22nd Oct 2019 13:34
(Alliance News) - Omega Diagnostics Group PLC on Tuesday said revenue from continuing operations in the first half of financial 2020 is expected to rise, driven by a strong performance from Food Intolerance and Allergy/Autoimmune units.
Shares in Omega Diagnostics were down 3.8% at 11.06 pence in London in afternoon trading.
Overall revenue from continuing operations for the six months to September 30 is forecast to be GBP4.5 million, a 7.1% rise from GBP4.2 million the year before. This includes a 7.9% rise in Food Intolerance revenue to GBP4.1 million from GBP3.8 million and 24% rise in Allergy/Autoimmune revenue to GBP260,000 from GBP210,000.
The only detractor in terms of continuing operations performance was Infectious Disease/Other, where revenue dropped by 33% to GBP120,000 from GBP180,000.
Including discontinued operations from financial 2018, however, gives a 13% revenue drop to GBP4.5 million from GBP5.2 million. This followed the discontinuation of two of Omega Diagnostics' loss-making businesses, Omega GmbH and its infectious disease unit - with the exception of its Visitect CD4 test for use in HIV patients.
The medical diagnostics firm noted that two customer orders for its Food Intolerance division worth GBP200,00 in total were ready to ship before September 30 were not picked up by customers until October. If this has been included, revenue growth from continuing operations would have been stronger.
Chief Executive Colin King said: "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.
"Following the [Expert Review Panel for Diagnostics] 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."
By Anna Farley; [email protected]
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