EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces its unaudited final results for the year ended 31 December 2015. EKF has an installed base of over 90,000 analysers globally and manufactures over 56 million tests annually. Full results attached.

A challenging year

• Revenues down 19% to £30.0m (2014 restated to exclude discontinued business: £37.1m)
• Restructuring of company:
  • Disposal of Selah Genomics
  • Closure of Walton-on-Thames facility
  • Closure of Dublin facility and end of sales of biomarker products
  • Moth-balled EKF Molecular Diagnostics
  • STI in Sanford, USA remains open
  • Reduced headcount by 85 (to 315)
• Gross profit down 23% to £14.7m (2014 restated: £19.2m)
• Adjusted EBITDA* down to £0.3m loss (2014 restated: £6.7m)
• Cash used in operating activities: £2.9m (2014: £3.3m used)
• Net debt of £8.8m (2014: £2.1m net cash)
• Write-off of Selah Genomics with future annual cost saving of £2m
• Write-off of significant debtors in Mexico

* Excluding exceptional items and share based payments

Green shoots of recovery

• Cost savings of £6.7m identified and implemented
• 12,879 analysers and 56m tests manufactured
• Large tenders won in Saudi Arabia (Quo-Test), Turkey (Hemo Control), Peru (Hemo Control)
• Steady performance from core business

Christopher Mills, Non-executive Chairman of EKF, said:

“I believe the core operations of EKF are fundamentally sound with good prospects. My desire now is to restore the confidence of our shareholders in our management team, as they rebuild value for all shareholders over the medium term.”