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Omega Diagnostics Gp (ODX)

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Friday 16 August, 2019

Omega Diagnostics Gp

Re. Results, Trading Update & Nigerian CD4 Order

RNS Number : 3360J
Omega Diagnostics Group PLC
16 August 2019
 

 

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

 

Announcement of Results, trading update

and Nigerian order for VISITECT® CD4

 

Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that further to the announcement on 6 June 2019, the Company will defer publishing its results for the year ending 31 March 2019 until September.

 

Turnover is expected to be £9.76m (2018: £13.55m) and turnover from continuing operations is expected to be 5% higher at £8.76m (2018: £8.33m).

 

Segmental revenues from continuing operations are expected to be as follows:

 


Revenue to

31 March 2019

Revenue to

31 March 2018

 

% increase


Food Intolerance

£8.05m

£7.56m

 + 7%


Allergy/Autoimmune

£0.40m

£0.49m

 -18%


Infectious Disease/Other

£0.31m

£0.28m

 + 7%


TOTAL  

£8.76m

£8.33m

 + 5%


 

EBITDA from continuing operations is expected to be £0.2m (2018: loss of £0.81m) reflective of the decisions taken last year as part of the Board's strategic review to divest the infectious disease business and to discontinue the German allergy business. The adjusted loss before tax from continuing operations is expected to be £0.2m (2018: loss of £1.0m). The Company's cash position at 31 March 2019 was net utilisation of £0.74m of the £2m overdraft facility.

 

Trading in the first quarter of the new financial year with our core business is line with management expectations. The Company has also made recent progress in its key areas of growth and confirms that:

 

·    It has received a purchase order from its distributor in Nigeria for 50,000 units of its VISITECT® CD4 350 test (order value c. £210k). This order is conditional upon the Nigerian Ministry of Health approving the Company's VISITECT® CD4 350 test into its national HIV policy, a process which is still ongoing at present.

 

·    Following the development of a new Chinese version of its 46-panel Food Detective® test, it has received a purchase order from its new partner in China for 20,000 units (order value c. £290k).

 

·    It has CE-Marked two further allergens increasing the allergy menu to 62 allergens that can be run on the IDS automated instrument.

 

The Company has decided to defer releasing its full financial results to give further time to gain clarity regarding certain ongoing commercial discussions and other post-balance sheet events.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Contacts: 

 

Omega Diagnostics Group PLC                         

Tel: 01259 763 030

Bill Rhodes, Interim Non-Executive Chairman

Colin King, Chief Executive                             

www.omegadiagnostics.com

Kieron Harbinson, Group Finance Director




finnCap Ltd                                              

Tel: 020 7220 0500

Geoff Nash/Hannah Boros (Corporate Finance)


Camille Gochez (ECM)




Walbrook PR Limited

Tel: 020 7933 8780 or [email protected]

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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