ODX.L Regulatory News (ODX)

31 Aug 2007 08:21

Omega Diagnostics Group PLC31 August 2007 31 August 2007 Omega Diagnostics Group PLC ("the Company") Omega Diagnostics Group PLC announces that further to yesterday's ExtraordinaryGeneral Meeting at which approval was given for the acquisition of GenesisDiagnostics Ltd ("Genesis") and Cambridge Nutritional Sciences Ltd ("CNS"), theunaudited trading results of Genesis and CNS for the eight months ended 30 June2007 are provided below. These trading results will not form part of thetrading results for Omega Diagnostics Group PLC for its year ended 31 March2008, since it is only the post-acquisition trading results of Genesis and CNSthat will be included. The figures below are provided as guidance only to shareholders of the tradingperformance of Genesis and CNS in the year to date. Included within the Genesisresults for the eight months to 30 June 2007 is directors' remuneration of£143,955 (12 months to 31 October 2006: £195,258). These costs cover theremuneration of the two vendor directors, Dr Mike Walker and Mrs Irene Walker. On completion of the acquisitions, these costs will cease with immediate effectalthough Dr Mike Walker will be appointed a non-executive director of theCompany at completion on an annual fee of £15,000. GENESIS DIAGNOSTICS LTDProfit and Loss AccountEIGHT months ended 30 JUNE 2007 Unaudited Audited 8 months to 12 months to 30 June 2007 31 October 2006 £ £ TURNOVER 1,238,385 1,901,586Cost of sales (191,627) (296,930) GROSS PROFIT 1,046,758 1,604,656 Selling & distribution costs (26,105) (67,992)Administrative expenses (880,362) (1,297,136) OPERATING PROFIT 140,291 239,528 PROFIT on ordinary activities 140,291 239,528before interest and taxation Interest Receivable 2,500 3,509Interest payable (14,248) (4,934) PROFIT ON ORDINARY ACTIVITIES BEFORE 128,543 238,103TAXATION GENESIS DIAGNOSTICS LTDBalance SheetAs at 30 JUNE 2007 Unaudited Audited As at As at 30 June 2007 31 October 2006 £ £ AssetsNon-current assets Property, Plant and equipment 217,080 254,158 Current AssetsStocks 267,915 214,782Debtors 537,946 423,803Cash at bank and in hand 159,902 209,613 965,763 848,198 Total Assets 1,182,843 1,102,356 EQUITY AND liabilitiesEquityIssued Capital 1,000 1,000Retained Earnings 1,012,748 884,204 Total equity 1,013,748 885,204 LiabilitiesNon Current Liabilities Long term borrowings 26,411 35,359 Deferred taxation 4,418 4,418 30,829 39,777 Current Liabilities Loans & overdrafts 13,259 13,259 Trade and other payables 87,767 126,876 Corporation tax payable 37,240 37,240 Total Current Liabilities 138,266 177,375 Total Liabilities 169,095 217,152 Total equity and liabilities 1,182,843 1,102,356 GENESIS DIAGNOSTICS LTDCash Flow StatementEIGHT months ended 30 JUNE 2007 Unaudited Audited 8 months to 12 months to 30 June 2007 31 October 2006 £ £ Cash flows generated from operationsProfit for the year 128,543 197,208 Adjustments for:Taxation - 40,895Finance costs 14,248 4,934Finance income (2,500) (3,509) Operating profit before working capital movement 140,291 239,528(Increase)/decrease in trade and other receivables (114,143) 49,976(increase/decrease in inventories (53,133) (72,941)(Decrease)/increase in trade and other payables (39,217) (60,978)Depreciation 58,934 99,184Loss gain on sale of fixed assets - 4,348 Net cash flow from operating activities (7,268) 259,117 Investing ActivitiesFinance Income 2,500 3,509Purchase of property plant and equipment (21,856) (191,851) Proceeds of sales of fixed assets - 36,969 Net cash used in Investing activities (19,356) (151,373) Financing activitiesInterest paid (14,248) (4,934)Taxation paid - (17,859)Dividends Paid - (45,000)Payment of finance lease liabilities (8,839) (18,466) Net cash used in financing activities (23,087) (86,259) Net (decrease)/ increase in cash and cash equivalents (49,711) 21,485Cash and cash equivalents at beginning of period 209,613 188,128Cash and cash equivalents at end of period 159,902 209,613 CAMBRIDGE NUTRITIONAL SCIENCES LTDProfit and Loss AccountEIGHT months ended 30 JUNE 2007 Unaudited Audited 8 months to 12 months to 30 June 2007 31 October 2006 £ £ TURNOVER 319,682 289,563Cost of sales (74,272) (64,137) GROSS PROFIT 245,410 225,426 Selling & distribution costs (45,436) (25,674)Administrative expenses (39,163) (121,717) OPERATING PROFIT 160,811 78,035 PROFIT on ordinary activities 160,811 78,035before interest and taxation Interest Receivable 2,100 1,439Interest payable (3,961) - PROFIT ON ORDINARY ACTIVITIES BEFORE 158,950 79,474TAXATION CAMBRIDGE NUTRITIONAL SCIENCES LTDBalance SheetAs at 30 JUNE 2007 Unaudited Audited As at As at 30 June 2007 31 October 2006 £ £ AssetsNon-current assets Property, Plant and equipment 32,778 39,331 Current AssetsStocks 55,209 8,028Debtors 42,086 47,547Cash at bank and in hand 198,877 49,743 296,172 105,318 Total Assets 328,950 144,649 EQUITY AND liabilitiesEquityIssued Capital 100 100Retained Earnings 280,265 121,314 Total equity 280,365 121,414 LiabilitiesNon Current Liabilities Deferred taxation 1,369 1,369 1,369 1,369 Current Liabilities Trade and other payables 33,003 7,653 Corporation tax payable 14,213 14,213 Total Current Liabilities 47,216 21,866 Total Liabilities 48.585 23,235 Total equity and liabilities 328,950 144,649 CAMBRIDGE NUTRITIONAL SCIENCES LTDCash Flow StatementEIGHT months ended 30 JUNE 2007 Unaudited Audited 8 months to 12 months to 30 June 2007 31 October 2006 £ £ Cash flows generated from operationsProfit for the year 158,950 63,904Adjustments for:Taxation - 15,570Finance costs 3,961 -Finance income (2,100) (1,439) Operating profit before working capital movement 160,811 78,035Decrease/(increase) in trade and other receivables 5,459 (27,807)(increase)/decrease in inventories (47,181) (89)increase in trade and other payables 25,351 1,488Depreciation 6,555 13,111 Net cash flow from operating activities 150,995 64,738 Investing ActivitiesFinance Income 2,100 1,439Purchase of property plant and equipment - (37,619) Net cash used in Investing activities 2,100 (36,180) Financing activitiesInterest paid (3,961) -Taxation paid - (2,086) Net cash used in financing activities (3,961) (2,086) Net increase in cash and cash equivalents 149,134 26,472Cash and cash equivalents at beginning of period 49,743 23,271Cash and cash equivalents at end of period 198,877 49,743 Contacts: Omega Diagnostics Group PLCTel: 01259 763030 Andrew Shepherd, Chief ExecutiveKieron Harbinson, Finance Directorwww.omegadiagnostics.com Landsbanki Securities (UK) LimitedNominated Adviser & BrokerTel: 020 7426 9000 Thilo Hoffmann/Simon Brown, Corporate Finance Parkgreen Communications LimitedPaul McManusTel: 020 7479 7933Mob: 07980 541 893paul.mcmanus@parkgreenmedia.com This information is provided by RNS The company news service from the London Stock Exchange