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Omega Diagnostics to post first-half loss as revenue slides 29%
StockMarketWire.com
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Disease test-kit supplier Omega Diagnostics warned it would post a first-half loss amid a 29% drop in revenue.
Losses at the earnings before interest, tax, depreciation and amortisation level for the six months through September were expected at around £1.3 million.
Revenue was seen dropping to £3.2 million, down from £4.5 million year-on-year.
'These results are in line with management's expectation at the half-year stage and reflect a predicted impact on the short-term performance of our food intolerance business due to the coronavirus pandemic as detailed in our results to 31 March 2020,' the company said.
Cash at 30 September was £7.0 million, which Omega Diagnostics said was in line with expectation, given the trading performance and capital investment in plant and machinery made to support Covid-19 opportunities.
'The board remains confident in the company's prospects and has made substantial progress over recent months in positioning the business for a significantly improved performance in the second half of the financial year,' it said.
Story provided by StockMarketWire.com
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