viewOmega Diagnostics Group PLC

Omega Diagnostics losses shrink, wins new HIV test order

In a separate statement, Omega announced it received an order for its CD4 test, used for people affected by HIV, to be deployed by March

Omega Diagnostics Group Plc - Omega Diagnostics swings to loss after sale, closure
The distribution of its CD4 product depends on approval by the Nigerian authorities

Omega Diagnostics Group Plc (LON:ODX) reported a slight reduction in underlying losses in the first half of the year and said it expects more growth in the near term after restructuring.

The medical diagnostic products firm said in its interim results the performance was in line with expectations from October and the previous year's sale of its non-core infectious disease business and the closure of its German allergy business will boost growth in its food intolerance and CD4 test.  

A conditional purchase order for 200,000 CD4 tests, used for people affected by HIV, has also been received, Omega said in a separate statement. The order, which would be delivered in the first quarter of next year, is dependent on whether the Nigerian Ministry of Health will include the product in its national HIV policy.

For the six months to 30 September, the AIM-listed company posted a statutory pre-tax loss of £330,819 as opposed to £1.1mln profit last year, which was boosted by a £1.1mln gain from the infectious diseases disposal. Adjusted loss before tax of £0.4mln compared to £0.5mln last time.

Revenue dipped 5% to £4.4mln as two customer orders scheduled for September were pushed back to October, otherwise it would have recorded 11% growth.

“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,” said interim chairman William Rhodes.

“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.”

Quick facts: Omega Diagnostics Group PLC

Price: 59 GBX

Market: AIM
Market Cap: £105.14 m

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