06 September 2023
Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health and Nutrition products, will hold its Annual General Meeting (AGM) today at 11.00am at Poets House, St Mary's Street, Ely, CB7 4EY.
Ahead of the meeting, Simon Douglas, Chairman of the Company, will make the following statement:
"At the start of the new financial year we continue to work towards achieving our strategic objectives for our Health and Nutrition Business, maintaining our market leading position whilst targeting organic growth to gain momentum and create value for our shareholders.
Whilst we maintain a very strong order book, one of our leading products, the FoodPrint® test, had some production challenges towards the end of the year which resulted in a drop in production yields and, as a consequence, a backlog in the fulfilment of some orders. As announced with our results last month, we have embedded new working practices that are now generating significantly higher production yields that will allow us to successfully address the order backlog. We have established new preventative procedures and will continue to make further improvements.
We remain well-funded to deliver against our strategic objectives. We have started our journey into the US market and we will continue to work closely with strategic partners to develop bespoke microbiome and nutrigenomic test reports. The recent successful launch of our new digital "app", MyHealthTracker, will support our strong position in the market and give us a direct connection with our customers.
We are implementing the final parts of the turnaround strategy outlined last year. A turnaround year where we established a clear focus, with new objectives. It has seen a significant shift in the business, and our proposed name change to Cambridge Nutritional Sciences PLC (LON: CNSL) builds on our CNSLab brand and better reflects our goal of promoting a personalised and functional approach to health and nutrition. We will continue to reshape and restructure the Company as we implement our new strategy.
Finally, as previously announced, the Board continues to vigorously pursue its substantial counterclaim for losses incurred towards the DHSC, as a direct result of its failure to licence the necessary intellectual property to permit the contract to move forward and their failure to notify the Group of their inability to do so in a timely manner.
We as a Board remain positive and believe we are well-positioned to re-focus the business and build an exciting profitable enterprise for everyone and look forward to updating our shareholders in November at the Company's half year results."
Omega Diagnostics Group PLC
Jag Grewal, Chief Executive Officer
via Walbrook PR
Tel: 020 7220 0500
Geoff Nash / Edward Whiley / George Dollemore (Corporate Finance)
Nigel Birks / Harriet Ward (ECM)
Walbrook PR Limited
Tel: 020 7933 8780 or [email protected]
Paul McManus / Lianne Applegarth
Mob: 07980 541 893 / 07584 391 303
Mob: 07502 558 258
About Omega Diagnostics Group PLC
Omega (AIM: ODX) is a specialist medical diagnostics company focused on industry-leading Health and Nutrition products.