Mixed emotions were no doubt order of the day for Andrew Shepherd yesterday when it was announced to the stock exchange that he was stepping down from his role at the business he founded 30 years ago.
Omega Diagnostic has grown from a manufacturer of tests for a range of infectious diseases to a publicly listed medical diagnostics and food intolerance business with a market value of £25 million.
Mr Shepherd was absent from media duties yesterday, with former chief operating officer Colin King stepping up on day one in the hot seat.
Having worked with Mr Shepherd since his arrival in 2015 – which unbeknownst at the time was part of a succession plan – Mr King was quick to highlight his predecessor’s achievements.
The timing of the move is curious though. In November, Omega Diagnostics achieved a major milestone in gaining CE Marking for its HIV-testing kit Visitect CD4 after years of delays.
Mr Shepherd will not now be at the helm as the group aims for the major growth expected as a result of CD4 becoming commercially available.
Instead he will promote it through a new ambassadorial role. That job will be aided if CD4 successfully works its way through World Health Organisation accreditation and becomes commercially available worldwide, as it is expected to do.
Short-term revenue forecasts may have been cut yesterday as a result of a number of headwinds facing Mr King in what will be a testing period, but CD4 should ensure Omega’s long-term prognosis is healthy.
What is inarguably more important however is that Mr Shepherd’s efforts over the last three decades have ensured that the lives of many of those with anything from food intolerances to HIV have been improved or extended.
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