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EKF Diagnostics Holdings PLC - healthcare products manufacturer - Reports 2020 revenue of GBP65.3 million, up 45% from GBP44.9 million in 2019 and above expectations of GBP60 million. 2020 pretax profit rises substantially to GBP15.4 million from GBP5.5 million in 2019 and adjusted earnings before interest, tax, depreciation and amortisation of GBP25.5 million, more than doubled from GBP12.0 million. This is above expectations of GBP23 million. Says the increases are due to "significantly-improved" trading in its core business in the final quarter, along with continued orders for the PrimeStore MTM Covid-19 sample collection device.
Intends to make a dividend payment this year of 1.1 pence per share, after paying 1p as a final dividend for 2019.
Looking ahead, EKF says it is confident 2021 will be ahead of its already upgraded expectations.
"The improvement in trading in our core business and the strong demand for Covid-19 sample collection devices has continued into the new financial year. Whilst necessarily maintaining a conservative approach to forecasting for our core business, we have already announced that our performance for the first quarter of 2021 will be materially ahead of expectations and the same quarter last year," says Non-Executive Chair Christopher Mills.
Additionally, EKF signs a multi-million dollar supply two-year contract with its unnamed private sector partner. Says the contract will see EKF support its partner's global Covid-19 sample testing initiative, with orders being fulfilled from EKF's production sites in the UK, Germany and the US.
Current stock price: 73.90p, up 4.8% on Tuesday
Year-to-date change: up 3.0%
By Zoe Wickens; zoewickens@alliancenews.com
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