2nd Jun 2016 15:07
LONDON (Alliance News) - EKF Diagnostics Holdings PLC said the "good progress" it made in the first quarter of 2016 continued into April, ahead of its annual general meeting on Thursday.
The medical diagnostics business said sales and earnings before interest, tax, depreciation and amortisation remain ahead of budget and substantially ahead of last year on a like-for-like basis.
EKF added that the decision to close its Florida factory and move the business to Texas will lead to short-term one-off costs, although it will also result in annualised savings of GBP700,000.
It also said that it is pursuing a number of previously postponed initiatives, although it is unlikely there will be any "meaningful" impact on profit or revenue in the current year.
"Inevitably there is still much to do and your management team is reviewing further options to increase profitability over the coming year. I look forward to the future with confidence," Non-Executive Chairman Christopher Mills said in a statement.
In a separate statement, EKF said it has raised GBP4.8 million in the placing of 42.2 million shares at a price of 11.25 pence each through an accelerated bookbuild.
Panmure Gordon (UK) Ltd acted as nominated adviser and corporate broker.
Shares in EKF were trading down 5.2% at 11.26 pence on Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Ekf Diagnostics