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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Omega Diagnostics Group Plc | LSE:ODX | London | Ordinary Share | GB00B1VCP282 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.20 | 2.00 | 2.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMODX
RNS Number : 1418J
Omega Diagnostics Group PLC
03 December 2018
OMEGA DIAGNOSTICS GROUP PLC
("Omega" or the "Company" or the "Group")
INTERIM RESULTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces its unaudited interim results for the six months ended 30 September 2018.
Omega is one of the UK's leading companies in the fast growing area of food intolerance testing and also operates in markets supplying tests for allergies and autoimmune diseases and specific infectious diseases through a strong distribution network in over 100 countries.
Following the closure of our German business unit and the Pune manufacturing facility in India together with the disposal of our infectious disease business, we now have a smaller business focused on long term profitability and prioritised to deliver on VISITECT(R) CD4, Allergy and Food Intolerance. The results below reflect the reshaping of Omega.
Financial Highlights:
-- Revenue reduced by 27% at GBP5.23m (2017: GBP7.11m) -- Revenue from continuing operations reduced by 7% at GBP4.22m (2017: GBP4.54m) -- Gross margin decreased by 2.9% on the same period last year at 60.2% (2017: 63.1%) -- Statutory profit before tax of GBP0.8m (2017: GBP0.1m) -- Adjusted loss before tax(1) of GBP0.51m (2017: adjusted profit before tax of GBP0.22m) -- Adjusted earnings per share(1) of -0.5p (2017: 0.3p) -- Bank overdraft at the period end of GBP0.45m (2017: cash of GBP2.42m)
-- Food Intolerance revenue increased by 12% to GBP3.84m as compared to the immediately prior 6 month period (H2 FY18: GBP3.42m)
-- Omega GmbH liabilities of GBP0.7m written back following appointment of a permanent administrator on 1 September 2018
(1) Adjusted for exceptional items, amortisation of intangible assets and share based payment charges
Operational Highlights:
-- Strategic review leading to:
o the closure of our German business unit and the Pune manufacturing facility in India
o the disposal of our legacy Infectious disease business to Lab 21 Healthcare Ltd for up to GBP2.175 million with a gain on sale of GBP1.09m
-- 60 allergens CE marked to run on the IDS automated instrument and first purchase order received from IDS
-- Visitect(R) CD4 350 cut off test commercialisation activities progressing with distributor agreements signed for Nigeria, Zimbabwe, Ghana, Zambia, Kenya, Columbia, Indonesia, Guatemala, Cameroon, Uruguay and Brazil with agreements under negotiation covering a further five countries
-- Visitect(R) CD4 Advanced Disease test (utilising a lower 200 cut-off) validation is ongoing and the project continues to progress on track
Regarding outlook, David Evans, Chairman, said:
"Our short-term outlook is dominated by our efforts to realise value for Shareholders whilst at the same time successfully accelerating our efforts to commercialise our CD4 offering. The challenges are not inconsequential but I remain confident that in those areas where we can control our own destiny that we will succeed in delivering our objectives. In those areas where we are not masters of our own destiny then, by definition, the outcome will always be less certain. I believe it is best for our statement to reflect that reality as it stands today. Rest assured we will continue to work towards achieving success for all our Stakeholders."
The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contacts:
Omega Diagnostics Group PLC Tel: 01259 763 030 David Evans, Non-Executive Chairman www.omegadiagnostics.com Colin King, Chief Executive Kieron Harbinson, Group Finance Director Mob: 07740 084452 finnCap Ltd Tel: 020 7220 0500 Geoff Nash/James Thompson (Corporate Finance) Camille Gochez (Corporate Broking) Walbrook PR Limited Tel: 020 7933 8780 or omega@walbrookpr.com Paul McManus Mob: 07980 541 893 Lianne Cawthorne Mob: 07584 391 303
Chairman's Statement
Financial performance
Total revenue for the six months ended 30 September 2018 reduced by 27% to GBP5.23m (2017: GBP7.11m) with much of the reduction being attributable to the divestment of our legacy infectious disease division and the decision to close our German manufacturing facility, limiting the revenue contribution from both these units to Q1 only within the reporting period. Revenue from continuing operations reduced by 7% to GBP4.22m (2017: GBP4.54m) predominantly due to the reduction in Food Intolerance revenue as described below.
Food Intolerance revenue decreased by 7% to GBP3.84m over the same H1 period in the prior year (2017: GBP4.13m) but showed an increase of 12% when measured against the most immediate six-month period being H2 in the year to 31 March 2018 (GBP3.84m v GBP3.42m). Sales of our FoodPrint(R) laboratory system were GBP2.30m (2017: GBP2.60m) with the difference attributable to the ordering pattern of our largest customer which stockpiled in the prior half-year period, which was not repeated in the current period. We maintained sales of Food Detective(R) at GBP0.95m, the same level as in the prior period, with an uplift in three key markets offsetting the loss of GBP0.23m of sales of the retail kit version in the prior period due to the previously reported regulatory issue which is still in the process of being resolved.
Sales in both the Allergy/Autoimmune and Infectious disease divisions declined by 53% and 54% respectively due to the divestment/closure decisions referred to above, with Allergy/Autoimmune sales of GBP0.79m (2017: GBP1.67m) and Infectious disease sales of GBP0.60m (2017: GBP1.31m).
Gross profit was GBP3.15m (2017: GBP4.49m) with the gross margin percentage reducing by 2.9 percentage points to 60.2% (2017: 63.1%). The reduction in margin is due to product mix and the fixed element of manufacturing labour cost against the lower level of sales in the period. The adjusted loss before tax was in line with management's expectation at GBP0.51m (statutory profit before tax of GBP0.82m less the exceptional credit items of GBP1.45m and adding back amortisation of intangibles and share-based payment charges totalling GBP0.12m) (2017: adjusted profit before tax of GBP0.22m). When analysed in each of the first two quarters, there was an adjusted loss before tax in Q1 of GBP0.87m, followed by an adjusted profit before tax in Q2 of GBP0.36m. Q1 included non-recurring losses of GBP0.25m related to the German and Indian business units, underpinning the reason behind their closure.
A tax charge of GBP0.1m resulted from the sale of the legacy infectious disease business versus a tax credit of GBP0.1m in the prior period resulting in adjusted earnings per share of -0.5p (2017: 0.3p). Statutory basic earnings per share were 0.9p (2017: 0.2p) due to the exceptional items noted below.
Exceptional items
We have reported two exceptional credits in the period; the sale of our legacy infectious diseases business to Lab 21 Healthcare Ltd on 28 June 2018, for up to GBP2.175m, yielded a book profit in the period of GBP1.09m, being the balance of the sale proceeds in excess of the book value of assets transferred and; following the decision to close the German operation, the assets as at 31 March 2018 were fully provided against and this was reported in our final results announcement dated 6 August 2018. Since formal insolvency proceedings commenced with Omega GmbH on 1 September 2018, the Group is no longer liable for any of the liabilities and this has resulted in a credit of GBP0.36m through the profit and loss account and a credit of GBP0.32m through other comprehensive income. There has been a corresponding reduction in the reported value of long term borrowings on the balance sheet to reflect this. Both of these items are excluded from the adjusted loss before tax for the period.
Strategic review
Since the commencement of a strategic review in the last financial year, the Board has prioritised to deliver on VISITECT(R) CD4, Allergy and Food Intolerance, following the divestment of the infectious disease business and the closure of operations in Germany and India.
Visitect(R) CD4
The Company continues to make good progress with the commercialisation plans for the VISITECT(R) CD4 350 cut-off test. Two additional distribution agreements have been signed since the trading update dated 10 October 2018. Country coverage now extends to 11 countries; Nigeria, Zimbabwe, Ghana, Zambia, Kenya, Columbia, Indonesia, Guatemala, Cameroon, Uruguay and Brazil with negotiations ongoing in a further five countries.
The VISITECT(R) CD4 Advanced Disease test (utilising a lower 200 cut-off) continues to make good progress. Since the trading update a third validation batch has been manufactured and is currently being externally tested in India. Although still to be finalised, external results completed to date for all three validation batches are looking promising. We now have ethical approval in place to start our performance evaluation studies with initiation planned as soon as the ongoing site training has been successfully completed.
Discussions are ongoing with key HIV stakeholders to formulate plans for the procurement and implementation of VISITECT(R) CD4 Advanced Disease in low and middle-income countries at the earliest opportunity. Up to 40% of patients diagnosed with HIV are already at an advanced stage of the disease. Identification of advanced HIV disease is a critical issue that can improve the effectiveness of HIV control measures and it is widely recognised by opinion leaders that utilisation of the VISITECT(R) CD4 Advanced Disease test will play an important role in ensuring patients receive the most appropriate package of care.
Allergy
Since signing the distribution agreement with Imuunodiagnostics Systems ('IDS') in April of this year, we have continued to develop allergens for IDS' automated instrument. Since our last allergy update announced on 27 September 2018, we have CE-Marked two additional allergens, extending the menu to 60 allergens in total. We have also now shipped our first order to IDS and anticipate one further order for the final quarter of this financial year. We are working closely with IDS and there is regular contact between our respective commercial teams. We will continue to support IDS during the launch phase for this product range.
Food Intolerance
We are encouraged with the sales result from our Food Intolerance division for two reasons; sales for the six months to 30 September 2018 recorded growth of 12% when measured against the immediately prior six-month period to 31 March 2018 and; sales of Food Detective(R) of GBP0.95m for the six months to 30 September 2018 were equivalent to H1 in the prior period, despite that prior period including sales of GBP0.23m for the retail kit version which did not repeat in the current period due to the ongoing regulatory issue. We continue to work with our notified body on how best to resolve the issue.
The commissioning of a new 35,000 sq. ft facility is proceeding to plan with an expected move during the middle of the next calendar year. The upgraded facility underpins our view that the food intolerance division offers longer term growth opportunity, particularly in the US and China, and the Board continues to explore how best to realise value from this division given its stage in its current life-cycle.
Outlook
Our short-term outlook is dominated by our efforts to realise value for Shareholders whilst at the same time successfully accelerating our efforts to commercialise our CD4 offering. The challenges are not inconsequential but I remain confident that in those areas where we can control our own destiny that we will succeed in delivering our objectives. In those areas where we are not masters of our own destiny then, by definition, the outcome will always be less certain. I believe it is best for our statement to reflect that reality as it stands today. Rest assured we will continue to work towards achieving success for all our Stakeholders.
David Evans
Non-Executive Chairman
30 November 2018
Consolidated Statement of Comprehensive Income for the six months ended 30 September 2018 6 month period ended 6 month period ended 30 September 2018 30 September 2017 ----------------------------------------- ----------------------------------------- Continuing Discontinued Continuing Discontinued Notes operations operations Total operations operations Total GBP GBP GBP GBP GBP GBP Revenue 3 4,224,889 1,002,646 5,227,535 4,535,219 2,578,116 7,113,335 Cost of sales (1,618,225) (464,136) (2,082,361) (1,372,712) (1,250,265) (2,622,977) ------------ ------------- ------------ ------------ ------------- ------------ Gross profit 2,606,664 538,510 3,145,174 3,162,507 1,327,851 4,490,358 Administration costs (2,405,656) (440,874) (2,846,530) (2,721,495) (616,729) (3,338,224) Selling and marketing costs (765,626) (195,205) (960,831) (617,231) (451,348) (1,068,579) Other operating income 61,026 - 61,026 15,707 - 15,707 ------------ ------------- ------------ ------------ ------------- ------------ Operating (loss)/profit before exceptional items (503,592) (97,569) (601,161) (160,512) 259,774 99,262 Exceptional items: Gain on sale of legacy infectious disease business 1,091,808 - 1,091,808 - - - Omega GmbH liabilities write off 358,819 - 358,819 - - - ------------ Operating profit after exceptional items 947,035 (97,569) 849,466 (160,512) 259,774 99,262 Finance costs 4 (25,599) - (25,599) (27,061) - (27,061) Finance revenue - interest receivable 11 - 11 480 - 480 ------------ ------------- ------------ ------------ ------------- ------------ Profit before taxation 921,447 (97,569) 823,878 (187,093) 259,774 72,681 Tax (charge) / credit 5 (102,324) - (102,324) 96,267 - 96,267 Profit for the period 819,123 (97,569) 721,554 (90,826) 259,774 168,948 Other comprehensive income to be reclassified to profit and loss in subsequent periods Exchange differences on translation of foreign operations 30,605 - 30,605 83,215 - 83,215 Exceptional item-Omega GmbH liability write off 317,294 - 317,294 0 - - Tax charge 5 (5,124) - (5,124) (15,160) - (15,160) ------------ ------------- ------------ ------------ ------------- ------------ Other comprehensive income for the period 342,775 - 342,775 68,055 - 68,055 Total comprehensive income for the period 1,161,898 (97,569) 1,064,329 (22,771) 259,774 237,003 ------------ ------------- ------------ ------------ ------------- ------------ Earnings Per Share (EPS) Basic EPS on profit for the period 6 0.6p 0.2p Diluted EPS on profit for the period 0.6p 0.1p Adjusted Profit before Taxation 6 month period ended 6 month period ended 30 September 2018 30 September 2017 ----------------------------------------- ------------------------------------ Continuing Discontinued Continuing Discontinued operations operations Total operations operations Total GBP GBP GBP GBP GBP GBP Profit before taxation 921,447 (97,569) 823,878 (187,093) 259,774 72,681 Exceptional items (1,450,627) - (1,450,627) - - - Amortisation of intangible assets 65,474 24,573 90,047 59,128 59,217 118,345 Share-based payment charges 30,000 - 30,000 26,895 - 26,895 Adjusted (loss)/profit before taxation (433,706) (72,996) (506,702) (101,070) 318,991 217,921 ------------ ------------- ------------ ----------- ------------- -------- Earnings Per Share (EPS) Basic and diluted Adjusted EPS on profit for the period 6 (0.5p) 0.3p Adjusted (loss) / PBT stated before exceptional items, amortisation of intangible assets and share based payment charges. Consolidated Balance Sheet as at 30 September 2018 At 30 Sept At 31 March At 30 Sept 2018 2018 2017 GBP GBP GBP Assets Non-current assets Intangibles 15,740,459 15,029,448 16,802,856 Property, plant and equipment 1,667,085 1,712,933 2,963,325 Deferred taxation 1,287,785 1,250,082 1,920,968
Total non-current assets 18,695,329 17,992,463 21,687,149 ------------ ------------ ----------- Current assets Inventories 1,110,767 1,823,961 2,540,365 Trade and other receivables 2,692,975 2,969,410 3,493,787 Deferred consideration 375,000 - - Cash and cash equivalents - 115,719 2,418,441 Total current assets 4,178,742 4,909,090 8,452,593 ------------ ------------ ----------- Total assets 22,874,071 22,901,553 30,139,742 ------------ ------------ ----------- Equity and liabilities Issued capital 19,797,343 19,797,343 19,801,937 Retained earnings (1,621,745) (2,685,469) 4,933,873 Other reserves 40,887 10,282 60,445 Total equity 18,216,485 17,122,156 24,796,255 ------------ ------------ ----------- Liabilities Non-current liabilities Long term borrowings 136,100 728,830 845,741 Deferred taxation 1,748,247 1,619,795 1,999,029 Deferred income 481,752 357,360 452,065 Retirement benefit deficit - 317,294 57,199 Total non-current liabilities 2,366,099 3,023,279 3,354,034 ------------ ------------ ----------- Current liabilities Trade and other payables 1,719,507 2,602,069 1,837,707 Bank overdraft 452,200 - - Short term borrowings 103,082 154,049 151,746 Tax payable 16,698 - - Total current liabilities 2,291,487 2,756,118 1,989,453 ------------ ------------ ----------- Total liabilities 4,657,586 5,779,397 5,343,487 ------------ ------------ ----------- Total equity and liabilities 22,874,071 22,901,553 30,139,742 ------------ ------------ ----------- Consolidated Statement of Changes in Equity for the six months ended 30 September 2018 Share Share Retained Translation capital premium earnings reserve Total GBP GBP GBP GBP GBP Balance at 1 April 2017 5,086,756 11,640,760 4,753,190 (22,770) 21,457,936 ------------------ ---------- ----------- ------------ ------------ ------------ Issue of share capital for cash consideration 728,536 2,548,049 3,276,585 Expenses in connection with share issue - (202,164) - - (202,164) Profit for the period to 30 September 2017 - - 168,948 - 168,948 Other comprehensive income-net exchange adjustments - - - 83,215 83,215 Other comprehensive income-tax charge - - (15,160) - (15,160) ------------------ ---------- ----------- ------------ ------------ ------------ Total comprehensive income 728,536 2,345,885 153,788 83,215 3,311,424 Share-based payments - - 26,895 - 26,895 Balance at 30 September 2017 5,815,292 13,986,645 4,933,873 60,445 24,796,255 ------------------ ---------- ----------- ------------ ------------ ------------ Issue of share capital for cash consideration - (11,675) (11,675) Expenses in connection with share issue - 7,081 - - 7,081 Loss for the period to 31 March 2018 - - (7,438,545) - (7,438,545) Other comprehensive income-net exchange adjustments - - - (50,163) (50,163) Other comprehensive income-actuarial loss on defined benefit pensions - - (258,449) - (258,449) Other comprehensive income-tax credit - - 52,277 - 52,277 ------------------ ---------- ----------- ------------ ------------ ------------ Total comprehensive income - (4,594) (7,644,717) (50,163) (7,699,474) Share-based payments - - 25,375 - 25,375 Balance at 1 April 2018 5,815,292 13,982,051 (2,685,469) 10,282 17,122,156 ------------------ ---------- ----------- ------------ ------------ ------------ Profit for the period to 30 September 2018 - - 721,554 - 721,554 Other comprehensive income-net exchange adjustments - - - 30,605 30,605 Other comprehensive income-Omega GmbH liability write off 317,294 - 317,294 Other comprehensive income-tax charge - - (5,124) - (5,124) ------------------ ---------- ----------- ------------ ------------ ------------ Total comprehensive income - - 1,033,724 30,605 1,064,329 Share-based payments - - 30,000 - 30,000 Balance at 30 September 2018 5,815,292 13,982,051 (1,621,745) 40,887 18,216,485 ------------------ ---------- ----------- ------------ ------------ ------------ Consolidated Cash Flow Statement for the six months ended 30 September 2018 6 months 6 months to 30 Sept to 30 Sept 2018 2017 GBP GBP Cash flows generated from operations Profit for the period after exceptional items 721,554 168,948 Adjustments for: Taxation 102,324 (96,267) Finance costs 25,599 27,061 Finance income (11) (480) ---------------------------------------------- ------------ ------------ Operating profit after exceptional items 849,466 99,262 Decrease/(increase) in trade and other receivables 276,435 (1,033,371) Decrease/(increase) in inventories 86,371 (162,790) (Decrease)/increase in trade and other payables (1,211,411) 74,748 Depreciation 192,999 206,478 Amortisation of intangible assets 90,047 118,345 Movements in grants 124,392 119,293 Exceptional item-Gain on sale of legacy infectious disease business (1,091,808) - Exceptional item-Omega GmbH liabilities write off (358,819) - Share-based payments 30,000 26,895 ---------------------------------------------- ------------ ------------ Net cash flow from operating activities (1,012,328) (551,140) Investing activities Finance income 11 480 Purchase of property, plant and equipment (231,262) (178,546) Purchase of intangible assets (1,034,153) (1,204,655) Sale proceeds from legacy infectious disease business 1,800,000 - Net cash used in investing activities 534,596 (1,382,721) ---------------------------------------------- ------------ ------------ Financing activities Finance costs (25,599) (27,061) Proceeds from issue of share capital - 3,276,585 Expenses of share issue - (202,164) New finance leases 40,500 626,489 Drawdown of overdraft facility 452,200 - Finance lease repayments (69,529) (78,255) Net cash from financing activities 397,572 3,595,594 ---------------------------------------------- ------------ ------------ Net (Decrease)/increase in cash and cash
equivalents (80,160) 1,661,733 Effects of exchange rate movements (35,559) 19,377 Cash and cash equivalents at beginning of period 115,719 737,331 Cash and cash equivalents at end of period - 2,418,441 ---------------------------------------------- ------------ ------------
Notes to the Interim Report
for the six months ended 30 September 2018
1. BASIS OF PREPARATION
For the purpose of preparing the March 2018 annual financial statements the Directors used IFRS as adopted by the EU and in accordance with the AIM Rules issued by the London Stock Exchange. In preparing these interim financial statements, the accounting policies used in the Group's Annual Report for the year ended 31 March 2018 have been applied consistently. The Group does not expect the adoption of IFRS9 and IFRS15 to have a material impact on the consolidated financial statements for the year ended 31 March 2019. The Group has not applied IAS 34 Interim Financial Reporting, which is not mandatory for AIM companies, in the preparation of these interim financial statements.
The interim financial statements are unaudited. The information shown in the consolidated balance sheet as at 31 March 2018 does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and has been extracted from the Group's 2018 Annual Report which has been filed with the Registrar of Companies. The report of the auditors on the financial statements contained within the Group's 2018 Annual Report was unqualified and did not contain a statement under sections 498 (2) and 498 (3) of Chapter 3, Part 16 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 30 November 2018.
2. SEGMENT INFORMATION
For management purposes the Group is organised into three operating divisions: Allergy and Autoimmune, Food Intolerance and Infectious Disease and Other.
The Allergy and Autoimmune division specialises in the research, development, production and marketing of in-vitro allergy and autoimmune tests used by doctors to diagnose patients with allergies and autoimmune diseases.
The Food Intolerance division specialises in the research, development and production of kits to aid the detection of immune reactions to food. It also provides clinical analysis to the general public, clinics and health professionals as well as supplying the consumer Food Detective test.
The Infectious Diseases division specialises in the research, development and production and marketing of kits to aid the diagnosis of infectious diseases.
Corporate consists of centralised corporate costs which are not allocated across the three business divisions.
Inter segment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties.
Business segment Allergy Food Infectious/ information and Autoimmune Intolerance Other Corporate Group September 2018 GBP GBP GBP GBP GBP --------------------- ---------------- ------------ ------------ ------------ ------------ Statutory presentation --------------------- ---------------- ------------ ------------ ------------ ------------ Revenue 787,273 3,891,702 650,663 - 5,329,638 Inter-segment revenue - (56,239) (45,864) - (102,103) Total revenue 787,273 3,835,463 604,799 - 5,227,535 Operating costs (1,086,345) (2,438,096) (1,261,312) (1,042,943) (5,828,696) Operating profit/(loss) before exceptional items (299,072) 1,397,367 (656,513) (1,042,943) (601,161) Exceptional items 358,819 - 1,091,808 - 1,450,627 Net finance income/(costs) - - (5,390) (20,198) (25,588) Profit/(loss) before taxation 59,747 1,397,367 429,905 (1,063,141) 823,878 --------------------- ---------------- ------------ ------------ ------------ ------------ Adjusted profit before taxation --------------------- ---------------- ------------ ------------ ------------ ------------ Profit/(loss) before taxation 59,747 1,397,367 429,905 (1,063,141) 823,878 Exceptional items (358,819) - (1,091,808) - (1,450,627) Amortisation of intangible assets 26,389 53,502 10,156 - 90,047 Share-based payment charges - - - 30,000 30,000 Adjusted profit/(loss) before taxation (272,683) 1,450,869 (651,747) (1,033,141) (506,702) --------------------- ---------------- ------------ ------------ ------------ ------------ Operating profit before exceptional items (299,072) 1,397,367 (656,513) (1,042,943) (601,161) Depreciation 28,854 117,903 46,243 - 193,000 Amortisation 26,389 53,502 10,156 - 90,047 EBITDA (243,829) 1,568,772 (600,114) (1,042,943) (318,114) --------------------- ---------------- ------------ ------------ ------------ ------------ Allergy Food Infectious/ and Autoimmune Intolerance Other Corporate Group September 2017 GBP GBP GBP GBP GBP --------------------- ---------------- ------------ ------------ ------------ ------------ Statutory presentation Revenue 1,719,453 4,921,908 1,417,556 - 8,058,917 Inter-segment revenue (44,406) (790,128) (111,048) - (945,582) Total revenue 1,675,047 4,131,780 1,306,508 - 7,113,335 Operating costs (1,944,753) (2,648,262) (1,410,184) (1,010,874) (7,014,073) Operating profit/(loss) (269,706) 1,483,518 (103,676) (1,010,874) 99,262 Net finance income/(costs) (180) (1,614) (7,291) (17,496) (26,581) Profit/(loss) before taxation (269,886) 1,481,904 (110,967) (1,028,370) 72,681 --------------------- ---------------- ------------ ------------ ------------ ------------ Adjusted profit before taxation --------------------- ---------------- ------------ ------------ ------------ ------------ Profit/(loss) before taxation (269,886) 1,481,904 (110,967) (1,028,370) 72,681 Amortisation of intangible assets 60,008 50,583 7,754 118,345 Share-based payment charges - - - 26,895 26,895 Adjusted profit/(loss) before taxation (209,878) 1,532,487 (103,213) (1,001,475) 217,921 --------------------- ---------------- ------------ ------------ ------------ ------------ Operating profit before exceptional items (269,706) 1,483,518 (103,676) (1,010,874) 99,262 Depreciation 51,939 108,004 46,536 - 206,479 Amortisation 60,008 50,583 7,754 - 118,345 EBITDA (157,759) 1,642,105 (49,386) (1,010,874) 424,086 --------------------- ---------------- ------------ ------------ ------------ ------------ 3. REVENUES 6 months 6 months to 30 Sept to 30 Sept 2018 2017 GBP GBP ---------------- ---- ------------ ------------ ------------ ------------ ---------------------- UK 358,438 528,360 Germany 578,907 1,414,805 Rest of Europe 1,403,651 1,737,219 North America 794,926 1,309,177 South/Central America 368,294 267,166 Asia and Far East 1,212,662 1,033,877 Africa and Middle East 510,657 822,731 5,227,535 7,113,335 --------------------- ------------ ------------ ------------ ------------ ----------------------
4. FINANCE COSTS
6 months 6 months to 30 to 30 Sept Sept 2018 2017 GBP GBP --------------------------------------- --------- --------- Interest payable on loans 21,594 18,984 Finance charges payable under finance leases 4,005 8,077 25,599 27,061 --------------------------------------- --------- ---------
5. TAX (CHARGE) / CREDIT
6 months 6 months to 30 to 30 Sept Sept 2018 2017 GBP GBP ------------------------------------------------------ ---- ----------- ------------- Tax (charged) / credited in the income statement Current tax - current (16,698) - year Current tax - prior year adjustment - - Deferred tax - current year (111,408) 67,053 Deferred tax - prior year adjustment 25,782 29,214 (102,324) 96,267 ---- ------------------------------------------------------ ----------- ------------- Tax relating to items charged to other comprehensive income Deferred tax on net exchange adjustments (5,124) (15,160) (5,124) (15,160) ---- ------------------------------------------------------ ----------- ------------- Reconciliation of total tax charge Factors affecting the tax charge for the period: Profit before tax 823,878 72,681 ------------------------------------------------------- --- ----------- ------------- Effective rate of taxation 19% 19% Profit before tax multiplied by the effective rate of tax 156,537 13,809 Effects of: Expenses not deductible for tax and income not chargeable to tax 37,135 12,620 Deferred tax asset on losses in year not recognised 110,090 - Research and development tax credits (48,632) (51,270) Tax over provided in prior years (25,782) (29,214) Adjustment due to different overseas tax rate (39,610) (33,201) Exceptional item-Omega GmbH liabilities write off (68,176) - Impact of UK rate change on deferred tax (19,238) (9,011) Tax charge / (credit) for the period 102,324 (96,267) ------------------------------------------------------- --- ----------- -------------
The deferred tax asset balance at 30 September 2018 will be offset against future profits expected to be generated from the prospects for Allergy sales and Visitect(R) CD4 sales leading management to conclude to carry the deferred tax asset in full.
6. EARNINGS PER SHARE
6 months 6 months to 30 Sept to 30 Sept 2018 2017 ------------------------------------------- -------------- -------------- GBP GBP Profit attributable to equity holders of the Group 721,554 168,948 2018 2017 Number Number ------------------------------------------- -------------- -------------- Weighted average number of shares 126,959,060 112,378,395 Share options 306,718 1,381,285 ------------------------------------------- -------------- -------------- Diluted weighted average number of shares 127,265,778 113,759,680 ------------------------------------------- -------------- --------------
The number of shares in issue at the period end was 126,959,060. Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Diluting events are excluded from the calculation when the average market price of ordinary shares is lower than the exercise price.
Adjusted Earnings per share on profit for the period
The Group presents adjusted earnings per share which is calculated by taking adjusted profit before taxation and adding the tax credit in order to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance.
6 months 6 months to 30 Sept to 30 Sept 2018 2017 -------------------------------------------- ------------ ------------ GBP GBP Adjusted (loss) / profit before taxation (506,702) 217,921 Tax (charge) / credit (102,324) 96,267 -------------------------------------------- ------------ ------------ Adjusted (loss) / profit attributable to equity holders of the Group (609,026) 314,188 -------------------------------------------- ------------ ------------
7. INTANGIBLES
Licences/ Supply Technology Customer Development Goodwill software arrangements assets relationships costs Total GBP GBP GBP GBP GBP GBP GBP -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ Cost At 1 April 2017 4,703,165 1,765,753 533,836 2,150,731 1,245,524 7,872,250 18,271,259 Additions - - - - - - Additions internally generated - - - - - 1,247,225 1,247,225 Currency translation 42,510 4,484 16,769 5,520 47,904 18,517 135,704 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ At 30 September 2017 4,745,675 1,770,237 550,605 2,156,251 1,293,428 9,137,992 19,654,188 Additions - 25,505 - - - - 25,505 Additions internally generated - - - - - 1,643,461 1,643,461 Currency translation (4,052) (855) (1,598) (532) (15,350) (5,516) (27,903) Asset write offs (1,391,745) (172,101) (549,007) (180,725) (1,178,075) (1,589,722) (5,061,375) -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ At 31 March 2018 3,349,878 1,622,786 - 1,974,994 100,003 9,186,215 16,233,876 Additions - (114) - - - 1,092,267 1,092,153 Additions - - - - - - - internally generated Disposals (332,986) - - - - - (332,986) Currency translation 17,608 14,902 6,946 2,286 14,904 7,133 63,779 At 30 September 2018 3,034,500 1,637,574 6,946 1,977,280 114,907 10,285,615 17,056,822
-------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ Accumulated amortisation At 1 April 2017 - 218,604 533,836 1,114,046 816,697 - 2,683,183 Amortisation charge in the year - 10,103 - 49,374 60,649 - 120,126 Currency translation - 5,049 16,769 5,268 20,937 - 48,023 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ At 30 September 2017 - 233,756 550,605 1,168,688 898,283 - 2,851,332 Amortisation charge in the year - 5,491 - 49,374 57,231 6,249 118,345 Currency translation - (523) (1,598) (502) (653) (359) (3,635) Asset write offs - (179,399) (549,007) (172,460) (854,858) (5,890) (1,761,614) -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ At 31 March 2018 - 59,325 - 1,045,100 100,003 - 1,204,428 Amortisation charge in the year - 8,513 - 49,374 24,538 7,622 90,047 Currency translation - 2,111 6,946 2,182 11,130 (481) 21,888 At 30 September 2018 - 69,949 6,946 1,096,656 135,671 7,141 1,316,363 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ Net book value 30-Sep-18 3,034,500 1,567,625 - 880,624 (20,764) 10,278,474 15,740,459 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ 31-Mar-18 3,349,878 1,563,461 - 929,894 - 9,186,215 15,029,448 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------ 30-Sep-17 4,745,675 1,536,481 - 987,563 395,145 9,137,992 16,802,856 -------------- ------------ ---------- ------------- ----------- -------------- ------------ ------------
8. GAIN ON SALE OF LEGACY INFECTIOUS DISEASE BUSINESS
On the 28(th) of June 2018 the Group sold its legacy infectious disease business to Lab21 Healthcare Limited for up to GBP2.175 million. The consolidated statement of comprehensive income includes the following gain on sale:
GBP ---------------------------- ---------- Consideration to be received 2,175,000 Assets disposed of : Intangible assets - goodwill 332,986 Property, plant and equipment 50,383 Inventories 626,823 Legal fees associated with the disposal 73,000 Gain on sale through the income statement 1,091,808 ------------------------------- ----------
9. DISCONTINUED OPERATIONS
6 month period ended 30 Sept 6 month period ended 30 Sept 2018 2017 Omega India Infectious Omega India Infectious Gmbh Manufacturing Disease TOTAL Gmbh Manufacturing Disease TOTAL GBP GBP GBP GBP GBP GBP GBP GBP Revenue 578,907 - 423,739 1,002,646 1,422,119 - 1,155,997 2,578,116 Cost of sales 221,610 12,664 229,862 464,136 584,285 55,213 610,767 1,250,265 ---------- -------------- ----------- ---------- ---------- -------------- ----------- ---------- Gross profit 357,297 (12,664) 193,877 538,510 837,834 (55,213) 545,230 1,327,851 Administration costs 397,840 38,363 4,671 440,874 438,419 152,368 25,942 616,729 Selling and marketing costs 195,205 - - 195,205 451,348 - - 451,348 ---------- -------------- ----------- ---------- ---------- -------------- ----------- ---------- Operating (loss) / profit (235,748) (51,027) 189,206 (97,569) (51,933) (207,581) 519,288 259,774 Finance costs - - - - - - - - ---------- -------------- ----------- ---------- Profit before taxation (235,748) (51,027) 189,206 (97,569) (51,933) (207,581) 519,288 259,774 Amortisation 24,573 - - 24,573 59,217 - - 59,217 Adjusted (loss) profit for the period (211,175) (51,027) 189,206 (72,996) 7,284 (207,581) 519,288 318,991 ---------- -------------- ----------- ---------- ---------- -------------- ----------- ----------
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December 03, 2018 02:00 ET (07:00 GMT)
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