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Omega Diagnostics to post first-half loss as revenue slides 29%

By BFN News | 07:32 AM | Wednesday 28 October, 2020


Disease test-kit supplier Omega Diagnostics warned it would post a first-half loss amid a 29% drop in revenue. Losses at the earnings before interest, tax, depreciation and amortisation level for the six months through September were expected at around £1.3 million. Revenue was seen dropping to £3.2 million, down from £4.5 million year-on-year. 'These results are in line with management's expectation at the half-year stage and reflect a predicted impact on the short-term performance of our food intolerance business due to the coronavirus pandemic as detailed in our results to 31 March 2020,' the company said. Cash at 30 September was £7.0 million, which Omega Diagnostics said was in line with expectation, given the trading performance and capital investment in plant and machinery made to support Covid-19 opportunities. 'The board remains confident in the company's prospects and has made substantial progress over recent months in positioning the business for a significantly improved performance in the second half of the financial year,' it said. Story provided by StockMarketWire.com

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