Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces the following trading update for the six months to 30 September 2019, in advance of releasing its interim results on Monday 2 December 2019.
Financial update
Turnover is expected to be £4.46m, representing a 5% increase over the prior period from continuing operations. There is expected to be a minimal currency effect between revenues for this half-year period compared to the prior period and EBITDA and adjusted profit before tax (before share-based payments and amortisation of intangible assets) is in line with management expectation at the half-year stage.
Segmental revenues are expected to be as follows:
Six months ended | % increase | % increase | ||||||
30 September 2019 | Six months ended 30 September 2018 | |||||||
Continuing | Continuing | Discontinued | Total | Continuing | Total | |||
operations | operations | operations | operations | operations | operations | |||
£m | £m | £m | £m | |||||
Food Intolerance | 4.08 | 3.84 | – | 3.84 | 6% | 6% | ||
Allergy / Autoimmune | 0.26 | 0.21 | 0.58 | 0.79 | 24% | -67% | ||
Infectious Disease / Other | 0.12 | 0.18 | 0.42 | 0.60 | -33% | -80% | ||
TOTAL | 4.46 | 4.23 | 1.00 | 5.23 | 5% | -15% | ||
Two customer orders for our Food Intolerance division, amounting to £0.2m, were ready to be shipped prior to 30 September 2019 but were not picked up by customers’ freight companies until the first week of October. Accordingly, this revenue has not been included in our H1 results in line with our revenue recognition policy. Had this been included, our Food Intolerance division would have recorded revenue growth of 11%.
At the Annual General Meeting being held at 11am today, Colin King, CEO of Omega will say:
“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 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.”
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