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Omega Diagnostics sees continuing revenue improve in first half

By Josh White

Date: Tuesday 22 Oct 2019

Omega Diagnostics sees continuing revenue improve in first half

(Sharecast News) - Allergy, food intolerance and infectious disease-focussed medical diagnostics company Omega Diagnostics updated the market on its trading for the six months ended 30 September on Tuesday, reporting that turnover was expected to be £4.46m, representing a 5% increase over the prior period from continuing operations.
The AIM-traded firm said it expected a "minimal" currency effect year-on-year, with EBITDA and adjusted profit before tax, before share-based payments and amortisation of intangible assets, being in line with management expectation at the half-year stage.

It said two customer orders for its food intolerance division, amounting to £0.2m, were ready to be shipped prior to 30 September, but were not picked up by customers' freight companies until the first week of October.

As a result, that revenue had not been included in the first half results, in line with the company's revenue recognition policy.

Had that been included, its food intolerance division would have recorded revenue growth of 11%.

"Following the completion of the evaluation in Nigeria for our 'VISITECT CD4' test, the evaluation report has now been written and submitted to the Nigerian Ministry of Health and we look forward to receiving their decision shortly," said chief executive officer Colin King at the company's annual general meeting on Tuesday morning.

"Following the ERPD approval for our VISITECT CD4 Advanced Disease test, we have had a number of meetings with key stakeholders and NGOs over the past few weeks to progress the implementation of this important test and I look forward to providing further updates by the time we announce our interim results."

Omega Diagnostics said it would release its interim results on 2 December.

As at 1035 BST, shares in Omega Diagnostics Group were down 3.83% at 11.06p.

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