OMEGA Diagnostics, the biotechnology business, has delayed its results until next month for “further time to gain clarity regarding certain ongoing commercial discussions”.
The Clackmannanshire-based company, focused on allergy, food intolerance and infectious disease, said in a statement to the London Stock Exchange on Friday that it will defer publishing its results for the year ending March 31, 2019 - which were due on Monday - until September.
READ MORE: Biotech firm Omega gets £630,000 shares lift
Omega said trading in the first quarter of the new financial year its core business is in line with management expectations, adding: “The company has also made recent progress in its key areas of growth and confirms that it has received a purchase order from its distributor in Nigeria for 50,000 units of VISITECT CD4 350 test - order value £210,000.
"This order is conditional upon the Nigerian Ministry of Health approving the company’s CD4 350 test into its national HIV policy, a process which is still ongoing at present.”
It has also received a purchase order from China for 20,000 Food Detective tests worth £290,000.
READ MORE: Scots test kits could benefit hundreds of thousands living with HIV
The Alva firm has now CE-Marked two further allergens increasing the allergy menu to 62 allergens that can be run on its automated instrument.
The company said turnover is expected to be £9.76 million, against £13.55m in 2018, and turnover from continuing operations is expected to be five per cent higher at £8.76m.
Analysts finnCapp, which has Omega as a corporate client, said: “Whilst the Nigerian order is conditional on receiving approval, which is in process, we expect this to represent the beginning of the roll-out of its CD4 range that will ultimately be bought at scale by NGOs.”
Ebitda from continuing operations is expected to be £200,000 against a loss of £810,000 and adjusted loss before tax from continuing operations is set to be £200,000, against £1m. Shares were flat at 9.5p.
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