REG - EKF Diagnostics Hldg - FY 2024 Trading Update

EKF Diagnostics HoldingsAnnouncement

29/01/2025 07:00

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RNS Number : 0262V  EKF Diagnostics Holdings PLC  29 January 2025

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
EBITDA(1), 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.

 

(1)Earnings 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.

 

 

 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 Limited              Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com (mailto: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
(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.

 

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