(Alliance News) - Omega Diagnostics Group PLC on Thursday reported a widened loss in the half-year to September 30, but reiterated its belief that creating a US market presence will help its business.

Omega is a Scotland-based medical diagnostics company focused on promoting a "personalised and functional" approach to health and nutrition.

In its first financial half, the company turned to a loss of GBP656,000 from a profit of GBP12,000 a year prior. Revenue fell by 18% to GBP3.4 million from GBP4.2 million. Meanwhile, cost of sales widened to GBP1.6 million from GBP1.5 million.

For its financial year 2023 ending on March 31, the company continues to target to break even on its annual earnings before interest, tax, depreciation and amortisation. This compares to a loss of GBP300,000 in the first half of financial 2022 and a loss of GBP382,000 in financial year 2022.

Omega said that while it expects a stronger second half compared to the first, financial year sales will be "marginally" lower than anticipated due to delayed US investment plans.

Omega shares fell 10% to 3.54 pence each in London on Thursday midday.

By Tom Budszus; tombudszus@alliancenews.com

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