Business
Re. Results, Trading Update & Nigerian CD4 Order
Re. Results, Trading Update & Nigerian CD4 Order.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 3360J Omega Diagnostics Group PLC 16 August 2019 \n\n \nOMEGA DIAGNOSTICS GROUP PLC \n(\"Omega\" or the \"Company\" or the \"Group\")\n \nAnnouncement of Results, trading update\nand Nigerian order for VISITECT® CD4\n \nOmega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that further to the announcement on 6 June 2019, the Company will defer publishing its results for the year ending 31 March 2019 until September.\n \nTurnover is expected to be £9.76m (2018: £13.55m) and turnover from continuing operations is expected to be 5% higher at £8.76m (2018: £8.33m). \n \nSegmental revenues from continuing operations are expected to be as follows:\n \n\n\n\n\n\n\nRevenue to \n31 March 2019\n\n\nRevenue to \n31 March 2018\n \n\n\n% increase\n\n\n\n\n\n\n\nFood Intolerance\n\n\n£8.05m\n\n\n£7.56m\n\n\n + 7%\n\n\n\n\n\n\n\nAllergy/Autoimmune\n\n\n£0.40m\n\n\n£0.49m\n\n\n -18%\n\n\n\n\n\n\n\nInfectious Disease/Other\n\n\n£0.31m\n\n\n£0.28m\n\n\n + 7%\n\n\n\n\n\n\n\nTOTAL \n\n\n£8.76m\n\n\n£8.33m\n\n\n + 5%\n\n\n\n\n\n\n \nEBITDA from continuing operations is expected to be £0.2m (2018: loss of £0.81m) reflective of the decisions taken last year as part of the Board's strategic review to divest the infectious disease business and to discontinue the German allergy business. The adjusted loss before tax from continuing operations is expected to be £0.2m (2018: loss of £1.0m). The Company's cash position at 31 March 2019 was net utilisation of £0.74m of the £2m overdraft facility.\n \nTrading in the first quarter of the new financial year with our core business is line with management expectations. The Company has also made recent progress in its key areas of growth and confirms that:\n \n· It has received a purchase order from its distributor in Nigeria for 50,000 units of its VISITECT® CD4 350 test (order value c. £210k). This order is conditional upon the Nigerian Ministry of Health approving the Company's VISITECT® CD4 350 test into its national HIV policy, a process which is still ongoing at present.\n \n· Following the development of a new Chinese version of its 46-panel Food Detective® test, it has received a purchase order f...