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Omega Diagnostics Group PLC on Monday reported higher annual revenue which was more than offset by higher costs and exceptional items, resulting in an increased loss.
Pretax loss in the year to March 31 widened 74% to £950,000 from £546,000 a year prior. Revenue rose 25% to £8.5 million from £6.8 million. Cost of sales increased 22% to £3.4 million from £2.8 million. Administrative expenses widened by 22% to £4.4 million from £3.6 million. Selling & marketing costs increased 28% to £1.3 million from £980,000.
Further, the Alva, Scotland-based diagnostics company posted an exceptional items cost of £337,000, versus none a year ago.
‘Last year was an extremely challenging year, dominated by the Covid opportunity that ultimately did not come to fruition and which destabilised the whole group. The actions we have taken this year to withdraw from the Covid market, to dispose of the Alva site to reduce losses and, subsequent to the year end, to complete the disposal of the loss-making CD4 business have left the group in a much stronger position,’ said Chair Simon Douglas.
In August, Omega sold its CD4-focused Global Health division for £6.1 million to Accubio Ltd, a wholly-owned subsidiary of Chinese biotechnology firm Zhejiang Orient Gene Biotech Co Ltd. CD4-cells, which fight infections, are attacked and severely lowered in numbers by untreated HIV.
Omega noted that its discontinued Global Health's division half-year revenue grew 97% to £3.8 million from £1.9 million. The business sells lateral flow tests that determine CD4 levels in people living with HIV.
Omega Diagnostics shares were 8.6% lower at 2.52 pence each in London on Monday morning.
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