Source - SMW
Disease and allergy test kit supplier Omega Diagnostics swung to a first-half loss after it sold its legacy infectious disease division and closed its German and Indian manufacturing facilities.

Pre-tax losses for the six months through September amounted to £0.33m, compared to a profit of £1.14m on-year.

Revenue fell 15% to £4.46m, though on a continuing operations basis, revenue rose 6%.

Omega Diagnostics said it was continuing to make progress in signing distribution agreements for its Visitect CD4 350 test kit for HIV, and had  distributors in 19 countries.

'I am encouraged that we continue to make progress across all three divisions,' interim chairman William Rhodes said.

'Our financial performance was aligned to our expectations and is further indication that the restructuring we undertook in the prior year is having a positive impact.'

'The recent fundraise also provides us with sufficient funding to implement our short term strategies, and I would like to thank all our shareholders who participated.'

'In summary, we have continued to make progress against our plans, and are well positioned for near term growth in both our food intolerance and CD4 business units.'


 

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Omega Diagnostics Group (ODX)

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