EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, is pleased to announce its final results for the year ended 31 December 2016.

Financial Highlights

• Revenue up 28% to £38.6m (2015: £30.0m)
• Gross profit up 24% to £18.3m (2015: £14.7m)
• Adjusted EBITDA* of £6.1m (2015: loss of £0.3m)
• Cash generated from operations of £8.8m (2015: £2.9m used)
• Cash at 31 December 2016 of £7.9m (31 Dec 2015: £2.0m), Net cash of £2.2m (31 Dec 2015: £8.8m Net debt)

* Excluding exceptional items and share based payments

Operational Highlights

• Successful restructuring programme focusing the business on profitability and organic sales growth
• Strong organic growth delivered across all 3 Point-of-Care business areas and Central Laboratory
• 13,650 analysers and 69m tests sold worldwide in 2016
• Business stability has allowed strategically key new products to be identified for further development

Additional update for shareholders

The Company has announced this morning that it is evaluating plans to split the Group into two separate companies with the purpose of seeking to achieve a fair reflection of the value of each separate business.

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

“Much has been done very quickly to turn the Group around, however work continues to simplify the business to allow the management team to concentrate on making it more cost efficient so that we can service our growing customer base and build for the future. I am confident that shareholders will see the continuing benefits of this in 2017 and we are currently trading in line with management’s expectations.”

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