Trading update

RNS Number : 9905G
EKF Diagnostics Holdings PLC
26 November 2015
 

 

 

EKF Diagnostics Holdings plc
("EKF" or the "Company")

 

Trading update

 

EKF Diagnostics Holdings plc (AIM: EKF), announces a trading update for the 12 months to 31 December 2015.

 

As announced on 11 November 2015, Ron Zwanziger has joined the Board as Non-Executive Chairman and is undertaking a review of the business which is expected to complete before the end of the year.

 

The initial findings of the review are that the Company expects to achieve full year revenues of approximately £32 million. There are likely to be a number of items which will materially affect the Company's profit before tax for the year, including:

·     the partial or complete impairment of the Molecular division. Discussions regarding the divestment or closure of the Molecular division are still ongoing;

·     a provision against, or write off of, specific debtors; and

·     the closure costs of the STI site in Sanford, which the Company announced on 12 November 2015.

 

The management team is making progress in realigning its cost base to with the goal of achieving positive cash generation in the early part of next year.

 

In the near term the Board composition will change to having two executives and five non-executives including some external additions. Following the sad passing of Kevin Wilson last week, David Evans has now been appointed Chair of the Audit Committee.

 

 

 

EKF Diagnostics Holdings plc     

Tel: 029 2071 0570

Ron Zwanziger, Chairman

Tel: +1 339 221 6282

David Evans, Deputy Non-Executive Chairman

Mob: 07740 084 452

Julian Baines, CEO

Mob: 07788 420 859

Paul Foulger, CFO

Mob: 07710 989 255

 

 

Panmure Gordon (UK) Limited

Tel: 020 7886 2500

Robert Naylor (Corporate Finance)

 

Paul Fincham (Corporate Finance)

 

 

 

Walbrook PR Limited 

Tel: 020 7933 8780 or ekf@walbrookpr.com

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

       

 

 

 

 


This information is provided by RNS
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