EKF Diagnostics Holdings PLC Trading Update (0833M)
12 Septembre 2023 - 8:01AM
UK Regulatory
TIDMEKF
RNS Number : 0833M
EKF Diagnostics Holdings PLC
12 September 2023
This announcement contains inside information
for the purposes of UK Market Abuse Regulation.
EKF Diagnostics Holdings plc
("EKF" or the "Company")
Trading Update
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global
diagnostics business, provides a trading update with revised
guidance for its full year performance despite continued growth in
Point-of-Care and good progress in the Life Sciences fermentation
capacity expansion.
As confirmed in the 26 July Trading Update , both Point-of-Care
and Life Sciences businesses have performed well in the first half
of the year. The strong performance seen in Point-of-Care has
continued into the third quarter and Life Sciences has continued to
benefit from strong sales of Beta-Hydroxybutyrate ("
<BETA>-HB") in line with management expectations . Whilst
good progress is being made to increase the Company's fermentation
capacity, the process of validation and verification had not been
sufficiently factored into current timescales for installed
equipment to become fully operational. In addition, customer needs
for downstream processing have become apparent, meaning that as a
result of these factors only limited initial scale-up revenues will
be generated from this additional capacity during FY 2023.
Consequently, the Board is removing any guidance for
fermentation revenues for FY 2023 and expects to see a steadier
build-up of revenues during FY 2024 as capacity comes online,
production projects commence and utilisation increases through the
year. Considering these factors in the context of continued growth
across the rest of the business, EKF now expects to deliver
revenues of around GBP53m and adjusted EBITDA(1) in the region of
GBP10m for the year ending 31 December 2023. As previously
confirmed H1 2023 revenues from continuing operations, excluding
all COVID-related revenues, were GBP25.4m.
Julian Baines has also confirmed to the Board that he will
increase his commitment to the Company, after originally assuming
the role of Executive Chair on a short-term basis in February 2023.
Julian will remain Executive Chairman and the process of recruiting
a new Chief Executive Officer will be halted. Julian will work with
newly appointed CFO, Steve Young, and the wider Management Team to
ensure that EKF is on track to deliver against revised guidance and
significant growth prospects over the longer-term.
EKF will announce its unaudited results for H1 2023 on 26
September 2023.
Julian Baines, Executive Chair of EKF, commented: "In our last
trading update, we flagged that the delivery of management's
adjusted EBITDA expectations for this year remained very much
dependent on the timing of bringing revenues from our new Life
Sciences capacity online. We remain very confident about the
longer-term growth prospects from our newly expanded fermentation
capacity, but believe it is prudent to reduce short-term guidance
to reflect the revenue build now starting in 2024.
"I am pleased to confirm my increased commitment to EKF as
Executive Chairman, reflecting my determination to ensure that our
newly expanded South Bend facility is a success. I'm also delighted
that we are delivering steady growth in our Point-of-Care division
and <BETA>-HB sales, and remain very confident in our ability
to deliver the longer-term, significant growth prospects for our
LifeSciences business."
(1) Earnings before interest, tax, depreciation and
amortisation, excluding exceptional items and share based
payments.
The person responsible for arranging the release of this
Announcement
on behalf of the Company is Julian Baines, Executive Chair.
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Julian Baines, Executive Chair Tel: +44 (0)29 2071 0570
Singer Capital Markets (Nominated Adviser & Tel: +44 (0)20 7496 3000
Broker)
Aubrey Powell / George Tzimas / Oliver
Platts
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Applegarth Mob: +44 (0)7980 541 893 / +44 (0)7584 391
303
About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com
)
EKF is an AIM-listed global diagnostics business focussed
on:
-- Point-of-Care analysers in the key areas of Hematology and
Diabetes, as well as Central Laboratory products including clinical
chemistry reagents, analysers and centrifuges
-- Life Sciences services provide specialist manufacture of
enzymes and custom products for use in diagnostic, food and
industrial applications, as well as other higher value Contract
Manufacturing services
EKF has headquarters in Penarth (near Cardiff) and operates five
manufacturing sites across the US and Germany, selling into over
120 countries world-wide.
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END
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