15th Jul 2019 12:57
(Alliance News) - EKF Diagnostics Holdings PLC said Monday its current financial year has started "well" with sales in line with market forecasts.
The point-of-care medial device manufacturer noted, however, that "tight" cost control management has resulted in its adjusted earnings before interest, tax, depreciation and amortization for the six months to June 30 is ahead of management expectations.
In the same period last year, EKF Diagnostics reported adjusted Ebitda of GBP4.9 million. The company also reported pretax profit of GBP1.7 million on revenue of GBP20.4 million.
EKF Diagnostics said it intends to pay a 1.0 pence per share dividend for 2019 after not offering a payout in 2018.
In a statement, the company said: "Net cash and marketable securities as at June 30 are also slightly ahead of management expectations and were approximately GBP15 million. This figure includes approximately GBP3.3 million of Renalytix AI PLC securities - about 2.7 shares - held at cost price."
These shares have a value of about GBP8.7 million.
Renalytix AI was previously a unit of EKF Diagnostics but listed on London's AIM last November. EKF Diagnostics owns a 34% stake in Renalytix.
"The outlook for the second half is encouraging and revenues are expected to show continuing momentum over the balance of the year, in part due to the contribution from the OEM contract with McKesson Medical-Surgical Inc for the distribution of Diaspect Tm in the US and the enzyme business with Oragenics Inc," the company added.
Shares in EKF Diagnostics were up 6.4% in London on Monday at 36.70 pence each. Renalytix was trading 1.1% higher at 328.49p.
Related Shares:
Ekf DiagnosticsRenalytix Plc