Omega Diagnostics Shares Fall on Widened 1H Loss, Expired UK Government Contract

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Jaime Llinares Taboada. By

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Shares of Omega Diagnostics Group Plc fell sharply on Thursday after the company reported broad losses for the first half of the fiscal year and confirmed that its contract with the UK Department of Health and Social Care has expired.

The London-listed medical-diagnostics company booked a pre-tax loss of £3.4 million ($4.5 million) for the six months ended September 30, compared to a loss of GBP1.8 million for the same period a year ago.

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Omega said that DHSC did not grant the company a license to manufacture the COVID-19 tests and hence the second phase of the contract was not activated and no orders were placed.

“While we are still confident that we are well positioned for future growth, we believe that many investors will be disappointed by the lack of progress with DHSC and uncertainty about the future use of our manufacturing capability,” said Chairman Simon Douglas said.

Shares were down 24% at 30.50 pence at 0835 GMT.

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT

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