6th Nov 2019 18:01
(Alliance News) - EKF Diagnostics Holdings PLC said Wednesday that trading for 2019 to date has been in line with market expectations, and its share price has risen enough to propose making performance bonuses to directors.
For 2019 to date, adjusted earnings before interest, taxes, depreciation and amortisation and revenue is in line with market expectations, which have already been upgraded following trading updates.
EKF said that cash generation has been strong for the year with further upsides from its OEM contract with Mckesson-Surgical Inc for the distribution of Diaspect Tm in US, and the enzyme manufacturing business with Oragenics Inc.
In addition, EKF said that since June 2016, the share price and nearly trebled and the company has moved into profitability and cash generation.
As a result, the company's remuneration committee said it is now appropriate to distribute a portion of cash that would otherwise be payable under the incentive on an exit.
The committee has proposed that executive directors each receive an equal payment of GBP1.3 million, comprising a baseline payment for value creation up to a 20 pence share price, plus a variable amount calculated as 5% of the excess value over 20p per share.
The payment is expected to be made later in November.
Shares in themedical device manufacturer - which is headquartered in Cardiff, Wales - closed 3.1% lower at 31.19 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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