Final results

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EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics business, announces its final results for the year ended 31 December 2021. Comparative data is provided for the year ended 31 December 2020, unless otherwise indicated.


Financial Highlights

  • Revenue up 25% to £81.8m (2020: £65.3m)
  • Core1 business revenues up 14% to £42.1m (2020: £37.1m)
  • Gross profit up 5% to £39.4m (2020: £37.4m)
  • Adjusted EBITDA2 up 4% to £26.5m (2020: £25.5m), reflecting the changes in the mix of Contract Manufacturing related products as well as increased costs in the supply chain.
  • Profit before tax of £21.4m (2020: £15.4m), including effect of share-based payments
  • Basic earnings per share of 3.47p (2020: 2.45p)
  • Cash generated by operating activities of £10.2m (2020: £13.8m)
  • Cash at 31 December 2021 of £20.3m (2020: £21.9m), net cash after borrowings of £19.6m (2020: £21.4m)
  • Value of investments in marketable securities at year end of £7.6m (2020: £6.5m)
  • Cash dividend of £5.1m paid to shareholders, equivalent to 1.1p per ordinary share (2020: 1.0p per share)


Operational Highlights

  • Focus on returning core business to pre-pandemic 2019 levels and positioned for future sustainable growth outside of short-term contract manufacturing
  • New reporting of business division revenues:
    • Point-of-Care up 18% to £27.0m
    • Central Laboratory up 7% to £13.1m
    • Life Sciences up 3% to £2.0m
    • Contract Manufacturing up 38% to £36.3m, driven by COVID sample collection kits manufacture
    • Laboratory Testing Services ADL Health contributed £1.0m following acquisition in September 2021
  • Significant investment in South Bend, Indiana, facility to expand EKF Life Sciences' fermentation capabilities
  • $10m acquisition of ADL Health, an earnings enhancing and cash generative CLIA certified testing laboratory


1 Core business includes Point of Care, Central Laboratory and Life Sciences
2 Earnings before interest, tax, depreciation and amortisation, share-based payments and exceptional items, as laid out in the income statement


Christopher Mills, Non-Executive Chairman of EKF, commented:

“2021 was a year that delivered record revenue and adjusted EBITDA performance. Our key focus remains on implementing our strategy to position our core business for sustainable future growth, utilising cash generated from short-term contract manufacturing activities. At the end of 2019, and pre-pandemic, we had a core business that generated revenues of £43.3m and an adjusted EBITDA of £12m. These results show that in 2021 our core business revenues were broadly in-line with these levels and we have already implemented our investment plans to support growth in our core business in 2022.

“Current trading is strong and we expect to deliver a solid first quarter performance in line with that of 2021. However, we are adopting a pragmatic view that we expect there will be a significant reduction in pandemic-related contract manufacturing activity for the remainder of the year and guiding analysts accordingly. The new management team is keenly focused on delivering the growth plan through to 2024 which assumes no benefit from further COVID-related manufacturing, but instead is targeting sustainable revenue growth in our expanded core operations.”


For further information please contact:

EKF Diagnostics Holdings plc

Christopher Mills, Non-executive Chairman

Tel: +44 (0)29 2071 0570

Mike Salter, CEO

Marc Davies, CFO



Singer Capital Markets (Nominated Adviser & Joint Broker)

Tel: +44 (0)20 7496 3000

Aubrey Powell / George Tzimas / Tom Salvesen




Investec Bank plc (Joint Broker)

Tel: +44 (0)20 7597 4000

Gary Clarence / Daniel Adams




Walbrook PR Limited

Tel: +44 (0)20 7933 8780 or  

Paul McManus / Lianne Cawthorne

Mob: +44 (0)7980 541 893 / +44 (0)7584 391 303 



About EKF Diagnostics Holdings plc


EKF is a leading global diagnostics business with custom manufacturing facilities across sites in the US, UK and Europe for a variety of life science products. EKF is focussed on the following areas:



Providing a portfolio of Point-of-Care analysers and consumables, particularly for use in the area of Hematology and Diabetes, for use in hospital and research laboratories, doctor's offices, blood banks and for in-field anaemia screening programmes. EKF has an estimated 80,000 hemoglobin, hematocrit, HbA1c, glucose and lactate analysers in regular use across more than 100 countries.


Central Laboratory

Clinical chemistry, Small lab analysers, Centrifuges

Beta-Hydroxybutyrate (β-HB) LiquiColor, Glycates Albumin, Glycated Serum Protein, Nitro-tab, Procalcitonin


Life Sciences

Enzyme fermentation, Custom products and Bulk fermentation


Contract Manufacturing 

Bulk formulation, Sample collection kits, Private labelling, Molecular and forensic kits


Laboratory Services

In September 2021, EKF completed the acquisition of Advanced Diagnostic Laboratory LLC (“ADL Health”), a Texas based testing laboratory certified under the Clinical Laboratory Improvement Amendments ("CLIA") for high complexity testing. The laboratory provides testing for a variety of clinical, forensic and microbiological sample types using a range of analytical techniques. This acquisition positions EKF as a leading ‘one stop’ provider of diagnostic products and services from sample collection to results.


In May 2021, EKF announced its strategy for delivering growth to 2024 and beyond, and continuing to deliver shareholder value. The strategy for growth can be summarised as:

continuing innovation in products and services in Point-of-Care, Central Laboratory and Life Sciences leveraging new and existing routes to market and relationships;

investment in expanded production and kitting capabilities to offer a suite of diagnostic Contract Manufacturing solutions to third party businesses;

expansion of CLIA Laboratories Testing offering, building on the acquired capabilities in ADL Health; and

identify complementary earnings-enhancing acquisitions with key strategic value.


EKF will also continue to generate enhanced shareholder value through:

a progressive dividend policy; and

its agreement with Mount Sinai Innovation Partners ("MSIP"), which allows us advanced access to innovative commercial opportunities and where we can build on the ongoing successes of Renalytix plc, Verici Dx plc and Trellus Health plc.




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