EKF Diagnostics (EKF) Trading Update summary

Financial performance and strategic focus

• FY 2024 revenue expected at £50.2m, down from £52.6m in FY 2023, reflecting a shift to higher margin products and winding down of non-core lines.

• Gross margin improved year-on-year from 45% in FY 2023, with adjusted EBITDA expected to be at least £11.0m, up from £10.4m.

• Cost base realigned and administration expenses reduced, supporting margin and EBITDA growth.

Cash position and capital allocation

• Cash at 31 December 2024 was £14.3m, with all bank borrowings repaid; net cash at end 2023 was £4.7m.

• Cash balances in Russia reduced to £1.3m, with limited dividend payments continuing.

• Board to consider use of strong cash position in FY 2025, including internal investment, M&A, or share buy-back.

Operational highlights and outlook

• Business focus on core operations in point-of-care testing and life sciences, with global reach across 120+ countries.

• Five manufacturing sites in the US and Germany, with headquarters in Penarth, UK.

• FY 2024 results expected to be announced in late March 2025.