Omega Diagnostics Group Plc. (ODX.L) said Friday that it expects revenues for fiscal year ending March 2010 to be marginally lower than its earlier expectations, as it has to revert totally to the previous manufacturing method, which will produce lower number of slides. The company also noted that there will be a consequential impact on adjusted profit before tax. The company's shares are currently trading down by 20% on the LSE.
While announcing its interim results in November, the board indicated that additional growth in Genarrayt sales depended on a resolution to improving the method of manufacturing of the array slides. The board specified that it has been continually reviewing the capabilities of the non-contact printing system for manufacturing the Genarrayt slides on a consistent basis. Following a further technical review of the process today, the board came to a conclusion that it will revert totally to the previous manufacturing method, until the issues with the manufacturing process are fully settled. According to the company, the number of slides that can be manufactured in the previous method is lower than using the non-contact printing system. Omega Diagnostics had said in November, "We anticipate further growth in revenue and profitability will be achieved in the second-half of our financial year as the business is traditionally second-half loaded. The growth will be underpinned by both the Co-Tek acquisition and the number of Genarrayt systems and kits sold." In fiscal 2009, the company's revenues increased 56% to GBP 5.44 million from GBP 3.49 million in the prior year, helped mainly by the twelve month contribution from Genesis and Cambridge Nutritional Sciences acquisition. The U.K.-based company provides IVD products for use in Hospitals, Blood Banks, Clinics and Laboratories and specializes in the areas of Food Intolerance, Autoimmune Disease and Infectious Disease.
ODX.L is currently trading at 28 pence, down 7 pence or 20%, on a volume of three thousand shares.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.