Trading Update and Notice of Interim Results

RNS Number : 6927Q

Omega Diagnostics Group PLC

17 October 2013

 



Omega Diagnostics Group PLC

("Omega" or "the Company")

Trading Update and Notice of Interim Results

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 2013, in advance of releasing its interim results on Wednesday 27 November 2013.

Turnover is expected to be £5.59m, slightly ahead of last year's first-half result (30 September 2012: £5.53m).  Profit before tax (before acquisition costs, share based payments, IFRS-related discount unwinds and amortisation of intangible assets) is expected to be at least 10% ahead of the £0.38m earned in the previous half-year period. 

Current trading performance

	Revenue to 30 September 2013	Revenue to 30 September 2012	% increase
Food Intolerance	£2.25m	£2.06m	+ 9%
Allergy/Autoimmune	£2.06m	£2.02m	+ 2%
Infectious Disease/Other	£1.28m	£1.45m	- 12%
TOTAL	£5.59m	£5.53m	+ 1%

Allergy Development - IDS-iSYS update

Work has continued on the development of allergens to be launched on the IDS-iSYS instrument.  Since the last update, Omega has secured additional resource, on a consultancy basis, with three additional scientists and three additional iSYS instruments now deployed in the claim support programme.  This increases to seven, the total number of iSYS instruments at our disposal.  A further update will be provided at the time of the interim results announcement.

Infectious Disease - CD4 update

Since the update at the end of last month, the process of selecting a preferred manufacturing protocol has continued and, in consultation with the Burnet Institute, a series of experiments were planned and commenced to determine the cause of variability previously reported.   A further update will be provided at the end of October.

Outlook

The Company has achieved growth in turnover in the Food Intolerance and Allergy/Autoimmune divisions with the drop off in Infectious Disease turnover primarily related to a problem with one UK-based customer not being able to meet its minimum contracted obligations, a situation which has since been resolved.  Overall, trading in the first half is in line with management expectation.  The ability to meet expectation in the second half will require further growth in the core business and a successful outcome to the CD4 technology transfer to enable a contribution to be made before the end of the financial year.

Contacts:

Omega Diagnostics Group PLC	Tel: [phone]
Andrew Shepherd, Chief Executive	www.omegadiagnostics.com
Kieron Harbinson, Group Finance Director
Jag Grewal, Group Sales and Marketing Director
finnCap Ltd	Tel: [phone]
Geoff Nash/Christopher Raggett (Corporate Finance)
Stephen Norcross/Mia Gardner (Corporate Broking)
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

 

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