EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces its unaudited interim results for the six months ended 30 June 2016, ahead of market expectations.
EKF has an installed base of over 90,000 analysers globally and manufactures over 56 million tests annually.
- Revenue up 18% to £17.51m (H1 2015 restated: £14.86m)
- Gross profit up 10% to £8.42m (H1 2015 restated: £7.67m)
- Gross margins expected to improve in H2 2016
- Adjusted EBITDA* up 57% to £2.02m (H1 2015 restated: £1.29m)
- Cash generated from operations of £1.4m (H1 2015 restated: £2.1m cash used).
- Cash at 30 June 2016 of £3.24m (30 June 2015: £2.08m), Net debt of £4.3m (31 December 2015: net debt £8.8m) – with placing completed in June to repay debt and free up banking facilities
* Before exceptional items and share based payments
- Organic growth delivered across all 3 Point-of-Care business units and Central Laboratory
- Cost savings identified and implemented with benefits now beginning to pull through
- Transfer of STI manufacturing to Stanbio now complete
- Board restructuring to focus on profitability and organic sales growth
- Senior management to be incentivised with performance related packages
- 7,000 analysers and 35.3m tests sold worldwide during the first half of 2016
Commenting on outlook, Christopher Mills, Non-executive Chairman of EKF, said: “By simplifying the business and providing a clear focus for the management team to deliver a return to profitable and cash generative growth, I believe we have established a solid platform to support high quality sustainable growth. Whilst we still have much to do and many of the benefits of our restructuring programme are still to be fully felt by the Group, the early indications from these first half results provides us with confidence in hitting the higher end of our performance targets for 2016 and delivering further growth of the business in 2017.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
The full article is available to read here.
|EKF Diagnostics Holdings plc
Julian Baines, CEO
Richard Evans, Finance Director and COO
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