REG - EKF Diagnostics Hldg - Full year results
25/03/2025 07:15
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RNS Number : 9640B EKF Diagnostics Holdings PLC 25 March 2025
This announcement contains inside information
for the purposes of UK Market Abuse Regulation.
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Full year results
9.2% growth in adjusted EBITDA with stronger than expected cash generation
Strategic development plan in place to deliver accelerated five-year growth
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics
business, announces its audited results for the year ended 31 December 2024
("FY 2024"), reflecting 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.
In FY 2024 EKF has delivered improved adjusted EBITDA, enhanced gross margins,
stronger than expected cash generation and a significant improvement in the
strength of its balance sheet. The Company has also outlined details of its
strategic development plan to accelerate growth over the next five years.
Financial highlights
● Revenues of £50.2m (2023: £52.6m) - reflecting the previously reported move
away from lower margin products
● Gross profit before exceptionals of £24.4m (2023: £24.4m)
● Gross margins continued to improve to 48% (2023: 45%) and admin expenses
reduced by a further £1.6m
● Adjusted EBITDA* up 9.2% to £11.3m (2023: £10.4m)
● Profit before tax of £6.3m (2023: £2.1m)
● Stronger than expected net cash generation from operations of £12.2m (2023:
£8.8m)
● Net Cash and cash equivalents (after bank borrowings) as at 31 December 2024
of £14.3m (31 December 2023: £4.7m)
- Bank borrowings of £3.0m have been repaid in full
- £1.3m held by EKF's Russian subsidiary and subject to regulatory
restrictions (31 December 2023: £1.7m)
- given strong cash generation, Board will consider the best utilisation of
cash to deliver further value to shareholders
*Earnings before interest, tax, depreciation, amortisation and excludes
exceptional items
Operational highlights & Outlook
● Business division revenues:
- Point-of-Care: £31.4m (2023: £32.2m) reflecting the expected decline
in Diabetes, but with Hematology sales growth.
- Life Sciences: £16.7m (2023: £15.8m) including a 7% rise in β-HB
sales
- Other (including Discontinued and non-core products inc. testing):
£2.1m (2023: £4.6m)
● #1 market position for the manufacture / supply of β-HB, #2 for Hemoglobin
point-of-care testing
● Accelerated removal of non-core, low margin products from portfolio
● Diabetes sales expected to be impacted by global trend to reduce frequency of
HbA1c testing
● Appointment of Gavin Jones, Chief Product Officer, to the Board as Chief
Executive Officer as of 25 March 2025
Julian Baines, Executive Chair of EKF, commented: "The 2024 results reflect
the positive effects of our rationalisation process and the benefits that a
more simplified business with greater commercial focus on higher margin
products and services can bring to the Group.
"We have already delivered further significant improvements to our adjusted
EBITDA margin and vastly improved cash generation, however we believe our
five-year development plan will further improve these metrics, with sensible
reinvestment into our key business divisions to drive organic growth and
margin improvement.
"EKF remains a well-established business, with a core product portfolio that
is capable of significant growth with the right investment. We continue to
generate significant levels of cash from our operations and we believe our
biggest challenge as a Board is to deploy this cash most effectively to
generate further growth and value for shareholders."
Investor Presentation
A copy of the investor presentation is available here:
https://www.ekfdiagnostics.com/documents-reports.html
(https://www.ekfdiagnostics.com/documents-reports.html)
EKF Diagnostics will be hosting a live online presentation open to all
investors today at 4.15pm (GMT), via the Investor Meet Company
platform. Investors can sign up to Investor Meet Company for free and add to
meet EKF Diagnostics via:
https://www.investormeetcompany.com/ekf-diagnostics-holdings-plc/register-investor
(https://www.investormeetcompany.com/ekf-diagnostics-holdings-plc/register-investor)
Investors who already follow EKF on the Investor Meet Company platform will
automatically be invited.
A recording of the presentation, a PDF of the slides used, and responses to
the Q&A session will be available on the Investor Meet Company platform
afterwards.
EKF will also be hosting an in-person presentation for investors at 5.30pm
today taking place at 75 King William Street, London, EC4N 7BE. If you would
like to attend, please contact Walbrook PR on 020 7933 8780 or email:
EKF@walbrookpr.com.
The Company will make a further announcement upon the publication of its
audited Annual Report and Accounts for the year ended 31 December 2024, and
its availability online.
EKF Diagnostics Holdings plc www.ekfdiagnostics.com (http://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 (Media & Investor Relations) 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
The persons responsible for arranging the release of this announcement
on behalf of the Company are Julian Baines, Executive Chair, and Stephen
Young, CFO.
About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com
(http://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.
Executive Chairman's Statement
The 2024 full-year results reflect our focus on higher margin product ranges
and improving core operations, as well as the winding down of non-core and low
margin product lines and services, and the realignment of the business's cost
base.
Whilst this has delivered lower revenues of £50.2m (FY 2023: £52.6m), the
refocus on core products and services has seen an improvement in gross margins
and reduced administration expenses. The delivery of a 9.2% increase in
adjusted EBITDA to £11.3m (FY 2023: £10.4m) in this circumstance shows the
effectiveness of our strategy and this has resulted in cash generation well
ahead of expectations and a significant improvement in the strength of our
balance sheet. Improvements in both margin and cash generation were key Board
targets for 2024 and I'm very pleased that the team at EKF have delivered this
so effectively.
Going forward we will have a clear commercial focus on our core products and
services, and we expect to deliver growth across the two divisions of the
business, Point-of-Care and Life Sciences. We believe our actions have
positioned the business to deliver further Adjusted EBITDA growth and
significant cash generation.
Our biggest challenge now is how to best use these foundations to deliver
further value for shareholders and to this end we have created a five-year
strategic development plan to support accelerated organic growth. As well as
the deployment of cash to support organic growth, the Board will also consider
whether enhancing M&A opportunities or a share buy-back programme would
deliver additional value.
Whilst I will address FY 2024 trading in my statement below, I know that
shareholders are keen to know our plans for the future of the business and the
areas where we expect to deliver further growth. I have set these out below.
Review of 2024 business and products performance
We continue to report our results across our two business divisions, with a
focus on core products and services. Discontinued and non-core revenue lines
have been moved into the "Other" category as part of our product portfolio
rationalisation strategy as we aim to deliver further margin improvement
across the Group.
The two divisions can be summarised as:
• Point-of-Care - supplying analysers and consumable products in the key areas
of Hematology and Diabetes
• Life Sciences - offering contract fermentation services for clinically
important enzymes and proteins, and the manufacture of Beta-Hydroxybutyrate
(β-HB), used as a quantitative ketone test to identify patients suffering
from diabetic ketoacidosis, as well as in many other clinical applications.
Divisional revenues for the 12 months ended 31 December 2024 2023 % Change
£ millions
Point-of-Care (POC) 31.4 32.2 -2%
POC: Hematology 15.8 15.3 3%
POC: Diabetes 10.9 12.1 -10%
POC: Other 4.7 4.8 -2%
Life Sciences 16.7 15.8 6%
Life Sciences: β-HB 12.5 11.7 7%
Life Sciences: Fermentation sales 2.7 2.6 4%
Life Sciences: Contract Manufacturing 1.5 1.5 0%
Other* 1.0 1.1 -14%
Discontinued Product Lines 1.1 3.5 -69%
POC 1.1 1.9 -42%
Life Sciences - 0.5 -100%
Other ** - 1.1 -100%
Total Revenues 50.2 52.6 -5%
Total Revenues excluding discontinued product 49.1 49.1 0%
* Other revenue relating to non-core products.
** Other discontinued products relating to Covid testing
Note:
POC: including discontinued 32.5 34.1 -5%
Life Sciences: including discontinued 16.7 16.3 2%
Other: including discontinued 1.0 2.2 -56%
Total 50.2 52.6 -5%
(1) Point-of-Care
EKF continues to hold a strong position in the Point-of-Care ("POC") market.
In 2024, we sold over 12,000 Point-of-Care analysers, resulting in sales of
over 100 million individual test consumables.
As I explain below, when I discuss our five-year strategic development plan,
we have identified that the key growth area is the Hematology side of this
division, particularly focused on Hemoglobin point-of-care testing and the
growth opportunity presented by further commercial focus on the US market. We
continue to monitor the performance of our Diabetes product portfolio and its
ability to deliver growth as we are seeing a growing global trend to reduce
the frequency of glycated haemoglobin (HbA1c) testing driven by lower
reimbursement rates and the prevalence of Continuous Glucose Monitoring. This
is reflected in the 2024 performance for Diabetes products above and moving
forward we will focus on supporting the clear growth opportunities that we see
in Hematology, which in 2024 grew by 3.5% but we believe has much greater
potential.
(2) Life Sciences
Revenues from our Life Sciences division grew by 6.2%, driven by a 7.1%
increase in β-HB sales with 2024 performance supported by the resumption of
regular stock ordering following the end of the COVID pandemic and
replenishment of the new white label products under our contract with Thermo
Fisher Scientific for β-HB LiquiColor®.
Following a timing related minor downturn last year, fermentation returned to
growth in 2024 and activity with new customers increased. Growth to date has
been disappointing and whilst we expect to add additional customers throughout
the year, it is part of our strategic development plan to focus on expanding
the contract manufacturing and fermentation opportunities in the US and
Europe, and opening up new business with significant players in Pharma,
Biotech and Diagnostics.
Cash
Cash generation was well ahead of expectations with net cash and cash
equivalents (after bank borrowings) as at 31 December 2024 of £14.3m (31
December 2023: £4.7m). Rebuilding the Company's cash levels and ensuring a
strong balance sheet was a key consideration for the Board for 2024, and this
will allow us to execute our strategic development plan and fund our
investment into accelerated organic growth. It will also allow the Board to
consider other opportunities for the effective deployment of surplus cash to
deliver further shareholder returns.
Russia
We continue to supply tests to Russia through our 60% owned subsidiary, but on
a limited basis due to increased sanctions restricting the range of medical
instruments we are able to supply into the region. During the year £0.5m
(2023: £0.3m) cash has been received by our German subsidiary through
dividends, with remaining cash balances of £1.3m as at 31 December 2024
(£1.7m as at 31 December 2023).
Five-year strategic development plan
Greater commercial focus across our two divisions to deliver accelerated
organic growth
As I've mentioned above, we have created a five-year strategic development
plan to support accelerated organic growth within the business. As part of
this we will deliver operational changes to more clearly separate the two
divisions and provide each division with greater commercial focus, technical
resource and operational efficiency to deliver on their own very distinct
growth opportunities. The ultimate goal of the five-year strategic development
plan is to deliver revenue growth and improved profitability across both
divisions.
Operational & Organisational changes
As a Board we have identified a need to more clearly define leadership across
our two divisions and to provide greater separation of the two divisions,
particularly in terms of sales infrastructure and especially for those
focussed on the US market. To this end I am pleased to announce that Gavin
Jones, Chief Product Officer will join the Board as Chief Executive Officer of
EKF Diagnostics Holdings plc in order to deliver this change.
Additional resources will be applied to both divisions to provide specialist
sales in Life Sciences and the growing Hematology business, where we have
identified the most significant growth opportunity within POC. We are the
world number two in Hemoglobin POC testing and number one in the US for the
supply of β-HB reagents and believe that with targeted investment in these
areas we believe we can capitalise further on our leading positions and
deliver further organic growth.
Investment will also need to be made in our Hemoglobin POC test manufacturing
capacity, where currently demand for our hematology products is outstripping
supply. A further investment of £1m will be required to grow capacity at the
Barleben site by 30% and support the growth we expect to see within the
hematology market. There is not a requirement for significant further capital
expenditure within the Life Sciences division, with investment focussed on the
redevelopment of the commercial team. This has already started, with two new
senior appointments made in January focused entirely on expanding contract
manufacturing and fermentation opportunities, one positioned in the US, the
other in the Europe. We also believe there is an opportunity to invest in a
commercially aware and highly technically proficient resource within Life
Sciences to expand the product and service offering beyond the current
options.
The appointment of a dedicated Life Sciences Commercial Director, with
relevant market experience and the remit to grow the business beyond the
existing opportunities, will be key to delivering on our growth targets for
this division. We look forward to updating shareholders on a suitable
appointment in due course.
Growth Strategy
POC Hematology
Having identified hematology as the main opportunity for organic growth with
the POC we will seek to create a dedicated POC sales team focused on
Hemoglobin POC testing. We estimate that the US Hemoglobin POC testing market
is worth approximately $160-$175m annually. We will now apply sufficient
resource to effectively target wider adoption in blood banks, plasma centres
and Women Infants & Children (WIC) centers and other Public Health
settings in the United States.
We also believe there is an opportunity to focus on under-served markets by
increasing engagement with our distributor base, establishing new sales
channels in LATAM, EMEA and APAC provided by infectious disease, and
identifying and targeting Non-Governmental Organisations (NGOs) to drive
market expansion.
Life Sciences
We believe that the removal of any focus on point of care products from our
existing US sales team in order to concentrate on β-HB will allow us to
accelerate growth in this area. There are a significant number of acute care
hospitals in the US who are not currently using β-HB, because they are using
outdated technology or not following current Diabetic Ketoacidosis guidelines
and we are confident that a focussed sales team will be able to offer these
hospitals a more suitable and cost-effective option with our β-HB
LiquiColor® offering.
We also acknowledge that to date the performance of the contract manufacturing
and fermentation has been disappointing. The new Life Sciences Commercial
Director to be appointed will drive both this and our β-HB sales effort and
we have already begun the process of redeveloping the commercial team with our
added sales team resources. We will also look outside of our current technical
offering to consider offering fermentation beyond the current enzyme types we
have on offer which will be more attractive to organisations looking to
develop new products and applications. We have excellent state-of-the-art
facilities in South Bend and need to execute a more effective commercial
development plan for this part of our business following the appointment of
the new divisional Commercial Director.
Summary of Five-Year Strategy for Sustainable Growth
· Life Sciences realignment - Establish market-specific
commercial and technical resources to gain better access to high-value
Diagnostic, Pharma and Biotech customers by 2026
· Product improvement - Updates to existing products in
Hematology and β-HB to deliver best-in-class and compete at the highest level
by 2027
· New product development - Focused product development
to deliver new products and technologies in multianalyte Point-of-Care testing
by 2028
· Focus on Hematology - Capital deployment in Commercial
and Operational Excellence to become #1 in POC Hematology testing by 2029
Board Changes
Following today's appointment to the Board of Gavin Jones as Chief Executive
Officer the Board will comprises of six members - Three Executive Directors
and three Non-executive Directors, two of whom are independent:-
Julian Baines Executive Chair
Gavin Jones Chief Executive Officer
Stephen Young Chief Financial Officer
Christian Rigg Senior Independent Non-executive Director
Jenny Winter Independent Non-executive Director
Christopher Mills Non-executive Director
Outlook
The 2024 results reflect the positive effects of our rationalisation process
and the benefits that a more simplified business with greater commercial focus
on higher margin products and services can bring to the Group.
We have already delivered further significant improvements to our adjusted
EBITDA margin and vastly improved cash generation, however we believe our
five-year development plan will further improve these metrics, with sensible
reinvestment into our key business divisions to drive organic growth and
margin improvement.
EKF remains a well-established business, with a core product portfolio that is
capable of significant growth with the right investment. We continue to
generate significant levels of cash from our operations and we believe our
biggest challenge as a Board is to deploy this cash most effectively to
generate further growth and value for shareholders.
Julian Baines
Executive Chairman
24 March 2025
Chief Financial Officer's Review
Revenue
Revenue for 2024 was £50.2m (FY 2023: £52.6m), a decrease of 4.6% on the
prior year, reflecting the disposal of the ADL business in 2023 and the ending
of clinical chemistry sales. At constant 2023 exchange rates, revenue for the
year would have been £51.9m.
Revenue and adjusted EBITDA by geographical segment based on the legal entity
locations from which sales are made, is as follows:
2024 2023
Adjusted Adjusted
Revenue EBITDA* Revenue EBITDA*
£'000 £'000 £'000 £'000
Germany 20,671 5,588 22,095 6,459
USA 26,166 8,748 26,133 6,851
UK - (3,925) 815 (4,018)
Russia 3,357 925 3,568 1,092
Total 50,194 11,336 52,611 10,384
* Adjusted EBITDA excludes exceptional items.
Commentary by geographical segment:
Germany - Reduction in revenue primarily due to lower revenues for contract
manufacturing and Quo-Lab. This reduction in revenue impacted the adjusted
EBITDA generating £5.6m in 2024 (2023: £6.5m).
USA -An increase in β-HB sales offset reduced revenues following the
discontinuation of clinical chemistry products left revenue in GBP unchanged.
The higher margins driven by this product mix shift led to an increase in
adjusted EBITDA generating £8.7m in 2024 (2023: £6.9m).
UK - Operations ended in Q1 2023.
Russia - Local currency revenue again increased but was affected by less
favourable exchange rates. EKF's Russian entity is 60% owned by the Group with
100% of its results consolidated, with the non-controlling interest shown
separately in the income statement and statement of financial position.
Russia Update
During 2024, EKF continued to supply essential medical products to its
60%-owned Russian subsidiary, in compliance with current international
sanctions guidance and following regular management review. The effect of
sanctions and Russian Government retaliation continues to increase. Despite
this, it has been possible to continue the distribution of limited cash
dividends from this subsidiary in 2024, however it is not clear how long this
will be able to continue. As at 31 December 2024, cash held in Russia totalled
£1.3m (31 December 2023: £1.7m).
Management continues to assess the situation in Russia and is mindful of the
growing financial and operational challenges.
Gross profit
Gross profit was £24.1m (2023: £23.9m), which represents a gross margin of
48% (2023: 45%). The margin improvement was largely the result of higher BHB
sales and the discontinuation of the low margin clinical chemistry business.
Administration costs and research and development
Administration costs excluding exceptional items have decreased to £18.1m
(2023: £19.7m), largely as a result of cost savings made.
Research and development costs included in administration expenses were £1.5m
(2023: £1.8m). A further £0.5m (2023: £0.4m) was capitalised as an
intangible asset, resulting from our development work to broaden and improve
our product portfolio (including our EKF Link data management platform),
bringing gross R&D expenditure for the year to £1.8m (2023: £2.2m). The
charge for depreciation of fixed assets and amortisation of intangible assets
decreased to £4.7m (2023: £5.5m). The reduction was mainly the result of the
completion of amortisation of intangible assets on consolidation relating to
the acquisitions of Stanbio and DiaSpect.
Operating profit and adjusted earnings before interest, tax, depreciation and
amortisation
The Group generated an operating profit of £6.3m (2023: £2.1m). This was a
result of lower exceptional costs, and the positive effects of the cost
savings made during the year. We continue to consider that adjusted earnings
before interest, tax, depreciation and amortisation, share-based payments and
exceptional items (adjusted EBITDA) is a better measure of the Group's
progress as the Board believes it provides a clearer comparison of the
underlying operating performance between periods. In 2024 we achieved adjusted
EBITDA of £11.3m (2023: £10.4m), a increase of 9.2%, due to administrative
expense savings. The calculation of this non-GAAP measure is shown on the face
of the income statement. It excludes the effect of exceptional costs of £0.4m
(2023: £2.8m), the main element of which in 2024 is the write down of
inventory relating to our clinical chemistry product line.
Finance costs
Finance income and costs offset to £nil (2023: income of £0.05m). The
benefit of interest received on cash balances, mainly those held in Russia, is
offset by interest on bank borrowings as well as charges relating to leases
accounted for in accordance with IFRS 16. Although the Group holds net cash,
achievable financial returns on this remain very low.
Tax
There is an income tax credit of £0.3m (2023: credit of £0.6m). The
effective tax rate is (5.0)%. This is mainly due to tax losses in the USA
which stem from the tax effect of the fixed asset programme in the USA. During
the year we received a tax refund in the USA of £2.2m (2023: £nil).
Dividend
Based on the potential need for continued modest investment in the growth of
our core areas the Board has previously decided that it would be prudent to
pause dividend payments and to enhance shareholder value mainly through
growth. The Board will consider restarting dividends, or buying back ordinary
shares in the market, if these make commercial and economic sense.
Balance sheet
Property plant and equipment and right-of-use assets
Additions to fixed assets were £3.1m (2023: £7.4m). The largest part of this
related to the Group's operations in the USA and the capitalisation of
replacement leases under IFRS 16, mainly in respect of lease renewals of
existing properties in the UK and Germany.
Intangible assets
The carrying value of intangible assets has decreased, from £30.2m at the end
of 2023 to £28.9m as at 31 December 2024. This is largely due to amortisation
of assets.
Investments
We continue to hold small investments in Verici Dx plc, Epinex, LLC, and
Llusern Scientific Limited, with a combined carrying value as at 31 December
2024 of £0.2m (2023: £0.3m).
Cash and working capital
Group cash net of borrowings (which excludes marketable securities and lease
creditors assessed in relation to IFRS 16 assets) has increased to £14.3m
from £4.7m. Excluding cash held in Russia the cash balance net of borrowings
is £13.0m (2023: £3.0m). Borrowings at 31 December 2023 of £3.0m were
repaid in full during the year. The loan facility from HSBC UK plc which is a
revolving credit facility which allows us to borrow over short periods within
the three-year term which ends in October 2026 remains in place for now. Cash
generated by operations is £12.2m (2023: £8.8m). Investment has been made in
the acquisition of fixed assets (£2.2m excluding IFRS 16 leases). The tax
refund in relation to the US business of $2.7m (£2.1m) was received as
expected.
In addition to the loan facility from HSBC, the Company continues to benefit
from a funding line with North Atlantic Smaller Companies Investment Trust PLC
("NASCIT"). Christopher Mills, Non-executive Director of the Company, sits on
the Board as Chief Executive Officer of NASCIT and is a substantial
shareholder of both the Company and the lender. This is a committed facility
for a maximum value of £3.0m which, as at the date of this statement, is not
drawn down. The direct and indirect shareholdings of Mr. Mills in the Company
include those of the North Atlantic Smaller Companies Investment Trust PLC.
The lending facility is available for three years from the date of signature
in March 2023 and any amounts drawn down carry interest at 2.5% above the Bank
of England base rate from time to time, payable quarterly in arrears. Any loan
under the facility is required to be fully repaid at the end of the facility
term. The Company may repay any such loan early, in part or in full, but may
not re-borrow such amounts. An arrangement fee of £25k was paid to NASCIT in
connection with the facility being made available.
As a Substantial Shareholder (as defined in the AIM Rules), the arrangement of
the debt facility with NASCIT represented a related party transaction pursuant
to AIM Rule 13. In accordance with AIM Rule 13, the independent Directors of
EKF (being the Directors of the Company other than Christopher Mills),
consulted with Singer Capital Markets as the Company's nominated adviser, and
disclosed (prior to entry into the facility agreement) that they consider the
terms of that agreement are fair and reasonable in so far as shareholders are
concerned.
Going concern
The Directors have considered the applicability of the going concern basis in
the preparation of these financial statements. This included the review of
internal budgets and financial results which show that, even taking into
account severe but plausible changes in financial performance, the Group will
be able to meet its liabilities as they fall due throughout the going concern
period. In making this assessment the Directors continue to consider all
options for maximising shareholder value.
The Directors have modelled a range of sensitivities from the base internal
Budget including lower revenues, the potential effect of changes in trading
relationships with the USA, and continued restrictions in Russia in relation
to accessing cash.
We continue to have a loan facility from HSBC UK of £3m available until
October 2026 and a committed £3m of funding from the North Atlantic Smaller
Companies Investment Trust available until March 2026, both of which are not
forecast to be utilised over the going concern period.
Considering the range of sensitivities which account for a severe downturn
versus expectation in 2025, plus the range of mitigation options available the
business demonstrates sufficient headroom giving the Directors confidence that
the business can continue to meet its obligations as they fall due, even under
the worst-case scenarios, for at least 12 months from the date of this report.
Accordingly, the directors are satisfied they can prepare the accounts on a
going concern basis.
Stephen Young
Chief Financial Officer
24 March 2025
Consolidated Income Statement
for the year ended 31 December 2024
2024 2023
Continuing operations £'000 £'000
Revenue 50,194 52,611
Cost of sales (25,798) (28,175)
Exceptional items - other charged to cost of sales (330) (577)
Gross profit 24,066 23,859
Administrative expenses (18,078) (19,680)
Exceptional items - impairment of assets - (961)
Exceptional items - other (22) (1,295)
Other income 294 158
Operating profit 6,260 2,081
Depreciation and amortisation (4,724) (5,472)
Share-based payments - 2
Exceptional items (352) (2,833)
EBITDA before exceptional items and share-based payments 11,336 10,384
Finance income 174 125
Finance costs (171) (75)
Profit before income tax 6,263 2,131
Income tax credit 314 600
Profit for the year 6,577 2,731
Profit attributable to:
Owners of the parent 6,242 2,352
Non-controlling interest 335 379
6,577 2,731
Pence Pence
Earnings per Ordinary Share attributable to the owners of the parent during
the year
Basic 1.38 0.52
Diluted 1.38 0.52
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024
2024 2023
£'000 £'000
Profit for the year 6,577 2,731
Other comprehensive (loss)/income
Items that will not be reclassified to profit or loss
Changes in fair value of equity instruments at fair value through other (48) 489
comprehensive income (net of tax)
Items that may be subsequently reclassified to profit or loss
Currency translation differences on translation of foreign operations (1,198) (3,564)
Other comprehensive loss (net of tax) (1,246) (3,075)
Total comprehensive income/(loss) for the year 5,331 (344)
Attributable to:
Owners of the parent 5,210 (438)
Non-controlling interests 121 94
Total comprehensive income/(loss) for the year 5,331 (344)
Consolidated Statement of Financial Position
as at 31 December 2024
Group Group
2024 2023
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 22,779 23,744
Right-of-use asset 1,255 1,031
Investment property - -
Intangible assets 28,922 30,224
Investments in subsidiaries - -
Investments 228 276
Deferred tax assets 09 18
Total non-current assets 53,193 55,293
Current assets
Inventories 7,393 8,766
Trade and other receivables 6,803 6,787
Current income tax receivable 55 2,277
Cash and cash equivalents (including restricted cash of £1,289,000 (2023: 14,301 7,726
£1,706,000))
Total current assets 28,552 25,556
Total assets 81,745 80,849
Equity attributable to owners of the parent
Share capital 4,537 4,537
Share premium 7,375 7,375
Other equity - Ordinary shares held in treasury 12 12
Other reserves 32 80
Foreign currency reserves 5,372 6,356
Retained earnings 54,999 48,757
72,327 67,117
Non-controlling interest 885 1,100
Total equity 73,212 68,217
Liabilities
Non-current liabilities
Borrowings - -
Lease liabilities 898 618
Deferred tax liabilities 1,198 2,517
Total non-current liabilities 2,096 3,135
Current liabilities
Trade and other payables 5,399 5,512
Lease liabilities 420 495
Current income tax liabilities 618 504
Borrowings - 2,986
Total current liabilities 6,437 9,497
Total liabilities 8,533 12,632
Total equity and liabilities 81,745 80,849
Consolidated Statement of Cash Flows
for the year ended 31 December 2024
Group Group
2024 2023
£'000 £'000
Cash flow from operating activities
Cash generated from operations 12,170 8,823
Interest received 174 125
Interest paid (91) (47)
Income tax received/(paid) 1,403 (2,590)
Net cash generated from operating activities 13,656 6,311
Cash flow from investing activities
Payment for property, plant and equipment (PPE) (2,246) (6,598)
Payment for intangibles (510) (377)
Proceeds from sale of PPE 94 -
Proceeds from sale of investments - 1,333
Net cash (used in)/generated from investing activities (2,662) (5,642)
Cash flow from financing activities
Dividends paid to company shareholders - (5,445)
Repayments of borrowings (3,000) (137)
Proceeds from new borrowings - 3,000
Fees for new borrowing - (14)
Principal elements of lease payments (741) (879)
Dividend payment to non-controlling interest (336) (171)
Net cash used in financing activities (4,077) (3,646)
Net increase/(decrease) in cash and cash equivalents 6,917 (2,977)
Cash and cash equivalents at beginning of year 7,726 11,578
Exchange losses on cash and cash equivalents (342) (875)
Cash and cash equivalents at end of year 14,301 7,726
Cash and cash equivalents totalling £1,289,000 (2023: £1,706,000) are held
by the Group's 60% owned subsidiary company in Russia. As a result of action
by the Russian Government following international sanctions being imposed on
Russia, access to this cash is currently restricted.
Consolidated Statement of Changes in Equity
Share capital Share premium account Other equity Other reserves Foreign currency reserve Retained earnings Total Non- controlling interest Total equity
Consolidated Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 4,549 7,375 - (629) 9,590 52,461 73,346 1,177 74,523
Comprehensive income
Profit for the year - - - - - 2,352 2,352 379 2,731
Other comprehensive income/(expense)
Changes in fair value of equity instruments at fair value through other - - - 489 - - 489 - 489
comprehensive income
Reserves transfer - - - 262 - (262) - - -
Currency translation differences - - - (1) (3,234) (44) (3,279) (285) (3,564)
Total comprehensive income/(expense)
- - - 750 (3,234) 2,046 (438) 94 (344)
Transactions with owners
Ordinary shares acquired (12) - 12 - - (344) (344) - (344)
Reserve transfer - - - (41) - 41 - - -
Dividends to non-controlling interest - - - - - - - (171) (171)
Dividends to owners - - - - - (5,445) (5,445) - (5,445)
Share-based payment reserve - - - - - (2) (2) - (2)
Total distributions to owners (12) - 12 (41) - (5,750) (5,791) (171) (5,962)
At 31 December 2023 4,537 7,375 12 80 6,356 48,757 67,117 1,100 68,217
Comprehensive income
Profit for the year - - - - - 6,242 6,242 335 6,577
Other comprehensive expense
Revaluation of Investment in Llusern - - - (2) - - (2) - (2)
Changes in fair value of equity instruments at fair value through other - - - (46) - - (46) - (46)
comprehensive income
Reserves transfer - - - - - - - - -
Currency translation differences - - - - (984) - (984) (214) (1,198)
Total comprehensive (expense)/income - - - (48) (984) 6,242 5,210 121 5,331
Transactions with owners
Ordinary shares acquired - - - - - - - - -
Reserve transfer - - - - - - - - -
Dividends to non-controlling interest - - - - - - - (336) (336)
Dividends to owners - - - - - - - - -
Share-based payment reserve - - - - - - - - -
Total distributions to owners - - - - - - - (336) (336)
At 31 December 2024 4,537 7,375 12 32 5,372 54,999 72,327 885 73,212
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
1. General information
EKF Diagnostics Holdings Plc is a company incorporated in England and Wales
and domiciled in the United Kingdom. The Company is a public limited company,
which is listed on the Alternative Investment Market of the London Stock
Exchange. The address of the registered office is Avon House, 19 Stanwell
Road, Penarth, Cardiff CF64 2EZ.
The principal activity of the Group is the development, manufacture and supply
of products and services into the in-vitro diagnostic (IVD) market place. The
Group has a presence in the UK, USA, Germany, and Russia, and sells throughout
the world including Europe, the Middle East, the Americas, Asia, and Africa.
The financial information does not constitute statutory accounts within the
meaning of sections 434(3) and 435(3) of the Companies Act 2006 or contain
sufficient information to comply with the disclosure requirements of UK
adopted International Accounting Standards. The Company's auditor,
PricewaterhouseCoopers LLP, has given an unqualified report on the
consolidated financial statements for the year ended 31 December 2024. The
auditor's report did not include reference to any matters to which the auditor
drew attention without qualifying its report and did not contain any statement
under section 498 of the Companies Act 2006. The consolidated financial
statements will be filed with the Registrar of Companies, subject to their
approval by the Company's shareholders on 20 May 2025 at the Company's Annual
General Meeting.
The financial statements have been prepared in accordance with UK-adopted
International Accounting Standards (UK IAS) and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with UK IAS, this announcement does not contain
sufficient information to comply with UK IAS. The accounting policies used in
the preparation of these unaudited financial statements are consistent with
those used in the preparation of the audited financial statements for the year
ended 31 December 2023.
Certain statements in this announcement constitute forward-looking statements.
Any statement in this announcement that is not a statement of historical fact
including, without limitation, those regarding the Company's future
expectations, operations, financial performance, financial condition and
business is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially. These risks and uncertainties include, amongst other factors,
changing economic, financial, business or other market conditions. These and
other factors could adversely affect the outcome and financial effects of the
plans and events described in this announcement and the Company undertakes no
obligation to update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this announcement
should be construed as a profit forecast.
2. Significant accounting policies - Going concern
The Directors have considered the applicability of the going concern basis in
the preparation of these financial statements. This included the review of
internal budgets and financial results which show that, even taking into
account severe but plausible changes in financial performance, the Group will
be able to meet its liabilities as they fall due throughout the going concern
period. In making this assessment, the Directors continue to consider all
options for maximising shareholder value.
The Directors have modelled a range of sensitivities from the base internal
Budget including lower revenues, the potential effect of changes in trading
relationships with the USA, and continued restrictions in Russia in relation
to accessing cash.
We continue to have a loan facility from HSBC UK of £3m available until
October 2026 and a committed £3m of funding from the North Atlantic Smaller
Companies Investment Trust available until March 2026, both of which are not
forecast to be utilised over the going concern period.
Considering the range of sensitivities which account for a severe downturn
versus expectation in 2025 and beyond, plus the range of mitigation options
available the business demonstrates sufficient headroom giving the Directors
confidence that the business can continue to meet its obligations as they fall
due, even under the worst-case scenarios, for at least 12 months from the date
of this report. Accordingly, the directors are satisfied they can prepare the
accounts on a going concern basis.
3. Segmental reporting
Management has determined the Group's operating segments based on the monthly
management reports presented to the Chief Operating Decision Maker ('CODM').
The CODM is the Executive Directors and the monthly management reports are
used by the Group to make strategic decisions and allocate resources.
The principal activity of the Group is the design, development, manufacture
and sale of diagnostic instruments, reagents and certain ancillary products.
This activity takes place across various countries, such as the USA, Germany,
and Russia, with head office activities taking place in the United Kingdom,
and as such the Board considers the business primarily from a geographic
perspective. Although not all the segments meet the quantitative thresholds
required by IFRS 8, management has concluded that all segments should be
maintained and reported.
The reportable segments derive their revenue primarily from the manufacture
and sale of medical diagnostic equipment and reagents. Other services include
the servicing and distribution of third party company products under separate
distribution agreements. Transactions between segments consist of the sale of
products for resale. The basis of accounting for these transactions is the
same as for external revenue. Currently the key operating performance measures
used by the CODM are revenue and adjusted EBITDA.
The segment information provided to the Board for the reportable segments for
the years ended 31 December 2024 and 2023 is as follows:
Germany USA Russia^ UK Total
2024 £'000 £'000 £'000 £'000 £'000
Income statement
Revenue 25,487 26,166 3,357 - 55,010
Inter-segment (4,816) - - - (4,816)
External revenue 20,671 26,166 3,357 - 50,194
Adjusted EBITDA* 5,588 8,748 925 (3,925) 11,336
Exceptional items - other, charged to cost of sales 109 (439) - - (330)
Exceptional items - impairments (Note 8) - - - - -
Exceptional items - other 8 - - (30) (22)
EBITDA 5,705 8,309 925 (3,955) 10,984
Depreciation (934) (2,538) (45) (116) (3,633)
Amortisation (751) (360) - 20 (1,091)
Operating profit/(loss) 4,020 5,411 880 (4,051) 6,260
Finance income 174
Finance cost (171)
Income tax 314
Profit/(loss) for the year 4,020 5,411 880 (4,051) 6,577
Segment assets
Operating assets 39,651 29,758 1,244 12,675 83,328
Inter-segment assets (10,272) - (271) (5,341) (15,884)
External operating assets 29,379 29,758 973 7,334 67,444
Cash 4,090 8,750 1,289 172 14,301
Total assets 33,469 38,508 2,262 7,506 81,745
Segment liabilities
Operating liabilities 4,684 3,142 176 16,415 24,417
Inter-segment liabilities (271) (829) - (14,784) (15,884)
External operating liabilities 4,413 2,313 176 1,631 8,533
Borrowings (excluding lease liabilities) - - - - -
Total liabilities 4,413 2,313 176 1,631 8,533
Other segmental information
Non-current assets - PPE 6,712 15,814 117 1,391 24,034
Non-current assets - Intangibles 16,789 7,651 55 4,427 28,922
PPE - additions 1,320 1,490 60 272 3,142
Intangible assets - additions 466 44 - - 510
* Adjusted EBITDA excludes exceptional items and share-based payments. The UK
includes head office costs.
^ relates to a subsidiary with a non-controlling interest
Germany USA Russia^ UK Total
2023 £'000 £'000 £'000 £'000 £'000
Income statement
Revenue 27,122 26,133 3,568 816 57,639
Inter-segment (5,027) - - (1) (5,028)
External revenue 22,095 26,133 3,568 815 52,611
Adjusted EBITDA* 6,459 6,851 1,092 (4,018) 10,384
Exceptional items - other, charged to cost of sales 205 (775) - (7) (577)
Exceptional items - impairments (Note 8) (677) (120) - (164) (961)
Exceptional items - other (86) (1,186) - (23) (1,295)
Share-based payments (Note 30) - - - 2 2
EBITDA 5,901 4,770 1,092 (4,210) 7,553
Depreciation (907) (2,065) (37) (267) (3,276)
Amortisation (1,182) (929) - (85) (2,196)
Operating profit 3,812 1,776 1,055 (4,562) 2,081
Finance income 125
Finance cost (75)
Income tax 600
Profit for the year 2,731
Segment assets
Operating assets 42,131 53,717 1,271 9,304 106,423
Inter-segment assets (10,818) (20,493) (210) (1,779) (33,300)
External operating assets 31,313 33,224 1,061 7,525 73,123
Cash 1,269 3,955 1,706 796 7,726
Total assets 32,582 37,179 2,767 8,321 80,849
Segment liabilities
Operating liabilities 4,959 23,125 160 14,702 42,946
Inter-segment liabilities (770) (19,184) - (13,346) (33,300)
External operating liabilities 4,189 3,941 160 1,356 9,646
Borrowings (excluding lease liabilities) - - - 2,986 2,986
Total liabilities 4,189 3,941 160 4,342 12,632
Other segmental information
Non-current assets - PPE 6,324 16,718 138 1,595 24,775
Non-current assets - Intangibles 18,117 7,650 68 4,389 30,224
PPE - additions 1,307 6,039 56 8 7,410
Intangible assets - additions 314 63 - - 377
* Adjusted EBITDA excludes exceptional items and share-based payments. The UK
includes head office costs.
^ relates to a subsidiary with a non-controlling interest
Disclosure of Group revenues by geographic location of customer is as follows:
2024 2023
£'000 £'000
Americas
United States of America 22,109 21,187
Rest of Americas 3,315 3,791
Europe, Middle East and Africa (EMEA)
Germany 7,188 8,231
United Kingdom 781 767
Ireland 245 1,277
Rest of Europe 4,099 4,094
Russia 3,357 3,568
Middle East 1,041 1,656
Africa 3,272 2,805
Asia and Rest of World
China 1,025 1,246
Rest of Asia and Oceania 3,762 3,989
Total revenue 50,194 52,611
In 2024 and 2023 no customer represented more than 10% of revenues.
4. Exceptional items
2024 2023
Note £'000 £'000
- Business reorganisation costs - other charged to cost of sales a (330) (577)
- Business reorganisation costs - Impairment b - (961)
- Business reorganisation costs - other charged to operating expenses c (22) (1,295)
Exceptional items (352) (2,833)
a. Costs associated with the transition and restructure of
operations. In 2024 costs of £0.5m are inventory provisions associated with
the ending of the group's clinical chemistry product line (2023: £nil),
offset by reductions of provisions previously made against COVID-19 inventory
where the inventory has now been utilised. In 2023 the costs included
provisions against certain COVID-19 related and other inventory totalling
£0.5m and provisions for certain onerous contracts following the decision to
focus on other businesses.
b. In 2023 impairments associated with the transition and
restructure of certain operations in the US, UK, and Germany, which were
charged to operating expenses - including £0.9m relating to the impairment of
R & D projects which no longer met the requirements of capitalisation.
c. Higher than expected professional fees associated with
the closure of DiaSpect Medical AB in 2023. In 2023 costs associated with the
transition and restructure of certain operations in the US, UK and Germany,
including £0.7m relating to a former subsidiary and redundancy costs (£0.2m)
which have been charged to operating expenses.
5. Income tax (credit)/charge
2024 2023
Group £'000 £'000
Current tax:
Current tax on profit for the year 993 1,182
Adjustments for prior periods - (2,729)
Total current tax (credit)/charge 993 (1,547)
Deferred tax (note 28):
Origination and reversal of temporary differences (1,307) 947
Total deferred tax (credit)/charge (1,307) 947
Income tax credit (314) (600)
6. Earnings per share
2024 2023
£'000 £'000
Profit attributable to owners of the parent 6,242 2,352
Weighted average number of Ordinary Shares in issue 453,730,564 454,105,359
Basic profit per share 1.38 pence 0.52 pence
There are no outstanding share options at 31 December 2024 or 2023, or other
dilutive items. The number of shares in issue in both years excludes 1,200,000
shares held in treasury.
7. Dividends
Based on the need for continued investment in our core areas the Board has
decided that it would be prudent to discontinue dividend payments and to
enhance shareholder value mainly through growth. The Board will however
consider recommencing the payment of dividends if and when appropriate. In
December 2023, the Company paid a final dividend for 2022 of 1.2p per ordinary
share, at a total value of £5,445,000.
8. Property, plant and equipment
Group Land and buildings Fixtures & fittings Plant and machinery Motor vehicles Assets under construction Right-of-use asset Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2023 12,150 1,972 14,877 210 6,415 3,322 38,946
Additions 2,581 108 2,179 55 1,876 611 7,410
Exchange differences (409) (38) (499) (44) (300) (143) (1,433)
Transfers 195 (22) 6,569 - (6,799) - (57)
Disposal of subsidiary (4) - (1,543) - - - (1,547)
Disposals - (583) (316) (13) (4) (467) (1,383)
At 31 December 2023 14,513 1,437 21,267 208 1,188 3,323 41,936
Accumulated depreciation
At 1 January 2023 3,344 1,371 10,397 77 - 2,043 17,232
Charge for the year 676 299 1,565 20 - 716 3,276
Exchange differences (146) (25) (361) (16) - (75) (623)
Transfers - - (57) - - - (57)
Impairment - - - - - 75 75
Disposal of subsidiary (4) - (1,357) - - - (1,361)
Disposals - (580) (325) (9) - (467) (1,381)
At 31 December 2023 3,870 1,065 9,862 72 - 2,292 17,161
Net book value at 31 December 2023 10,643 372 11,405 136 1,188 1,031 24,775
Cost
At 1 January 2024 14,513 1,437 21,267 208 1,188 3,323 41,936
Additions 1,179 80 673 - 314 896 3,142
Exchange differences (31) (36) (291) (39) (22) (25) (444)
Transfers 73 - 982 - (1,055) - -
Disposals - (18) (992) - (44) (1,178) (2,232)
At 31 December 2024 15,734 1,463 21,639 169 381 3,016 42,402
Accumulated depreciation
At 1 January 2024 3,870 1,065 9,862 72 - 2,292 17,161
Charge for the year 982 152 1,841 16 - 642 3,633
Exchange differences 11 (34) (274) (15) - 5 (307)
Disposals - (17) (924) - - (1,178) (2,119)
At 31 December 2024 4,863 1,166 10,505 73 - 1,761 18,368
Net book value at 31 December 2024 10,871 297 11,134 96 381 1,255 24,034
9. Intangible assets
Goodwill Trademarks, trade names and licences Customer relationships Trade secrets Development costs Software & website Total
Group £'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2023 29,376 4,632 17,273 14,050 6,166 3,731 75,228
Additions - 8 - - 369 - 377
Disposals - - - - (639) - (639)
Disposal of subsidiary (4,043) (503) (1,257) - - (2,891) (8,694)
Reclassification/transfer - 726 - (520) (206) - -
Exchange differences (908) (185) (745) (274) (151) (176) (2,439)
At 31 December 2023 24,425 4,678 15,271 13,256 5,539 664 63,833
Accumulated amortisation and impairment
At 1 January 2023 4,254 4,047 15,586 12,014 2,211 3,344 41,456
Charge for the year - 429 1,008 343 287 129 2,196
Disposal - - - - (679) - (679)
Disposal of subsidiary (4,043) (503) (1,257) - - (2,891) (8,694)
Impairment - - - - 887 - 887
Exchange differences (211) (176) (678) (243) (82) (167) (1,557)
At 31 December 2023 - 3,797 14,659 12,114 2,624 415 33,609
Net book value at 31 December 2023 24,425 881 612 1,142 2,915 249 30,224
Cost
At 1 January 2024 24,425 4,678 15,271 13,256 5,539 664 63,833
Additions - 59 - - 451 - 510
Disposals - - - - (1,796) - (1,796)
Exchange differences (550) (114) (88) (450) (158) (7) (1,367)
At 31 December 2024 23,875 4,623 15,183 12,806 4,036 657 61,180
Accumulated amortisation and impairment
At 1 January 2024 - 3,797 14,659 12,114 2,624 415 33,609
Charge for the year - 251 214 179 328 119 1,091
Disposal - - - - (1,796) - (1,796)
Exchange differences - (89) (90) (396) (65) (6) (646)
At 31 December 2024 - 3,959 14,783 11,897 1,091 528 32,258
Net book value at 31 December 2024 23,875 664 400 909 2,945 129 28,922
10. Cash generated from operations
Group Group
2024 2023
£'000 £'000
Profit before tax 6,263 2,131
Adjustments for:
- Depreciation 3,633 3,276
- Amortisation 1,091 2,196
- Exceptional items - other, charged to cost of sales 330 577
- Exceptional items -impairment - 961
- Exceptional items - other 22 1,295
- Loss/(profit) on disposal of fixed assets 19 -
- Share-based payments - (2)
- Fair value adjustment - -
- Cash outflows relating to exceptional items (22) (721)
- Foreign exchange 141 (5)
- Bad debt written down 17 214
- Release of debt fees 14 -
- Finance income (174) (125)
- Finance cost 91 47
- Lease interest 80 28
- Inter-company dividend - -
Changes in working capital
- Inventories 765 (745)
- Trade and other receivables (122) 2,495
- Trade and other payables 22 (2,799)
Net cash generated from operations 12,170 8,823
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