13th Mar 2019 12:35
LONDON (Alliance News) - EKF Diagnostics Holdings PLC on Wednesday said its profit grew significantly in 2018 following a rise in revenue and a decrease in expenses.
The AIM-listed medical devices manufacturer said pretax profit almost tripled to GBP12.2 million in 2018 from GBP4.3 million reported a year earlier, as revenue grew by 2.2% to GBP42.5 million from GBP41.6 million.
The growth was boosted by strong performance in both Hematology and Central Laboratory divisions, where revenue advanced by 6% to GBP13.7 million and by 5% to GBP13.3 million, respectively.
However, revenue in the Diabetes Care unit fell by 5% to GBP11.0 million, due to the end of the Quo-Test contract in Saudi Arabia.
Administration costs have fallen substantially, to GBP10.6 million from GBP18.2 million in 2017, reflecting the focus on operational improvements.
During the year the company said it has acquired and cancelled 3.5 million shares, representing 0.8% of it share capital at the beginning of 2018, at a total cost of GBP940,000.
"We are confident that we will continue to make progress in 2019," said Non-Executive Chair Christopher Mills.
"Trading in the first quarter to date has been satisfactory, in line with management expectation," Mills added.
EKF Diagnostics shares were trading 7.3% lower on Wednesday at 29.40 pence each.
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