Omega shares drop on profits news

<p>News on Omega’s profits falling led to its share price falling.</p>

Omega Diagnostics saw its share price drop by close to one per cent yesterday (April 10th) on the back of the news its profits are expected to be down.

Investors were warned the firm is not forecasting a rise in its profits and stocks dipped by 0.8 per cent as a result of the announcement.

Chief executive Andrew Shepherd said: "We are pleased with the performance and to have managed profitability in challenging economic conditions."

The Alva, Clackmannanshire-headquartered company suggested it is likely to record revenue for the year to the end of March of £11.3 million, up 1.3 per cent on last year, reports the Herald.

But the firm revealed it predicts profit before tax to be £800,000, down from last year's record £1 million profit.

Yesterday, the FTSE was boosted by mining firms such as Vedanta Resources – which rose almost five per cent in the morning session.

This morning, the FTSE 100 was recorded at 6,390.74 at 08:40 BST, slightly up on its starting point for the day's trading.

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