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29 Jan 2025 07:00
This announcement contains inside informationfor the purposes of UK Market Abuse Regulation.
EKF Diagnostics Holdings plc
("EKF" or the "Company")
FY 2024 Trading Update
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics business, provides a trading update for the year ended 31 December 2024 ("FY 2024").
FY 2024 trading reflects the focus on higher margin product ranges and core operations, the winding down of non-core and low margin product lines and services, and the realignment of the business's cost base.
As a result, the Company expects to report full-year revenues of £50.2m (FY 2023: £52.6m), having accelerated the move away from lower margin products.
Gross margin continued to improve year-on-year (FY 2023: 45%) and adjusted EBITDA1, subject to completion of the audit, is expected to be not less than £11.0m² (FY 2023: £10.4m), helped by reduced administration expenses. Cash as at 31 December 2024 was £14.3m, bank borrowings having been repaid in full (Net cash at 31 December 2023: £4.7m), with cash balances in Russia reduced to £1.3m (from £1.7m as at 31 December 2023), as limited dividend payments continued.
In light of the strong cash generation, the Board will consider the best utilisation of cash balances in FY 2025 to deliver further value to shareholders, be that via internal investment to support organic growth, enhancing M&A opportunities or the potential implementation of an additional share buy-back programme.
EKF expects to announce its FY 2024 results in late March 2025.
1Earnings before interest, tax, depreciation and amortisation, excluding exceptional items and share based payments.
²Management understands consensus revenue and Adj. EBITDA forecasts for FY 2024 to be £53.5m and £11.7m respectively.
The person responsible for arranging the release of this Announcementon behalf of the Company is Julian Baines, Executive Chair.
EKF Diagnostics Holdings plc | www.ekfdiagnostics.com | ||
Julian Baines, Executive Chair / Stephen Young, CFO | via Walbrook PR | ||
Singer Capital Markets (Nominated Adviser & Broker) | Tel: +44 (0)20 7496 3000 | ||
Phil Davies / Oliver Platts | |||
Walbrook PR Limited | Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com | ||
Paul McManus / Alice Woodings | Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654 | ||
About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com)
EKF is an AIM-listed global diagnostics business focussed on:
● | Point-of-Care analysers in the key areas of Hematology and Diabetes |
● | Life Sciences services provide specialist manufacture of enzymes and custom products for use in diagnostic, food and industrial applications. |
EKF has headquarters in Penarth (near Cardiff) and operates five manufacturing sites across the US and Germany, selling into over 120 countries world-wide.
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