Omega Diagnostics Gp - AGM Statement

Cambridge Nutritional Sciences

06/09/2023 07:00

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RNS Number : 4715L  Omega Diagnostics Group PLC  06 September 2023

Omega Diagnostics Group plc

('Omega' or the 'Company')

 

AGM Statement

 

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."

 

Contacts:

 

 Omega Diagnostics Group PLC                                                                           www.omegadx.com (http://www.omegadx.com)
 Jag Grewal, Chief Executive                                                                           via Walbrook PR
 Officer

 finnCap                                                                                               Tel: 020 7220 0500
 Ltd
 Geoff Nash / Edward Whiley / George Dollemore (Corporate Finance)
 Nigel Birks / Harriet Ward (ECM)

 Walbrook PR Limited                                Tel: 020 7933 8780 or omega@walbrookpr.com (mailto:omega@walbrookpr.com)
 Paul McManus / Lianne Applegarth                                                                      Mob: 07980 541 893 / 07584 391 303
 Sam Allen                                                                                             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.

 

www.omegadx.com (http://www.omegadx.com/)

 

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