Omega Diagnostics swings to pretax loss

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

Omega Diagnostics Group PLC (ODX.LN) said Monday that it swung to a pretax loss in fiscal 2018 due to one-off costs associated with closing its loss-making operations in Germany and India.

For the financial year ended March 31, the medical diagnostics company said its loss was 6.9 million pounds ($9 million) compared with a pretax profit of GBP656,226 the year earlier.

During the year, Omega said that it incurred an exceptional charge of GBP6.5 million, primarily due to the closure of sites in Germany and Pune, India.

Revenue fell 4.9% to GBP13.6 million from GBP14.3 million. The company said revenue for its food intolerance segment declined 5.6% due to increased competition and stock issues, while revenue for its allergy and auto-immune segment fell 7.7% due to a continued decline in Germany.

Separately, Omega said that it now has method for manufacturing devices which consistently meet its design specifications for its Visitect CD4 test for identifying advanced HIV disease.

The company said that this development allows Omega to progress into the formal verification and validation phase. It said the company’s manufacturing designs could lead to a CE-mark for the product.

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