27th Jan 2014 08:27
LONDON (Alliance News) - EKF Diagnostic Holdings PLC Monday said it will report higher revenues and operating earnings for 2013, in line with market expectations, after revenue growth accelerated in the second half of the year.
In a trading update, the company said it will report revenues of about GBP31.8 million for the whole of 2013, up from GBP26.1 million in 2012, after revenues in the second half of the year grew about 13% from the first half figure.
It said it expects to report adjusted earnings before interest, tax, depreciation and amortisation some 40% above the 2012 figure of GBP3.2 million.
EKF's cash balances at the end of 2013 were GBP2.55 million, compared with GBP4.33 million at the end of 2012.
It said sales of high-margin reagents had again performed well and it held its market share for these. It said it had seen significant sales growth across all its major product ranges.
Sales in the Americas rose over 28%, it said, despite a hit from moves in the dollar exchange rate and a delay in a significant tender into the first half of 2014.
Still, the company's shares were down 1.6% at 38.50 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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