26th Feb 2014 12:09
LONDON (Alliance News) - EKF Diagnostics Holdings PLC Wednesday expressed confidence for a better performance in 2014, as it swung to a pretax profit in 2013.
The biotechnology company posted a pretax profit of GBP607,000, compared to a pretax loss of GBP196,000 in 2012, boosted by a rise in revenue to GBP31.8 million from GBP26.1 million.
Profit also was flattered by an exceptional benefit of GBP1.8 million. This consisted of a GBP1.2 million warranty claim in relation to its acquisition of EKF-diagnostic GmbH and a GBP334,000 release of a previously held provision associated with a tax claim.
EKF also recorded a GBP1.1 million release of deferred consideration provisions associated with Stanbio Laboratory LP and Quotient Diagnostics Ltd. This offset a GBP750,000 impairment of goodwill associated with EKF Diagnostics Ltd, Ireland.
Revenue was primarily driven by organic growth, boosted by growth in the Biosen Glucose and Lactate analyser range of products, as well as its Quo-Test and Quo-Lab HbA1c analysers.
The company said that it recognised the growing importance of health economics and health education in accepting new products, and is looking to collaborate strategically in these areas, in order to address the requirements for bringing in new products and services.
"2013 has shown that we have come an extremely long way and now have a well-integrated business. I am confident 2014 will show that we can do even better," said Executive Chairman David Evans in a statement.
EKF didn't pay a dividend for either 2013 or 2012.
Shares in EKF were trading down 2.3% at 36.76 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Ekf Diagnostics