(Alliance News) - Omega Diagnostics Group PLC on Thursday said its annual loss widened as operational difficulties caused its revenue to plunge.
The Alva, Scotland-based diagnostics company said for the year ended March 31, pretax loss widened to GBP3.3 million from GBP950,000 a year prior, as revenue fell by 12% to GBP7.5 million from GBP8.5 million the year before.
This was driven by operational issues, the company said, which included an order backlog caused by a lower than expected production yield.
Omega did not declare a dividend for financial 2023, unchanged from a year prior.
Looking ahead, the company will focus on finalising its strategic objectives and "start to gain momentum." Omega also announced it plans to change its name to Cambridge Nutritional Sciences PLC, as it aligns with it "goal to improve patient care through a more personalised approach to health and wellbeing."
Shares in Omega Diagnostics were down 5.8% at 2.36 pence each in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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