EKF Diagnostics Holdings PLC FY 2024 Trading Update

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 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.

 

 

EKF Diagnostics Holdings plc		www.ekfdiagnostics.com
Julian Baines, Executive Chair / Stephen Young, CFO		via Walbrook PR
Singer Capital Markets (Nominated Adviser & Broker)			Tel: [phone]
Phil Davies / Oliver Platts
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus / Alice Woodings	Mob: [phone]

 

 

 

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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