprised
2013 2012
£ £
wages and salaries 3967856 3647364
social security costs 490079 477883
pension costs 238344 207620
sharebased payments 71193 29716
4767472 4362583
equitysettled sharebased payments
consolidated and company
the sharebased payment plans are described below 
emi option scheme and unapproved option scheme
the plans are equitysettled plans and the fair value is measured at the grant date under the above plans share options are granted to 
directors and employees of the company the exercise price of the option is equal to the market price of the shares on the date of grant 
the options vest one year after the date of grant and are not subject to any performance criteria
the fair value of the options is estimated at the grant date using the blackscholes pricing model taking into account the terms and conditions 
upon which the instruments were granted
the contractual life of each option granted is ten years and there is no cash settlement alternative
notes to the financial statements continued
for the year ended 31 march 2013 47
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
7 revenue and expenses continued
equitysettled sharebased payments continued
second unapproved option scheme suos
the plan is an equitysettled plan and the fair value is measured at the grant date under the above plan share options may be granted 
to third parties for provision of services to the company the exercise price of the option is equal to the market price of the shares 
on the date of grant the options vest three years after the date of grant and are not subject to any performance criteria
the fair value of the options is estimated at the grant date using the blackscholes pricing model taking into account the terms 
and conditions upon which the instruments were granted
the contractual life of each option granted is ten years and there is no cash settlement alternative
under the emi option scheme 135000 options lapsed during the year and a further 1450000 were granted
the following table illustrates the number and weighted average exercise prices waep of and movements in share options during the year
2013 2013 2012 2012
number waep number waep
outstanding 1 april 2283289 190p 1923289 190p
granted during the year under the emi option scheme 1450000 145p 450000 126p
granted during the year under the suos —— — —
exercised during the year —— — —
lapsed during the year under the emi option scheme 135000 — 90000 —
outstanding at 31 march 3598289 — 2283289 —
exercisable at 31 march 2148289 — 1833289 —
the following table lists the inputs to the model used for the years ended 31 march 2013 and 31 march 2012
emi option scheme and 
unapproved option scheme
2013 2012
dividend yield 0 0
expected volatility 47 52
riskfree interest rate 500 342
weighted average remaining contractual life 74 67
weighted average share price 145p 126p
exercise price 145p 126p
model used blackscholes blackscholes
the expected life of the options is based on management’s assumption of the options’ life due to the lack of any historical data on the 
exercise period of these options the assumption takes into account the experience of employees and directors and is not necessarily 
indicative of exercise patterns that may occur
the expected volatility reﬂects the assumption that historical volatility over a period similar to the life of the option is indicative of future trends 
which may not necessarily be the actual outcome 
directors’ remuneration
2013 2012
consolidated £ £
fees 45000 45000
emoluments 371506 477829
416506 522829
contributions to personal pension 18500 26500
435006 549329
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 25 and 26 48
omega diagnostics group plc annual report and group financial statements 2013
8 intangibles
 licences supply technology customer development
goodwill software arrangements assets relationships costs total
££££££ £
cost 
at 31 march 2011 4745302 1113492 549248 2147521 1280349 — 9835912
additions — 26424 — 8338 — — 34762
additions internally generated — — — — — 299206 299206
currency translation 72361 3500 27334 9054 60409 400 173058
at 31 march 2012 4672941 1136416 521914 2146805 1219940 298806 9996822
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
accumulated amortisation 
at 31 march 2011 — 9989 27438 362473 59441 — 459341
amortisation charge in the year — 37528 108243 132753 136895 — 415419
currency translation — 1570 5202 1634 5604 — 14010
at 31 march 2012 — 45947 130479 493592 190732 — 860750
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
net book value 
31 march 2013 4684778 1616204 289620 1522551 904973 1329750 10347876
31 march 2012 4672941 1090469 391435 1653213 1029208 298806 9136072
31 march 2011 4745302 1103503 521810 1785048 1220908 — 9376571
of the licensessoftware balance above £1506765 2012 984663 is held on the balance sheet of the company and relates to the ids 
and cd4 licenses additional costs of £522102 were capitalised in the year in relation to these licenses
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 2012 £3016892 cotek 
£332986 2012 £332986 and omega gmbh £1334900 2012 £1323063
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 2013 and the ﬁnancial budget approved by the board covering 
the period to 31 march 2014 with projected cash ﬂows thereafter through to march 2017 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 the genarrayt
®
 
and food detective
®
 assays being commercialised on an international basis and the gross margins which can be achieved from the sales of 
these products the key assumption used in the budget for cotek is the growth in sales of the company’s micropath™ range of products 
where increased volumes are dependent upon having accessed a lower manufacturing cost through the acquisition of cotek itself the 
budget for omega gmbh assumes continued organic growth in sales in the german market as well as achieving an increase in export sales 
through the existing omega international distribution network the omega gmbh forecast also includes revenues in years two to ﬁve from 
the idsisys platform which will allow more rapid processing of higher volume tests
in all three cases the company also makes assumptions in regard to having sufﬁcient production personnel to cope with increased volumes 
the discount rate applied to cash ﬂows is 125 for the group which takes account of other risks speciﬁc to each segment such as currency 
risk geography and price risk the discount rate is the weighted average cost of pretax cost of debt ﬁnancing and the pretax cost of 
equity ﬁnancing cash ﬂows beyond the budget period are extrapolated for genesiscns cotek and omega gmbh over the next four 
years using a growth rate of 3 that equates to the current growth rate in the ivd industry thereafter a nil growth rate has been assumed 
for prudence as a result there has been no impairment to the carrying value of goodwill
sensitivity analysis
base forecasts show headroom of £47 million above carrying value for genesiscns headroom of £410000 above carrying value for 
cotek and headroom of £800000 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 £191000 over ﬁve years in cotek by £29000 over ﬁve years and in omega gmbh by £45000 over ﬁve years
for genesiscns the discount rate would have to increase to 48 or the growth rate would have to be a decline of 81 for the headroom 
to reduce to £nil
for cotek the discount rate would have to increase to 55 or the growth rate would have to be a decline of 37 for the headroom 
to reduce to £nil
for omega gmbh the discount rate would have to increase to 22 or the growth rate would have to be a decline of 44 for the headroom 
to reduce to £nil
notes to the financial statements continued
for the year ended 31 march 2013 49
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
9 property plant and equipment
land and leasehold plant and motor
property improvements machinery vehicles total
consolidated ££££ £
cost
at 31 march 2011 713332 181625 2169420 75411 3139788
additions 10281 40953 402945 — 454179
disposals — — 38585 22438 61023
currency translation 35800 696 28475 3764 68735
at 31 march 2012 687813 221882 2505305 49209 3464209
additions — 19958 288918 — 308876
disposals — — 4907 — 4907
currency translation 6152 85 8394 441 15072
at 31 march 2013 693965 241925 2797710 49650 3783250
accumulated depreciation
at 31 march 2011 4877 95783 1078356 6288 1185304
charge in the year 19513 23055 202253 19889 264710
disposals — — 38476 9199 47675
currency translation 940 109 4446 1144 6639
at 31 march 2012 23450 118729 1237687 15834 1395700
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
net book value
31 march 2013 651314 95309 1346265 23398 2116286
31 march 2012 664363 103153 1267618 33375 2068509
31 march 2011 708455 85842 1091064 69123 1954484
the net book value of plant and machinery held under ﬁnance leases at 31 march 2013 is £24636 2012 £38073
10 inventories
2013 2012
£ £
raw materials 993354 896810
work in progress 121667 139803
finished goods and goods for resale 718866 652936
1833887 1689549
11 trade and other receivables
2013 2012
consolidated £ £
trade receivables 2309765 2237309
less provision for impairment of receivables 14117 14117
trade receivables – net 2295648 2223192
prepayments and other receivables 261114 194308
2556762 2417500
the directors consider that the carrying amount of trade receivables and other receivables approximates their fair value
2013 2012
company £ £
prepayments and other receivables 16622 20160
due from subsidiary companies 4111289 4324673
4127911 4344833 50
omega diagnostics group plc annual report and group financial statements 2013
11 trade and other receivables continued
analysis of trade receivables
2013 2012
consolidated £ £
neither impaired nor past due 1857402 1543940
past due but not impaired 438246 679252
2013 2012
company £ £
neither impaired nor past due 4111289 4324673
ageing of past due but not impaired trade receivables
2013 2012
£ £
up to three months 295148 503826
between three and six months 32329 103578
more than six months 110769 71848
the directors consider that the carrying amount of trade receivables and other receivables approximates their fair value
the credit quality of trade receivables that are neither past due nor impaired is assessed internally with reference to historical information 
relating to counterparty default rates the maximum exposure to credit risk at the reporting date is the fair value of each class of receivable 
and no collateral is held as security
12 interestbearing loans and borrowings and ﬁnancial instruments
2013 2012
consolidated £ £
current
bank loans — 136450
other loans 360000 360000
obligations under ﬁnance leases 7649 13361
367649 509811
noncurrent
obligations under ﬁnance leases 28864 —
other loans 455608 794389
484472 794389
bank loans comprised the following
£136450 variable rate loans 2013 base rate  20 2012 base rate  20 — 136450
— 136450
less current instalments — 136450
— —
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
2013 2012
£ £
future minimum payments due
not later than one year 10007 13667
after one year but not more than ﬁve years 32524 —
42531 13667
less ﬁnance charges allocated to future periods 6018 306
present value of minimum lease payments 36513 13361
the present value of minimum lease payments is analysed as follows
not later than one year 7649 13361
after one year but not more than ﬁve years 28864 —
36513 13361
notes to the financial statements continued
for the year ended 31 march 2013 51
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
12 interestbearing loans and borrowings and ﬁnancial instruments continued
2013 2012
consolidated £ £
other loans comprise the following
vendor loan – 2014 base rate 815608 1154389
815608 1154389
the two bank of scotland term loans were repaid in full on 4 september 2012 
the term loans were secured by a ﬂoating charge over the assets of the group crossguarantees between omega diagnostics group plc 
omega diagnostics limited genesis diagnostics limited and cambridge nutritional sciences limited are in place and omega 
diagnostics group plc has given the bank of scotland a debenture secured over the assets of the company kieron harbinson and 
andrew shepherd also provided personal guarantees of £100000 in support of the term loans the security above remains in place 
against the £17 million bank overdraft currently available to the group 
2013 2012
company £ £
current
bank loans — 136450
other loans 360000 360000
360000 496450
noncurrent 
other loans 455608 794389
bank loans comprised the following
£136450 variable rate loan 2013 base rate  20 2012 base rate  20 — 136450
— 136450
less current instalments — 136450
— —
2013 2012
company £ £
other loans comprise the following
vendor loan – 2014 base rate 815608 1154389
815608 1154389
13 trade and other payables
2013 2012
consolidated £ £
trade payables 1231405 962115
social security costs 135292 101118
accruals and other payables 317452 389785
1684149 1453018
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
2013 2012
company £ £
trade payables 42527 47 428
accruals and other payables 98594 96255
due to subsidiary companies 519744 363699
660865 507382
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 52
omega diagnostics group plc annual report and group financial statements 2013
14 deferred taxation
the deferred tax asset is made up as follows
2013 2012
consolidated £ £
decelerated capital allowances 2676 32107
temporary differences 46261 9287
tax losses carried forward 504710 108938
553647 150332
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
2013 2012
consolidated £ £
fair value adjustments on acquisition 400163 446062
accelerated capital allowances 49684 36273
other timing differences 151056 —
retirement beneﬁt obligations 8492 21393
609395 503728
15 share capital
2013 2012
company number number
authorised share capital
ordinary shares of 4 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 — —
at the end of the year 85216257 85216257
during the year to 31 march 2013 the company granted options over 1450000 ordinary shares at an exercise price of 145 pence per 
share the options will expire if not exercised within ten years of the date of grant
16 commitments and contingencies
operating lease commitments
future minimum rentals payable under noncancellable operating leases are as follows
2013 2012
consolidated £ £
land and buildings
within one year 232124 175119
within two to ﬁve years 828157 399456
other
within one year 17777 18703
within two to ﬁve years 21668 30150
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 december 2013 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 £34610 at 31 march 2013 2012 £30000
notes to the financial statements continued
for the year ended 31 march 2013 53
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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
2013 2012
£ £
shortterm employee beneﬁts 912875 885439
sharebased payments 45934 8020
postemployment beneﬁts 40375 31679
999184 925138
included within shortterm employee beneﬁts are amounts paid to mba consultancy of £25000 2012 £25000 a company controlled 
by david evans and £20000 2012 £20000 to holdmer associates limited a company controlled by michael gurner
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 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 —
 odg odl genesis cns cotek gmbh
at 31 march 2012 £££££ £
omega diagnostics group plc — 1466926 53087 310612 — 2857747
omega diagnostics limited 1466926 — 319849 142722 — —
genesis diagnostics limited 53087 319849 — 66098 — —
cambridge nutritional sciences limited 310612 142722 66098 — — —
cotek south west limited ————— —
omega gmbh 2857747———— —
during the year there were transactions between the company and its subsidiaries as follows
2013 2012
£ £
balance at 1 april 3960974 4451600
charges to subsidiary companies 722300 712536
transfers of cash from subsidiary companies 1091729 1203162
balance at 31 march 2013 3591545 3960974
note 12 discloses personal guarantees made by two of the directors in support of the bank term loan
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 £62775 2012 £57713  54
omega diagnostics group plc annual report and group financial statements 2013
18 retirement beneﬁt obligations continued
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 2 may 2013 using the following assumptions
2013 2012
discount rate at 31 march 382 500
expected return on plan assets at 31 march 300 420
future salary increases 250 250
future pension increases 175 175
turnover rate 200 200
i the amounts recognised in the balance sheet are as follows
2013 2012
£ £
present value of funded obligations 1664439 1358452
fair value of plan assets 1696325 1444091
net asset 31886 85639
ii the amounts recognised in the income statement are as follows
2013 2012
£ £
current service costs 162569 150513
interest on obligation 68530 61456
expected return on plan assets 64450 51769
total included in employee beneﬁts expense 166649 160200
the current service costs for the year £166649 2012 £160200 have been included in administration costs
iii the amounts recognised in the consolidated statement of comprehensive income are as follows
2013 2012
£ £
actuarial losses on deﬁned beneﬁt obligation 64211 29087
actuarial gains on plan assets 13772 85087
total actuarial lossgain on pensions 50439 56000
iv changes in the present value of the deﬁned beneﬁt obligation are as follows
2013 2012
£ £
opening deﬁned beneﬁt obligation 1358452 1174883
current service cost 162569 150513
interest cost 68530 61456
actuarial losses on plan liabilities 64211 29087
exchange differences on foreign plans 10677 57487
beneﬁts paid — —
closing deﬁned beneﬁt obligation 1664439 1358452
v changes in the fair value of plan assets are as follows
2013 2012
£ £
opening fair value of plan assets 1444091 1216867
expected return 64450 51769
actuarial gains 13772 85087
contributions by employer 162569 149907
exchange differences on foreign plans 11443 59539
beneﬁts paid — —
closing fair value of plan assets 1696325 1444091
notes to the financial statements continued
for the year ended 31 march 2013 55
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
18 retirement beneﬁt obligations continued
b deﬁned beneﬁt schemes continued
vi the major categories of plan assets as a percentage of total plan assets are as follows
2013 2012
equities 15 18
bondsdebt instruments 68 71
cashother 17 11
the asset ﬁgures above are now weighted with the underlying assets
the group expects to contribute £165000 to its deﬁned beneﬁt pension plans in the year ending 31 march 2014
vii mortality assumptions
assumptions regarding future mortality experience are set based on advice in accordance with published statistics and experience in germany in 
the calculations the mortality rate used is in accordance with heubeck richttafeln’s basis of calculation for group pension insurance 2005g other 
assumptions have been set in accordance with heubeck richttafeln’s basis of calculation for group pension insurance as set out in schedule 2005g
viii history of experience adjustments
2013 2012
£ £
deﬁned beneﬁt obligation 1664439 1358452
plan assets 1696325 1444091
surplus 31886 85639
experience adjustments gains on plan liabilities 230708 105486
experience adjustments gains on plan assets 13772 85087
ias 19 revised – employee beneﬁts will become effective for the group in the march 2014 accounts under ias 19 revised there will 
be no impact on the net deﬁned beneﬁt liability the net charge to next year’s income statement will increase by approximately £6300 
following the introduction of the concept of recognising net interest on the net deﬁned beneﬁt liability in place of the interest on the deﬁned 
beneﬁt obligation and the expected return on plan assets recognised under the current standard this increase in the net charge to next 
year’s income statement would be offset by a decrease in the charge to other comprehensive income
19 other ﬁnancial liabilities
2013
consolidated and company £
as at 1 april 2012 124887
discount unwind in year 5113
payment in year to ids 130000
final instalment payable in march 2014 500000
as at 31 march 2013 500000
at 31 march 2012 other ﬁnancial liabilities comprised unconditional future commitments under the licence agreement with ids at 31 march 2013 
the liability relates to a ﬁnal payment due to ids under the licence agreement and is payable on 28 march 2014 and is recorded on the 
balance sheet now that the group has no intention of exercising its break clause under the agreement
20 investments
company
the company’s investments in subsidiaries which are all 100 owned are comprised of the following
country of 2013 2012
incorporation £ £
investment in omega diagnostics limited uk 1752884 1752884
investment in genesis diagnostics limited uk 1815623 1815623
investment in cambridge nutritional sciences limited uk 4063553 4063553
investment in cotek south west limited uk 480978 480978
investment in bealaw 692 limited uk 1 1
investment in bealaw 693 limited uk 1 1
investment in omega gmbh germany 2542321 2542321
investment in omega dx asia india 273566 119557
10928927 10774918
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 56
omega diagnostics group plc annual report and group financial statements 2013
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
2013 2012
£ £
proﬁt attributable to equity holders of the group 582266 526983
2013 2012
number number
basic average number of shares 85216257 85216257
share options 52703 22489
diluted weighted average number of shares 85268960 85238746
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
2013 2012
£ £
adjusted proﬁt before taxation 778562 1004267
tax credit 306042 47 556
adjusted proﬁt attributable to equity holders of the group 1084604 1051823
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 £ £
2013
trade receivables 2295648 2295648
cash and cash equivalents 160693 160693
2456341 2456341
loans and
receivables total
assets as per the consolidated balance sheet £ £
2012
trade receivables 2223192 2223192
cash and cash equivalents 1159132 1159132
3382324 3382324
notes to the financial statements continued
for the year ended 31 march 2013 57
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
22 financial instruments continued
loans and
receivables total
assets as per the company balance sheet £ £
2013
due from subsidiary companies 4111289 4111289
cash and cash equivalents — —
4111289 4111289
loans and
receivables total
assets as per the company balance sheet £ £
2012
due from subsidiary companies 4324673 4324673
cash and cash equivalents 18869 18869
4343542 4343542
liabilities at fair
value through amortised
proﬁt and loss cost total
liabilities as per the consolidated balance sheet ££ £
2013
trade payables —1231405 1231405
obligations under ﬁnance leases —36515 36515
other loans designated on initial recognition 815608 — 815608
other ﬁnancial liabilities — 500000 500000
815608 1767920 2583528
liabilities at fair
value through amortised
proﬁt and loss cost total
liabilities as per the consolidated balance sheet ££ £
2012
derivative ﬁnancial instruments held for trading 454 — 454
trade payables — 962115 962115
obligations under ﬁnance leases —13361 13361
bank loans —136450 136450
other loans designated on initial recognition 1154389 — 1154389
other ﬁnancial liabilities —124887 124887
1154843 1236813 2391656
liabilities at fair
value through amortised
proﬁt and 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
liabilities at fair
value through amortised
proﬁt and loss cost total
liabilities as per the company balance sheet ££ £
2012
derivative ﬁnancial instruments held for trading 454 — 454
trade payables and amounts due to subsidiary companies — 411127 411127
bank loans —136450 136450
other loans designated upon initial recognition 1154389 — 1154389
other ﬁnancial liabilities —124887 124887
1154843 672464 1827 307 58
omega diagnostics group plc annual report and group financial statements 2013
22 financial instruments continued
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 £20k 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 £338781 2012 £28154 is due to the ﬁrst instalment being paid 
in september 2012 £360000 offset by the effect of unwinding discount factors £21219 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 2013 and 31 march 2012 the group has not entered 
into any hedge transactions
the following table demonstrates the sensitivity to a possible change in currency rates on the group’s proﬁt before tax and equity through 
the impact of sterling weakening against the us dollar the euro and the canadian dollar
effect on
decrease proﬁt effect on
in currency before tax equity
rate £ £
2013
trade and other receivables 5 61271 —
trade and other payables 5 28400 —
cash and cash equivalents 5 13002 —
bank loans 5 — —
net investment in overseas subsidiary 5 — 75310
2012
trade and other receivables 5 52924 —
trade and other payables 5 30360 —
cash and cash equivalents 5 16589 —
bank loans 5 4024 —
net investment in overseas subsidiary 5 — 98112
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
2013 2012
trade trade
receivables receivables
£ £
ukeurope 1368012 1238068
north america 94783 72395
southcentral america 110354 103192
asia and far east 302678 320735
africa and middle east 419821 488802
2295648 2223192
notes to the financial statements continued
for the year ended 31 march 2013 59
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
22 financial instruments continued
financial risk management continued
capital management
an explanation of the group’s capital management process and objectives is set out in the capital management section on page 19 
of the financial review
liquidity risk
the group’s objective is to maintain sufﬁcient headroom to meet its foreseeable ﬁnancing and working capital requirements the group 
has in place drawn loan facilities and in the case of bank loans regularly monitors performance to ensure compliance with all covenants 
the group also maintains a surplus balance of cash and cash equivalents to ensure ﬂexible liquidity to meet ﬁnancial liabilities as they fall due
the table below summarises the maturity proﬁle of the group’s ﬁnancial liabilities at 31 march 2013 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 £££ £
2013
trade payables 1231405 — — 1231405
obligations under ﬁnance leases 2502 7505 32524 42531
vendor loan — 360000 480318 840318
1233907 367505 512842 2114254
2012
trade payables 962115 — — 962115
obligations under ﬁnance leases 6614 7053 — 13667
bank loans 68779 68271 — 137 050
vendor loan — 360000 840168 1200168
1037 508 435324 840168 2313000
the table below summarises the maturity proﬁle of the company’s ﬁnancial liabilities at 31 march 2013 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 £££ £
2013
trade payables and amounts due to subsidiary companies 562271 — — 562271
vendor loan — 360000 480318 840318
562271 360000 480318 1402589
2012
trade payables and amounts due to subsidiary companies 411127 — — 411127
bank loans 68779 68271 — 137 050
vendor loan — 360000 840168 1200168
479906 428271 840168 1748345
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 £
2013
cash and cash equivalents 25 1650
vendor loan 25 2300
2012
cash and cash equivalents 25 4018
bank loans – pounds sterling 25 300
bank loans – us dollars 25 382
vendor loan 25 2750 60
omega diagnostics group plc annual report and group financial statements 2013
22 financial instruments continued
financial risk management continued
interest rate risk continued
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 £
2013
cash and cash equivalents 25 297
vendor loan 25 2300
2012
cash and cash equivalents 25 714
bank loans – pounds sterling 25 300
bank loans – us dollars 25 382
vendor loan 25 2750
fair values 
the carrying amount for all categories of ﬁnancial assets and liabilities disclosed on the balance sheet and in the related notes to the accounts 
is equal to the fair value of such assets and liabilities as at both 31 march 2013 and 31 march 2012 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 2013 and 31 march 2012 including derivative 
ﬁnancial instruments represents the group’s maximum exposure to credit risk
derivative ﬁnancial instruments
the group uses the following hierarchy for determining and disclosing the fair value of instruments by valuation technique
level 1 quoted unadjusted prices in active markets for identical assets or liabilities
level 2  other techniques for which all inputs which have a signiﬁcant effect on the recorded fair value are observable either directly 
or indirectly and
level 3  techniques which use inputs which have a signiﬁcant effect on the recorded fair value that are not based on observable 
market data
the fair value of the ﬁnancial derivatives detailed below have been valued using the hierarchy above and have been categorised as level 2
2013 2012
consolidated and company £ £
included in noncurrent assets
interest rate instruments — —
included in noncurrent liabilities
interest rate instruments — 454
the derivative ﬁnancial instruments in the prior year comprised
a an interest rate cap of 55 the ﬂoating rate option being bank of england daily base rate and
b an interest cap and ﬂoor of 50 and 225 respectively the ﬂoating option rate being usd libor
the group does not hold or issue derivatives for speculative or trading purposes
23 post balance sheet event
on 11 june 2013 the group completed the placing and subscription of 23529412 new ordinary shares of 4 pence each with new 
and existing shareholders at a price of 17 pence per new ordinary share 
notes to the financial statements continued
for the year ended 31 march 2013 61
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
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 2013 at 11am for the following purposes
ordinary business
1 to receive and adopt the reports of the directors and the auditors and the audited accounts for the year ended 31 march 2013
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 andrew shepherd as a director of the company
4 to elect mr william rhodes as a director of the company
5   that in accordance with section 551 of the companies act 2006 the directors be generally and unconditionally authorised to allot shares 
in the company or grant rights to subscribe for or convert any security into shares in the company “rights” up to an aggregate nominal 
amount of £144994224 ordinary shares of 4p 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 2014 
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
special business
resolution 6 is proposed as a special resolution
6   that conditional upon the passing of resolution 5 above and in accordance with section 570 of the companies act the directors 
be generally empowered to allot equity securities as deﬁned in section 560 of the companies act 2006 pursuant to the authority 
conferred by resolution 5 as if section 5611 of the companies act 2006 did not apply to any such allotment provided that this power 
shall be limited to
 61  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
 62  the allotment of ordinary shares otherwise than pursuant to sub paragraph 61 above up to an aggregate nominal amount 
of £21749134 
  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 2014 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
28 june 2013
notice of annual general meeting 62
omega diagnostics group plc annual report and group financial statements 2013
notes to the notice of annual general meeting
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 6pm on 26 august 2013 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
appointment of proxy using hardcopy proxy form
6  the notes to the proxy form explain how to direct your proxy how to vote 
on each resolution or withhold their vote
to appoint a proxy using the proxy form the form must be


and lamb yard farnham surrey gu9 7ll or by facsimile transmission 
to 01252 719 232

proxiesshareregistrarsukcom
and received by share registrars limited no later than 11am on 26 august 2013
in the case of a member which is a company the proxy form must be executed 
under its common seal or signed on its behalf by an ofﬁcer of the company or 
an attorney for the company
any power of attorney or any other authority under which the proxy form is signed 
or a duly certiﬁed copy of such power or authority must be included with the 
proxy form
appointment of proxy by joint members
7  in the case of joint holders where more than one of the joint holders purports 
to appoint a proxy only the appointment submitted by the most senior holder 
will be accepted seniority is determined by the order in which the names 
of the joint holders appear in the company’s register of members in 
respect of the joint holding the ﬁrstnamed being the most senior
changing proxy instructions
8  to change your proxy instructions simply submit a new proxy appointment 
using the methods set out above note that the cutoff time for receipt 
of proxy appointments see above also applies in relation to amended 
instructions any amended proxy appointment received after the relevant 
cutoff time will be disregarded
  where you have appointed a proxy using the hardcopy proxy form and would 
like to change the instructions using another hardcopy proxy form please 
contact share registrars limited on 01252 821 390
  if you submit more than one valid proxy appointment the appointment received 
last before the latest time for the receipt of proxies will take precedence
termination of proxy appointments
9  in order to revoke a proxy instruction you will need to inform the company using 
one of the following methods
  by sending a signed hardcopy notice clearly stating your intention to revoke 
your proxy appointment to share registrars limited at suite e first floor 
9 lion and lamb yard farnham surrey gu9 7ll or by facsimile transmission 
to 01252 719 232 in the case of a member which is a company the revocation 
notice must be executed under its common seal or signed on its behalf by an 
ofﬁcer of the company or an attorney for the company any power of attorney 
or any other authority under which the revocation notice is signed or a duly 
certiﬁed copy of such power of authority must be included with the revocation notice
  in either case the revocation notice must be received by share registrars 
limited no later than 11am on 26 august 2013
  if you attempt to revoke your proxy appointment but the revocation is received 
after the time speciﬁed then subject to the paragraph directly below your proxy 
appointment will remain valid
  appointment of a proxy does not preclude you from attending the meeting 
and voting in person if you have appointed a proxy and attend the meeting 
in person your proxy appointment will automatically be terminated
corporate representing
10  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
11  as at the date of this annual report the company’s issued voting share 
capital comprised 108745669 ordinary shares of 4p 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
12  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
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  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:
 10
omega diagnostics group plc annual report and group financial statements 2013
chief executive’s review
the group has seen a marginal increase 
in revenue for the year to £1126 million 
slightly ahead of last year’s ﬁgure 
2012 £1112 million 
it is pleasing to have managed to retain 
proﬁtability in turbulent economic times 
our decision to go direct in the indian 
market has been vindicated with a strong 
performance from the new team with 
visitect
® 
cd4 we have been making steady 
progress with the technology transfer process 
nearing completion and the latest results 
looking very encouraging in addition our 
allergy test development programme with 
the idsisys instrument has also made 
good progress
food intolerance
the food intolerance market has 
continued to grow despite the obvious 
pressures on consumer spending in 
europe and the segment has continued 
to perform very well with sales growing 
by 13 to £439 million for the year ended 
31 march 2013 2012 £390 million
sales of food detective
®
 grew by 
27 to £125 million 2012 £098 million 
with poland continuing to remain as the 
group’s largest market for this product 
the number of countries where we have 
now sold product has continued to increase 
to 72 2012 68 with an increase in volumes 
to 85214 kits 2012 60782 the top ﬁve 
markets account for just over 50 of sales 
with good growth in china and brazil which 
ﬁts with the group’s strategic focus on 
bric countries product registration in 
china ﬁnally concluded in december 2012 
and as a result we expect sales in china 
to increase the signing of an exclusive 
distribution agreement with super religare 
laboratories india’s largest independent 
laboratory chain should also lead to 
good sales growth going forward
sales of genarrayt
®
 reagents have 
increased by 18 to £184 million 2012 
£156 million with france overtaking spain 
to become the largest single market by 
sales revenue per instrument excluding 
spain increased by 19 to £12885 
2012 £10783 and 11 genarrayt
®
 systems 
2012 13 systems were sold in the year 
bringing the total global placements to 
119 systems
sales of foodprint
®
 tests through the 
cns testing laboratory have grown to 
£061 million 2012 £048 million the 
testing services for food intolerance and 
the ‘game changing’ growth 
potential of the visitect
®
 cd4 
product is expected to make 
a major impact in global 
health markets as this test 
satisﬁes a current unmet 
clinical need
in summary
–  cd4 technology transfer nearing completion
 –  isys allergy programme on track to launch 
40 allergen test menu by end of march 2014
 –  appointment of bill rhodes as a 
nonexecutive director
 –  oversubscribed fundraising to raise £4 million 
in cash before expenses
andrew shepherd chief executive 11
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
other related tests have shown an increase 
in business to £065 million 2012 £062 million 
the progress with registration of food 
detective
®
 in the united states has 
continued to be slow and the fda has 
recently conﬁrmed that they will require 
either a 510k or pma application to be 
ﬁled the 510k route is considered to be 
the more unlikely option due to the lack of 
a suitable predicate device as such the 
timeline to registration remains uncertain 
the whole business area of food intolerance 
testing in the us is under review and other 
additional routes to market are being 
explored particularly for the genarrayt
®
 
laboratory testing system which we believe 
has good potential and could be subject to 
a less onerous regulatory environment
allergy and autoimmune
this segment has seen a reduction in sales 
of 7 to £416 million 2012 £448 million
sales for omega diagnostics gmbh 
‘omega gmbh’ our german subsidiary 
fell by 7 to £359 million 2012 £386 
million as reported at the interim results 
the ﬁrst half saw a weaker pollen season 
due to unseasonably wet weather a weaker 
euro also contributed to the lower result 
this segment performed better in the 
second half helped by the launch of an 
indian version of allergodip
®
 the company 
has also launched a new liquid format of 
the allergozyme
®
 product range which is 
expected to contribute to omega gmbh’s 
export performance in the new ﬁnancial year
sales of autoimmune tests reduced by 7 
to £057 million 2012 £062 million we 
previously reported that the current range 
of autoimmune test kits were limited to small 
labs with manual test systems continued 
consolidation in developed country laboratory 
markets mean that they require even more 
automation and menu driven solutions which 
has outpaced our own ability to invest in 
developing revised kit formats therefore 
the decision was taken to direct resources 
to the idsisys project however in india 
a market dominated by many small manual 
testing laboratories with less dependency 
on automated systems we have seen an 
increase in business and we expect to see 
further growth in the new ﬁnancial year
infectious diseaseother
sales of infectious disease products fell 
slightly by 1 to £271 million 2012 £275 
million this is despite the loss of annual 
sales of approximately £02 million in india 
due to a government ban on the import 
of bloodbased tb tests the market 
for the current range still remains highly 
competitive but we believe that the 
cd4 opportunity will be the step change 
in activity and focus required to transform 
this segment
cd4
the cd4 test branded as visitect
®
 cd4 was 
prelaunched at the 19th international aids 
conference aids 2012 in washington dc 
us on 2227 july 2012 and the response 
to the product was extremely encouraging 
with a high level of interest being shown by 
various governments nongovernmental 
organisations ngos and large multinational 
diagnostics companies from the responses 
received we believe that we are closest to 
bringing a cd4 pointofcare test to market 
amongst other groups working in this area 
this ﬁrst to market advantage will add extra 
impetus to the introduction of the commercial 
product when it becomes available
the project to transfer the technology from 
the burnet institute to omega is in its ﬁnal 
stages and despite it taking longer than we 
ﬁrst envisaged we are now in the process 
of selecting the ﬁnal highly scalable 
manufacturing protocol evaluation sites in 
hiv reference laboratories in the uk us 
and india are already established as well as 
a ﬁeld trial site in mozambique and other 
countries through various ngos
visitect
® 
cd4 was also showcased at the 
african society for laboratory medicine 
meeting in cape town south africa in 
december 2012 and the response to 
the product mirrored that in washington 
this meeting also gave us the opportunity 
to gain further intelligence as to the market 
potential for the product the global cd4 
need is expected to grow substantially over 
the next 8 years as countries scale up their 
hivaids treatment programmes the number 
of tests is expected to rise from current 2012 
levels of just over 30 million to nearly 60 million 
tests by 2020
the recent grant of a us patent for the cd4 
technology also underlines the strong ip 
position for the test which extends the 
current patent protection in south africa 
and the member states of the african 
intellectual property organisation with 
patents pending in many other territories
we have also been looking to enhance the 
value of our visitect
®
 cd4 product offering 
by responding to requests from key opinion 
leaders to provide a ‘connectivity solution’ so 
that results can be transmitted from rural test 
sites to citybased ministry locations although 
the test does not need an instrument to read 
the result we have recently completed a 
feasibility study in using a smartphone camera 
to capture the result and then to transmit the 
result to management centres while removing 
any operator subjectivity in interpreting the 
results it could also provide additional beneﬁts 
such as disease demographic studies and 
supply chain logistics a common problem 
found in resourcepoor countries
distribution network 
sales growth has been recorded in most 
geographic regions of the world with the 
exception of europe which reduced by 1 
to £641 million 2012 £648 million and the 
africamiddle east region which dropped 
by 4 to £156 million 2012 £163 million 
these reductions were more than offset by 
good growth in the asiafar east markets 
with sales rising by 9 to £144 million 
2012 £132 million and in the north 
american market by sales rising 6 to 
£035 million 2012 £033 million sales 
to southcentral america rose by 16 
to £051 million 2012 £044 million
bric strategy
in the year we have further concentrated 
our efforts on expanding our business in 
the bric group of countries and we have 
met with some success in brazil we 
increased sales by 10 to £029 million 
2012 £026 million in china we increased 
sales by 49 to £018 million 2012 £012 
million but in russia sales decreased by 
31 to £010 million 2012 £015 million 
which was due to the timing of contract 
deliveries and the introduction of 
competitive automated systems
direct sales in india commenced at the end 
of july last year and the team has achieved 
an impressive sales performance which 
when aggregated with the ﬁnal sales made 
by the old distributor in the three months of 
apriljune 2012 meant total indian sales 
of approximately £040m for the year this 
compares to a prior year likeforlike sales 
ﬁgure of approximately £020 million which 
excludes the tb product sales noted earlier
discussions have also been taking place 
with other ivd companies with a view to 
representing them in the indian market 
and two distribution agreements have 
already been signed with others in 
early stage discussions  12
omega diagnostics group plc annual report and group financial statements 2013
growth has been recorded 
in most geographic regions 
of the world
“
research and development
idsisys
during the year our development efforts 
have focussed on a core set of assays with 
the ﬁrst group of 10 allergens completing 
optimisation however during that process 
certain imprecision issues were identiﬁed 
with the assay protocol which whilst taking 
longer to resolve than ﬁrst anticipated have 
now been resolved this protocol will now 
be used throughout the remaining 
development programme and the claim 
support phase with the ﬁrst 10 allergens 
has now commenced the previous 
problem with the sourcing of sufﬁcient 
patient serum samples has now been 
resolved with enough material in stock 
to undertake the optimisation and claim 
support work for a further 30 allergens 
therefore with the reproducibility of the 
chosen protocol overall we now anticipate 
launching a panel of 40 allergens by the 
end of march 2014
in our last annual report we commented 
on efforts to either source or develop a 
multiplex testing platform for allergen 
speciﬁc ige testing whilst those initial tests 
were encouraging no further efforts have 
been made on this project as we decided 
to concentrate our development resources 
on the isys programme 
infectious disease
at the same time as we licensed the 
cd4 test from the burnet institute we also 
licensed a second test technology for 
a poc test for detecting active syphilis 
infection which is a major public health 
problem in developing countries progress 
with the technology transfer of this product 
has not advanced due to the time effort 
and concentration being expended on cd4 
we expect to renew our efforts with this test 
upon completion of the technology transfer 
of the cd4 test
enhancing the value of our visitect
®
 cd4 product offering by 
responding to requests from key opinion leaders to provide a 
‘mhealth solution’ so that results can be transmitted from rural 
test sites to citybased ministry locations
visitect
®
 cd4 app
results from remote village to ministry of health
remote location
1
download app
2
run tests
3
visitect
®
cd4 test
chief executive’s review continued 13
overview business review governance financial statements
omega diagnostics group plc annual report and group financial statements 2013
outlook
the new ﬁnancial year presents some 
challenges for the management team 
in terms of market and overall economic 
conditions with new product introductions 
into key markets such as india and further 
growth in food intolerance in china and 
brazil we expect to be able to respond 
positively to these challenges the ‘game 
changing’ growth potential of the visitect
®
 
cd4 product is expected to make a major 
impact in global health markets as this 
test satisﬁes a current unmet clinical need
over the last year we have been given 
deep insight into the ngoaidrelated business 
sector which is where the visitect
®
 cd4 test 
is targeted until now this sector has not been 
at the forefront of our commercial focus but 
we are reviewing this part of our strategy with 
a view to identifying other opportunities that 
would ﬁt into this sector one such opportunity 
that may exist is in the area of hiv viral load 
testing an area which is highly complementary 
to cd4 testing
we have been delighted at the support 
received from existing shareholders and 
new investors for our recent oversubscribed 
fundraising and while there are challenges 
in the eurozone countries we believe our 
continued focus on new products such as 
cd4 and the bric markets should result 
in further proﬁtable growth
andrew shepherd
chief executive
28 june 2013
–  feasibility study completed in using a smartphone camera to capture the 
result and then to transmit the result to management centres
–  feasibility work is promising in scope and applicability in parts of the world 
where visitect
®
 cd4 is expected to have most impact
–  removes any operator subjectivity in interpreting results
–  additional beneﬁts such as disease demographic studies and supply 
chain logistics
–  further differentiates omega’s product offering from the competition
scan results
4
sync to server
5
global access to secure 
results and data
6
mhealth technology cloud database
wwwcd4countscom