EKF Diagnostics Holdings PLC Trading Update (8950F)
21 Julio 2021 - 1:00AM
UK Regulatory
TIDMEKF
RNS Number : 8950F
EKF Diagnostics Holdings PLC
21 July 2021
This announcement contains inside information
for the purposes of the UK Market Abuse Regulation
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Trading update
H1 2021 performance in-line with already upgraded management
expectations
Full year performance expected to be in-line with management
expectations
EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed
point-of-care business, provides the following trading update for
the six months ended 30 June 2021.
As previously announced in our AGM statement in May, 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 our contract
manufacturing services for COVID-19 sample collection devices and
associated kits. The Board remains confident that trading for the
full year will remain strong and will be in-line with already
materially upgraded management expectations.
Revenues for the six months ended 30 June 2021 were GBP38.56m
(H1 2020: GBP26.33m) and the Company expects to report adjusted
EBITDA(1) in the region of GBP12.75m (H1 2020: GBP8.93m).
Gross cash as at 30 June 2021 was GBP20.78m and cash net of
borrowings was GBP20.39m, in-line with management expectations. In
addition, the Company's interest in Renalytix plc (1,002,981
shares) had a fair value of GBP10.83m, and its Verici Dx plc
securities (2,677,981 shares) had a fair value of GBP1.83m, based
on closing mid-market prices on 30 June 2021.
Following the payment of an inaugural cash dividend of 1p per
share at the end of last year (in respect of 2019) the Company has
confirmed its intention to maintain a modest but progressive
dividend policy, and a further dividend payment to shareholders of
1.1p per ordinary share, which it proposes to pay on 1 December
2021 to shareholders on the register at the close of business on 5
November 2021. The ex-dividend date for this timetable is 4
November 2021.
The Company remains confident that its growth strategy, as
outlined to shareholders at the Annual General Meeting in May, will
create a business which, aside from any COVID-19 related revenues,
is capable of generating significant double-digit growth in
adjusted EBITDA(1) over the next 3 to 4 years. The Board believe
this can be achieved by:
-- investing in the existing core business to drive strong organic growth;
-- maximising value from the agreement with Mount Sinai Innovation Partners;
-- seeking complementary and targeted earnings-enhancing
acquisitions with key strategic value to the core business;
-- continuing to maximise the opportunity to assist clients to
control the impact of COVID-19, and to evolve new contract
manufacturing capabilities in this area to a broader range of
diagnostic and other healthcare settings.
EKF expects to announce its unaudited results for the six months
ended 30 June 2021 in the first half of September 2021, with the
date to be confirmed in a subsequent announcement.
(1) Earnings before interest, tax, depreciation and
amortisation, excluding exceptional items and share based
payments.
The persons responsible for arranging the release of this
Announcement on behalf of the Company
are Julian Baines, CEO, and Richard Evans, FD and COO
respectively.
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Christopher Mills, Non-executive Chairman Tel: +44 (0) 29 2071 0570
Julian Baines, CEO
Richard Evans, FD & COO
Singer Capital Markets Tel: 020 7496 3000
Aubrey Powell / George Tzimas (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited Tel: +44 (0) 20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Cawthorne Mob: +44 (0) 7980 541 893 / +44 (0) 7584
391 303
About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com
)
EKF is a leading point-of-care diagnostics and central
laboratory assay manufacturer with an estimated 80,000 hemoglobin,
hematocrit, HbA1c, glucose and lactate analyzers in regular use
across more than 100 countries. EKF specializes in developing tests
for use in anemia and diabetes diagnosis and management, as well as
providing a portfolio of reagents for use in clinical chemistry
analyzers.
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