Omega Diagnostics

Omega Diagnostics posted its half-year results on Monday, causing shares to fall.

The medical diagnostics company reported revenue of £5.23 million, marking a 27% decline from the £7.11 million posted a year earlier.

Revenue from continuing operations was down 7% to £4.22 million.

For the six months until 30 September, Omega Diagnostics reported a pre-tax loss of $0.51 million, compared to $0.21 million back in 2017.

This was attributed to the one-off sale of its infectious disease unit, with reduced contributions affecting profitability across the period.

Adjusted earnings per share came in at -0.5p, compared to 0.3p a year previously.

Looking ahead, David Evans, Chairman, commented:

“Our short-term outlook is dominated by our efforts to realise value for Shareholders whilst at the same time successfully accelerating our efforts to commercialise our CD4 offering. The challenges are not inconsequential but I remain confident that in those areas where we can control our own destiny that we will succeed in delivering our objectives. In those areas where we are not masters of our own destiny then, by definition, the outcome will always be less certain. I believe it is best for our statement to reflect that reality as it stands today. Rest assured we will continue to work towards achieving success for all our Stakeholders.”

Omega Diagnostics focuses on specialised products relating to allergy, food intolerance and infectious diseases.

The firm was founded in Scotland back in 1987.

The company was listed publicly on the London Stock Exchange in 2006.

Shares in Omega Diagnostics (LON:ODZ) are currently -15.62% on the back of the announcement.