28th Sep 2015 09:28
LONDON (Alliance News) - EKF Diagnostics Holdings PLC Monday reported a swing to a pretax profit for its first half as a result of a one-off gain, and said it expects to see benefits from tender orders in its second half, including orders that were delayed from the first half.
For the half year to end-June the company reported a pretax profit of GBP5.1 million, swung from a pretax loss of GBP2.5 million a year before, boosted by a GBP8.8 million exceptional gain from the release of deferred consideration provision. Revenue was flat at GBP16.8 million.
In April the company initiated a strategic review, and in August it received a "highly preliminary approach" from JinJing Group Co Ltd over a possible offer for the company, as well as two further offers from third parties of between USD110 million to USD125 million for its point-of-care business. One of these further offers has since been withdrawn.
During the first half the company only secured tender wins of GBP500,000 due to some tenders being delayed into the second half. However, it said it has developed the strongest tender pipeline it has ever had, and expected a number of these tenders too be decided in the second half, and has secured a "significant" tender in the Middle East.
Shares in EKF were untraded Monday morning. It last closed at 22.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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