(Alliance News) - Omega Diagnostics Group PLC said Friday that it will delay the publishing of its annual results in order to gain clarity on commercial discussions, though it did reveal it forecasts revenue for the year to fall.
The results for the year ended March 31 will now be published in September and the medical diagnostics firm expects revenue to fall by 28% year-on-year to GBP9.8 million from GBP13.6 million.
Revenue from continuing operations is forecast to rise however, by 5% to GBP8.8 million from GBP8.3 million. The food intolerance unit is expected to post a revenue rise of 6.5% to GBP8.1 million from GBP7.6 million and the infectious disease business will post an 11% revenue rise to GBP310,000 from GBP280,000, Omega said.
Growth in these two units will be offset by revenue falling by 18% in the allergy & autoimmune unit to GBP400,000 from GBP490,000, Omega added.
Earnings before interest, taxes, depreciation and amortisation from continuing operations is expected to improve to GBP200,000 following a GBP810,000 loss in the previous year.
The company also predicts a adjusted pretax loss of GBP200,000 from GBP1.0 million.
First quarter trading in the current financial year is in line with expectations, Omega said.
In the quarter, the company received a purchase order from a Nigerian distributor, worth GBP210,000, for the VISITECT HIV monitoring test product. The order is subject to the product receiving approval by the Nigerian government.
The company also received a purchase order worth GBP290,000 for the Chinese version of its Food Detective self-testing allergy kit.
Shares in Omega were down 2.1% at 9.30 pence each in London on Friday afternoon.
