EKF Diagnostics Holdings plc, the point-of-care diagnostics business, announces its unaudited interim results for the six months ended 30 June 2014.

Financial Highlights

• Revenue up 12.6% to £16.77m (H1 2013: £14.89m)
  •  c. £1m negative effect of exchange rates
  • Underlying organic growth at constant currency rates of 3.4%
• Adjusted EBITDA* up 4.7% to £2.22m (H1 2013: £2.12m)
• Cash at 30 June 2014 was £11.12m (31 Dec 2013: £2.55m), net cash of £5.2m

* after deferred consideration payments of £0.36m
* after strategic investments of £0.90m

* Before exceptional items and share based payments

Operational Highlights 

·         Point-of care product sales up 16% to £11.4m (H1 2013: £9.8m)
·         Order for 1,900 Biosen analysers from China worth c €4m over 2.5 years
·         Central Lab sales disproportionately impacted by exchange rates, 
          but β-HB sales up 6% year-on-year
·         Three value adding acquisitions to make a considerable contribution to future growth
·         Technology transfer of Quo-Test and Quo-Lab to Barleben, Germany now completed
·         First revenues from Molecular Diagnostics division and portfolio of tests in development

Commenting on outlook, David Evans, Executive Chairman of EKF, said:

“Whilst trading conditions continue to be challenging, the general outlook for the second half is very positive, not only in terms of operational improvements and the long term strategic positioning of the Group, but also in terms of the further organic growth we anticipate and the first full six month contribution from our recent acquisitions. 

“We remain confident of meeting market expectations for the full year. Our focus in the second half and beyond is on rebuilding shareholder value. Form is temporary but class is permanent and we believe we have a first class offering.”

You can find the full report attached here.