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14th September 2021

EKF To Outstrip Already Upgraded Expectations

AIM-listed point-of-care business EKF Diagnostics Holdings has said it is confident its full year results will be “comfortably ahead” of already upgraded management expectations.

In interim results, the Penarth group said strong trading from the beginning of the year had continued into the second quarter of 2021.

EKF’s performamce is being driven by improving trading in its core business and ongoing strong demand for its contract manufacturing services for Covid-19 sample collection devices and associated kits.

In the six months to 30 June 2021, revenue at EKF surged up by 46.5 per cent to £38.5m while adjusted EBITDA was up 42.9 per cent to £12.76m and net profit after tax rose by 122 per cent to £9.2m.

Core business revenues were up £1.2m in the first six months of 2021. Life sciences revenues, including contract manufacturing for PrimeStore MTM and PBS, were up 142 per cent
to £18.5m.

EKF opened new PrimeStore MTM and PBS manufacturing facilities in Cardiff and Boerne to meet wider customer demand in the UK and US.

Chairman Christopher Mills said the group was confident its growth strategy “will create a business which, aside from any Covid-19 related revenues, is capable of generating significant double-digit growth in adjusted EBITDA over the next three to four years”.