Further upgrade to current year trading

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 2021, as well as a further upgrade to current year trading.

The strong trading from the beginning of the year continued into the second quarter of 2021. This continues to reflect improving trading in the core business and ongoing strong demand for EKF’s contract manufacturing services for COVID-19 sample collection devices and associated kits. The Board is now very confident that trading for the full year will be comfortably ahead of already materially upgraded management expectations.

Financial Highlights

• Revenue up 46.5% to £38.56m (H1 2020: £26.33m)
• Adjusted EBITDA* up 42.9% to £12.76m (H1 2020: £8.93m)
• Net profit after tax up 122% to £9.19m (H1 2020: £4.14m)
• Net cash generated from operations of £1.13m (H1 2020: £6.94m)
• Net cash of £20.38m (30 June 2020: £16.28m) (31 December 2020: £21.41m)
• Dividend of 1.1p per ordinary share to be paid on 1 December 2021 (record date: 5 November 2021)

* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items and share-based payments

Operational Highlights

• Core business revenues up £1.21m (6%) in first six months of 2021
• Life Sciences revenues including contract manufacturing for PrimeStore MTM and PBS up 142%
  to £18.50m
• Signed multi-million dollar global supply contract for phosphate-buffered saline (PBS) with
  global private sector partner, whilst also broadening customer base and reducing reliance on this single customer
• Opened new PrimeStore MTM and PBS manufacturing facilities in Cardiff and Boerne to meet wider customer demand in UK and USA
• Trellus Health admitted to AIM on 28 May 2021

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

“The Board is very confident that trading for the year ending 31 December 2021 will be comfortably ahead of already upgraded management expectations.

“The Group remains confident that its growth strategy, as outlined to shareholders at the Annual General Meeting in May, and set out above, will create a business which, aside from any COVID-19 related revenues, is capable of generating significant double-digit growth in adjusted EBITDA over the next three to four years.”

A copy of the investor presentation is available here: https://www.ekfdiagnostics.com/documents-reports.html

EKF Diagnostics will be hosting a live online presentation open to all investors on Wednesday 15 September 2021 at 5.15 pm (BST), via video conference call. If you would like to register, please contact Walbrook PR on 020 7933 8780 or email . 

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