6th Jul 2016 08:06
LONDON (Alliance News) - EKF Diagnostics Holdings PLC on Wednesday said it expects to post first half revenue and adjusted earnings before interest, tax, depreciation and amortisation ahead of market expectations, and said it does not expect any impact to its sales from the UK's vote to leave the European Union.
The AIM-listed point-of-care business said it is confident of achieving the high end of its targeted range of earnings before interest, tax, depreciation and amortisation for the current year of between GBP3.5 million and GBP4.0 million, and said its revenue for the first half to the end of June will exceed GBP16.5 million.
For the same period a year earlier, revenue was GBP16.8 million.
EKF Diagnostics said it is making progress on its restructuring programme, and said the majority of benefits to profitability will come to fruition during 2017.
EKF Diagnostics said it is also able to review and expedite its capital expenditure programme, following its GBP4.8 million fundraising in June. This, the company said, is expected to improve profitability over the medium term.
EKF Diagnostics added that it does not anticipate any impact to sales from the Brexit vote, noting that its sales into European Union countries are derived "entirely from offices within the EU and US, with no such sales made from the UK".
Shares in EKF Diagnostics were up 9.5% at 13.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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