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LONDON (Alliance News) - Medical devices maker EKF Diagnostics Holdings PLC said Wednesday its interim profit expanded as administrative costs fell, despite revenue dipping.
For the six months ended June, pretax profit widened 21% to GBP1.7 million from GBP1.4 million the year prior. This was despite revenue dropping 5.1% to GBP20.4 million from GBP21.5 million the year before.
Profit performance was helped by a sharp fall in administrative expenses to GBP9.1 million from GBP10.2 million the year prior.
"Despite currency headwinds and reduced revenues following the completion of the Saudi tender, the group achieved earnings in the first half of the year which were marginally ahead of management expectations," EKF Chairman Christopher Mills said. "The second half of the year has started well with organic revenue and EBITDA improving on the same period year-on-year."
"At the same time we undertook a number of actions to support the future performance of the business: delaying the launch of DiaSpect in the US which allowed us to complete a significant distribution agreement with McKesson; substantial investment in enlarging our Elkhart facility ahead of revenue ramp-up from our Oragenics Inc agreement; the development of Lactate Scout 4.0 for launch in the first half of 2019 for clinical care and obstetrics; signing a distribution agreement for Asahi Kasei Pharma's Glycated Albumin products; and investment in seeking FDA approval for the launch of Quo-Test next year," Mills added.
"We believe that these actions, alongside new contracts recently signed and a strong order book, will lead to further progress over the final months of the current year and beyond", Mills said.
Shares in EKF were 2.6% lower at 36.13 pence on Wednesday.
