EKF Diagnostics gets cash boost from Admiral sale

Friday, Dec 24 2010 by
1
EKF Diagnostics gets cash boost from Admiral sale

EKF Diagnostics (LON:EKF) , the AIM listed point-of-care diagnostics business, has agreed a deal to sell its remaining rights in the Admiral sportswear brand for around £830,000 in cash. The deal takes the total consideration for the sale of Admiral in all territories in 2010 to in excess of £1.8m.

EKF has spent much of 2010 re-focusing its strategy on in-vitro diagnostics having previously specialised in sports marketing under the guise of International Brand Licensing plc. The group firth embarked on a disposal strategy back in 2005 and has since raised approximately £10m through the disposal of Mountain Equipment, Admiral and various sponsorship terminations.

Late last year the group changed its name to EKF and said it intended to use International Brand Licensing as a vehicle to build a group focused on the in-vitro diagnostics industry, through acquisition. Those deal began flowing in June with the acquisition of EKF-diagnostic GmbH, which was followed by Quotient Diagnostics and Argutus Medical.

Julian Baines, the chief executive of EKF, said: “Since my arrival at EKF Plc and the re-focussing of the group into a vitro diagnostic's business, we have sought the disposal of non-core assets and I am delighted that we have now concluded the sale of the remaining Admiral sportswear territories, the net proceeds will be used to further enhance the growth of our underlying business.”

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EKF Diagnostics Holdings plc is engaged in developing, manufacturing and supplying of products and services into the in-vitro diagnostic (IVD) market place. The Company manufactures and sells diagnostic instruments, reagents and certain ancillary products. The Company's point-of-care range includes hemoglobin analyzers, HbA1c analyzers and glucose analyzers for use in the screening, monitoring and diagnosis of patients, as well as rapid tests for pregnancy and common infectious diseases. The Company's Central Laboratory division includes a range of products for use in both large and small laboratory facilities. Its subsidiary, EKF Life Sciences, provides bulk diagnostic enzyme manufacturing and fermentation services. EKF Life Sciences specializes in producing enzymes, including Salicylate Hydroxylase and Beta-Hydroxybutyrate Dehydrogenase. Its products include Quo-Test A1c, Biosen C-Line and Biosen S-Line, STAT-Site M B-HB analyzer, sTNFR1 biomarker test kits and Altair 240. more »

LSE Price
30.25p
Change
4.3%
Mkt Cap (£m)
131.7
P/E (fwd)
20.0
Yield (fwd)
n/a



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