17th Apr 2019 12:49
LONDON (Alliance News) - Omega Diagnostics Group PLC said Wednesday its results for the year ended March 31 will be in line with market expectations.
The allergy and food intolerance diagnostics firm expects its revenue to be GBP9.7 million.
Omega said this reflects its decision taken last year as part of a strategic review, to divest its infectious disease business and discontinue its German allergy business.
As a result, revenue is expected to decrease by 28%, from GBP13.6 million in financial 2018, but increase by 3.2% on a like-for-like basis.
The company's core unit, Food Intolerance, is expected to report a 6.6% increase in revenue to GBP8.1 million from GBP7.6 million the year before.
"We have made significant progress in the last 12 months to streamline our business and to focus on those areas that can deliver the most shareholder value. Our Food Intolerance division has performed well and is positioned for further growth," said Chief Executive Colin King.
King added: "I am also very pleased with the progress that the company has made over the last year in completing the development of our VISITECT CD4 tests and assuring these tests meet the regulatory requirements in multiple countries. This will enable their purchase and use, benefiting the hundreds of thousands of people currently living with HIV, especially those living in resource limited settings."
Shares in Omega Diagnostics were untraded Wednesday at 11.75 pence each.
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