PENARTH-BASED EKF celebrates ‘golden age of diagnostics’
3:51pm Wednesday 26th February 2014 in News
PENARTH-BASED company EKF is celebrating a ‘golden age of diagnostics’ as it announced its financial results for last year
EKF Diagnostics Holdings plc, based on Stanwell Road, enjoyed a year of “strong organic growth and improved earnings”.
Financial highlights included revenues going up by 22 per cent to £31.8million, compared to £26.2million in 2012, reported EBITDA up 82 per cent to £6.7m (2012: £3.3m), adjusted EBITDA(excluding exceptional items and share based payments) up 51 per cent to £4.8m (2012: £3.2m), cash generated from operations of £3.2m (2012: £2.5m), and cash at December 31 of £2.6m (2012: £4.3m)– reflecting deferred consideration payments, investment in additional manufacturing capacity, capitalised development costs and increased working capital due to high December sales.
Julian Baines, CEO of EKF, said they were “very happy” with the results and said he hoped the business would continue to grow.
“We are looking at expanding the business moving forward and driving growth.”
David Evans, Executive Chairman of EKF, said:
“The journey in 2014 promises to be exciting as we underpin the advancements we have made in prior years and seek to capture the opportunities that are in front of us. I truly believe that we are in a golden age for diagnostics and with ever increasing health demands from a growing and ageing population, diagnostics can provide a key role in helping contain costs and at the same time improve overall patient care through disease prevention, early intervention, patient monitoring and ensuring the right patients get the right medicine at the right time.
He added: “We continue to look at opportunities to grow our business. 2013 has shown that we have come an extremely long way and now have a well-integrated business. I am confident 2014 will show that we can do even better.”