Interim Results

27 Sep 2006 07:00

Omega Diagnostics Group PLC27 September 2006 Omega Diagnostics Group PLC 26-Sep-2006 Omega Diagnostics Group PLC (formerly Quintessentially English PLC) (the "Company") Interim Results The Company announces its interim results for the six month period to 30th June2006. These interim results do not include any results for Omega DiagnosticsLimited ("Omega"), the acquisition of which was announced on 24th August 2006and unanimously approved by shareholders at the EGM on 18th September 2006. Since the Company's Admission to AIM in March 2004 it has continued to evaluatea number of potential acquisitions and this has resulted in the purchase ofOmega. During the six months ended 30th June 2006, there was a turnover in respect ofthe Company (excluding Omega) of £Nil, and a loss after tax of £73,218, the bulkof which related to abort fees incurred on prospective acquisitions paid toadvisers undertaking due diligence. No Company directors received anyremuneration during the period and no dividend is recommended. The future Omega manufactures and distributes test kits for tropical and other diseases ona global basis, selling product through a strong distribution network in over100 countries and which it has been involved in for the past 19 years. Omega hasidentified a number of prospective and related acquisitions and intends to growin this way. Michael Gurner will be staying on as a non-executive director and Robert Coe andGraham Ashley have resigned following the EGM. David Evans has become Chairmanand Andrew Shepherd and Kieron Harbinson have joined the Board as ChiefExecutive and Finance Director respectively. For further information: Omega Diagnostics Group PLCMr Michael Gurner, 07768 231 731 Profit and Loss AccountFor the period 01/01/06 to 30/06/06 Note Period Ended 30/06 Period Ended 30/06 /2006 (unaudited) /2005 (unaudited) £ £ Turnover - -Administrative expenses (75,850) (60,633)Operating Loss (75,850) (60,633)Interest Receivable 2,674 4,382Interest Payable (42) (32)Loss on ordinary activities before taxation 1 (73,218) (56,283)Taxation - -Loss on ordinary activities after taxation (73,218) (56,283)Basic and diluted earnings per Ordinary share (pence) (0.66) (0.50)Dividends per share (pence) 0 0 Balance SheetAs at 30/06/06 Note 30/06/2006 30/06/2005 (unaudited) (unaudited) £ £ £ £ Fixed AssetsInvestments 2 2Current AssetsPrepayments 3,825 0Cash at bank in hand 124,820 198,277Current LiabilitiesCreditors: Amounts falling (80,122) (48,120)due within one yearNet current assets 48,523 150,157Total assets less current 48,525 150,159liabilitiesCalled up share capital 2 111,769 111,769Share premium 3 167,867 167,867Profit and loss account (231,111) (129,477)Equity shareholders funds 48,525 150,159Net assets per share (pence) 4 0.43p 1.34p Cash Flow Statement For the period from 01/01/06 to 30/06/06 Note Period Ended 30/06 Period Ended 30/06 /2006 (unaudited) /2005 (unaudited) £ £ Net cash inflow from operating activities (29,938) (28,677)Returns on investment and servicing of finance:Interest received 2,674 4,382Interest payable (42) (32)Decrease in cash (27,306) (24,327) Notes to the Interim Report 1. Loss on ordinary activities before taxation The loss for the period is representative of operational overheads incurred inthe period. 2. Called up share Capital The issued share capital compromises 11,176,865 ordinary shares of 1p each,consisting of 200 shares of 1p each issued as two £1 subscriber shares onincorporation and converted into 1p shares on 23rd February 2004, 6,666,665ordinary shares of 1p each issued on 24th February 2004 and 4,510,000 ordinaryshares of 1p each issued on 18th March 2004. 3. Share premium The share premium represents: £ Premium arising on issues of ordinary shares in the period ended 31/12/2004 213,731Expenses of shares issues in the period ending 31/12/2004 (45,864) At 30th June 2006 167,867 4. Net assets per share The calculation of net assets per share is based on the net assets at the end ofthe period of £48,525 and on the number of ordinary shares in issue (11,176,865)at 30th June 2006. 5. Preparation of Interim Report The interim financial information for the period from 1 January 2006 to 30thJune 2006 was approved by the directors on 26 September 2006. 6. Financial information The financial information in this statement does not constitute statutoryaccounts within the meaning of section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange