April 10, 2018 / 6:53 AM / 14 days ago

BRIEF-Omega Diagnostics Says Exploring Sale Of Two Loss-making Operations

April 10 (Reuters) - Omega Diagnostics Group PLC:

* STRATEGIC REVIEW OF OPERATIONS AND TRADING UPDATE

* REDUCE COST BASE SIGNIFICANTLY WITH PROPOSED CLOSURE OF BOTH GERMAN ALLERGY BUSINESS AND MANUFACTURING SITE IN PUNE, INDIA

* SIMPLIFICATION OF UK BUSINESSES WHEREBY OPERATIONS OF 4 SEPARATE LEGAL ENTITIES AMALGAMATED INTO ONE ENTITY

* NON-CASH ASSET WRITE-DOWNS OF APPROXIMATELY £5M FOR GERMAN BUSINESS AND £0.7M FOR INDIAN SITE

* ELIMINATION OF EBITDA LOSSES WHICH, FOR YEAR ENDED 31 MARCH 2018, AMOUNTED TO APPROXIMATELY £0.8M FOR BOTH SITES

* BOARD IS EXPLORING WHETHER TWO LOSS MAKING OPERATIONS CAN BE SOLD.

* FY TURNOVER IS NOW EXPECTED TO BE £13.6M, A REDUCTION OF 6% IN CONSTANT CURRENCY TERMS AND 5% BEHIND LAST YEAR’S RESULT

* FY PBT EXPECTED TO BE NEGATIVE BY C.£0.7M BEFORE EFFECT OF ASSET WRITE-DOWNS

* FINANCIAL IMPACT OF RESTRUCTURING DECISIONS WILL IMPACT BOTH 2017/18 AND 2018/19 BY WAY OF ASSET WRITE DOWNS, COSTS Source text: bit.ly/2HdxBnN Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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