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Omega Diagnostics Group PLC on Thursday reported a widened loss in the half-year to September 30, but reiterated its belief that creating a US market presence will help its business.
Omega is a Scotland-based medical diagnostics company focused on promoting a ‘personalised and functional’ approach to health and nutrition.
In its first financial half, the company turned to a loss of £656,000 from a profit of £12,000 a year prior. Revenue fell by 18% to £3.4 million from £4.2 million. Meanwhile, cost of sales widened to £1.6 million from £1.5 million.
For its financial year 2023 ending on March 31, the company continues to target to break even on its annual earnings before interest, tax, depreciation and amortisation. This compares to a loss of £300,000 in the first half of financial 2022 and a loss of £382,000 in financial year 2022.
Omega said that while it expects a stronger second half compared to the first, financial year sales will be ‘marginally’ lower than anticipated due to delayed US investment plans.
Omega shares fell 10% to 3.54 pence each in London on Thursday midday.
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