This announcement contains
inside information
for 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 Announcement
on behalf of the Company is Julian Baines, Executive
Chair.
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EKF
Diagnostics Holdings plc
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www.ekfdiagnostics.com
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Julian Baines, Executive Chair
/ Stephen Young, CFO
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via Walbrook
PR
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Singer Capital Markets (Nominated
Adviser & Broker)
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Tel: +44
(0)20 7496 3000
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Phil Davies / Oliver
Platts
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Walbrook PR Limited
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Tel: +44 (0)20 7933 8780
or ekf@walbrookpr.com
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Paul McManus / Alice
Woodings
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Mob: +44
(0)7980 541 893 / +44 (0)7407 804
654
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About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com)
EKF is an AIM-listed global
diagnostics business focussed on:
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Point-of-Care analysers in
the key areas of Hematology and Diabetes
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Life Sciences services
provide specialist manufacture of enzymes and custom products for
use in diagnostic, food and industrial applications.
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EKF has headquarters in Penarth
(near Cardiff) and operates five manufacturing sites across the US
and Germany, selling into over 120 countries world-wide.
