Full year results

EKF Diagnostics Holdings PLC

24 March 2026

 

This announcement contains inside information
for the purposes of UK Market Abuse Regulation.

EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

Full year results

9.3% growth in adjusted EBITDA with continued strong cash generation

Establishment of five-year strategic development plan for accelerated growth

EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics business, announces its audited results for the year ended 31 December 2025 ("FY 2025").

The 2025 full-year results demonstrate the establishment of EKF's five-year strategic development plan, with a continued focus on simplification of the business, building a strong base for strategically important product groups and services, while moving away from non-core, low margin products.

Financial highlights

·	Revenues of £51.6m (2024: £50.2m) - reflecting growth in both point-of-care and Life Sciences
·	Gross profit (before exceptionals in 2024) of £26.5m (2024: £24.4m)
·	Gross margins further improvement to 51% (2024: 48%)
·	Adjusted EBITDA* up 9.3% to £12.4m (2024: £11.3m)
·	Profit before tax of £7.1m (2024: £6.3m)
·	Net cash generation from operations of £11.6m (2024: £12.2m)
·	Net Cash and cash equivalents as at 31 December 2025 of £15.8m (31 December 2024: £14.3m) - £5m returned to shareholders through share buy-backs, continuing into 2026 - £2.1m held by EKF's Russian subsidiary and subject to regulatory restrictions (31 December 2024: £1.3m)

*Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items and share based payments

Operational highlights

·	Business division revenues: -     Point-of-Care: £33.0m (2024: £31.4m) reflecting improvements in both Hematology and Diabetes -     Life Sciences: £17.9m (2024: £16.7m) including a 10% rise in β-HB sales -     Other: (including Discontinued and non-core products*) £0.7m (2024: £2.1m)
·	Key strategic goals met:
	-     Commercial teams restructured for greater focus -     Marketing team expanded
	-     High delivery of Hematology instruments should drive future consumable consumption -     Cuvette production capacity increase project underway

*Discontinued and non-core products include remaining sales of clinical chemistry

Gavin Jones, Chief Executive Officer of EKF, commented: "The 2025 results establish a strong foundation for the Five-Year Strategic Development plan, providing EKF a positive base from which to push further into new markets with a simplified product offering and greater commercial focus on the areas of strategic importance.

The trajectory for EKF has been clearly mapped to deliver further improvements in margin, revenue and EBITDA. Operational cash generation remains at a high level, and this shall be utilised to thoughtfully invest in those areas that will further build on the requirements of the strategy, and deliver long term shareholder value.

We remain committed to establishing EKF as a true leader in Hemoglobin POC testing and Life Sciences, further developing the business through organic growth with a strong focus on profitability improvement and sustainable investment."

Investor Presentation

A copy of the investor presentation is available here: https://www.ekfdiagnostics.com/documents-reports.html

EKF Diagnostics will be hosting a live online presentation open to all investors today at 11.00am (GMT), via the Investor Meet Company platform. Investors can sign up to Investor Meet Company for free and add to meet EKF Diagnostics via: https://www.investormeetcompany.com/ekf-diagnostics-holdings-plc/register-investor

Investors who already follow EKF on the Investor Meet Company platform will automatically be invited.

A recording of the presentation, a PDF of the slides used, and responses to the Q&A session will be available on the Investor Meet Company platform afterwards.

The Company will make a further announcement upon the publication of its audited Annual Report and Accounts for the year ended 31 December 2025, and its availability online.

EKF Diagnostics Holdings plc		www.ekfdiagnostics.com
Gavin Jones, Chief Executive Officer		via Walbrook PR
Julian Baines, Executive Chair / Stephen Young, CFO
Singer Capital Markets (Nominated Adviser & Broker)		Tel: [phone]
Phil Davies / Oliver Platts
Walbrook PR (Media & Investor Relations)	Tel: [phone] or [e-mail]
Paul McManus / Alice Woodings	Mob: [phone]

The persons responsible for arranging the release of this announcement
on behalf of the Company are Gavin Jones, CEO, and Stephen Young, CFO.

About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com)

EKF is an AIM-listed global diagnostics business focussed on:

●	Point-of-Care analysers in the key areas of Hematology and Diabetes
●	Life Sciences services provide specialist manufacture of enzymes and custom products for use in diagnostic, food and industrial applications.

EKF has headquarters in Penarth (near Cardiff) and operates five manufacturing sites across the US and Germany, selling into over 120 countries world-wide.

CHIEF Executive OFFICER'S Statement

The 2025 full-year results demonstrate the establishment of our five-year strategic development plan, with a continued focus on simplification of the business, building a strong base for strategically important product groups and services, while moving away from non-core, low margin products.

This resetting of the base has delivered moderately higher revenues of £51.6m (FY 2024: £50.2m), with a significant improvement in gross margins due to the completion of the removal of low margin product groups. This is also reflected in a 9.3% increase in adjusted EBITDA to £12.4m (FY 2024: £11.3m) demonstrating that whilst the lower margin product groups were making a contribution to revenue, they were not supporting the overall profitability of the business. Cash generation has remained positive, enabling an extension to our share buy-back scheme throughout the year delivering additional value to shareholders, at a time where the valuation of the business does not appear to track with the improved performance.

In my first year as CEO, I have made the strategy of the business going forward very clear, both externally and internally. This has been effective in providing clarity of vision and focus to key priorities, and has allowed a greater level of understanding than we have seen previously. We have seen gains in the areas of strategic development; whilst these will take time to develop over the remaining years of the plan, we have made good progress in establishing the foundations of business which we know will deliver significant growth, cash generation, and profitability over time.

Review of 2025 business and products performance

We continue to report our results across our two business categories, with a focus on core products and services. A geographic summary of the results is shown in the CFO's report. Discontinued and non-core revenue lines have been moved into the "Other" category as part of our product portfolio rationalisation strategy as we aim to deliver further margin improvement across the Group.

The two categories can be summarised as:

•	Point-of-Care - supplying analysers and consumable products in the key areas of Hematology and Diabetes
•	Life Sciences - offering contract fermentation services for clinically important enzymes and proteins, and the manufacture of Beta-Hydroxybutyrate (β-HB), used as a quantitative ketone test to identify patients suffering from diabetic ketoacidosis, as well as in many other clinical applications.

Divisional revenues for the 12 months ended 31 December
£ millions	2025	2024
Point-of-Care (POC)	33.0	31.4
POC: Hematology	16.6	15.8
POC: Diabetes	12.1	10.9
POC: Other	4.3	4.7
Life Sciences	17.9	16.7
Life Sciences: β-HB	13.8	12.5
Life Sciences: Fermentation sales	2.6	2.7
Life Sciences: Contract Manufacturing	1.5	1.5
Other *	0.5	1.0
Discontinued Product Lines	0.2	1.1
Total Revenues	51.6	50.2
Total Revenues excluding discontinued product	51.4	49.1

* Other revenue relating to non-core products and freight. Discontinued product lines includes clinical chemistry

Note:

POC: including discontinued	33.2	32.5
Life Sciences:	17.9	16.7
Other:	0.5	1.0
Total	51.6	50.2

(1)          Point-of-Care

EKF continues to hold a strong position in the Point-of-Care ("POC") market. In 2025, we sold over 16,000 Point-of-Care analysers, resulting in sales of almost 90 million individual test consumables.

A key element of our strategic development plan is to grow the existing Hematology business. In order to achieve this, it is imperative that we seed the market with analysers, which is exactly what we achieved in FY 2025, with over 16,000 Hematology analysers sold (2024: over 9,000). It is this level of commitment and investment from our distribution partners that has led to a 5% increase in the Hematology business in 2025 and should drive further consumable consumption in years to come. Whilst in previous years the Diabetes market seemed to contract and then stabilize, we are now starting to see green shoots of growth in glycated Hemoglobin (HbA1c) testing.

(2)          Life Sciences

Revenues from our Life Sciences division grew by 7%, driven heavily by a 10% increase in β-HB sales, key to which has been the growth in our white label product contracts with Thermo Fisher Scientific and Cardinal Healthcare for β-HB LiquiColor®.

Fermentation and Contract Manufacturing have remained broadly flat in 2025, but this does not truly represent the progress that has been made with onboarding new clients and developing the business with existing clients. One of the key elements of the strategic development plan is to transform our Life Sciences operation into a truly world class Contract Development and Manufacturing Organisation (CDMO). Whilst we are not there yet, we do now have a path to achieving this, including structuring our offering to be more attractive to significant players in Pharma, Biotech and Diagnostics.

Cash

Cash generation continued to be strong. Cash as at 31 December 2025 was £15.8m (31 December 2024: £14.3m), after the deployment in 2025 of £5.0m of on-market purchases in the share buy-back programme and investment for growth that is part of the five-year strategic development plan.

Russia

We continue to supply tests to Russia through our 60% owned subsidiary. Whilst sanctions are still in place, we have been able to reach agreement to ship a wider range of our medical use products, enhancing our sales within the region. This agreement, as well as an improved currency rate has led to an increase in restricted cash balances of £2.1m as at 31 December 2025 (£1.3m as at 31 December 2024). During the year £0.5m (2024: £0.5m) cash has been received by our German subsidiary through dividends from Russia.

Middle East

We have customers across the Middle East and North Africa (but not Iran), as well as an employee based in the area. At present we are not aware of any issues affecting us caused by the current conflict, either from military action or economic effects, however we are watching the unfurling situation closely.

Five-year strategic development plan

Commercial focus delivers on accelerated organic growth

One of the first pillars identified of the five-year strategic development plan was the need to restructure the commercial teams to deliver greater focus in those product areas of strategic importance. I am pleased to confirm this process is now mostly complete, with a clear separation between the Life Sciences and Point-of-Care commercial teams, principally in the US, already delivering growth as demonstrated by the 10% increase in β-HB sales in 2025. In addition to the sales teams, we have expanded our Marketing functions both centrally and at each of our main facilities allowing us to drive further engagement in each of our strategic areas of growth.

Investment in Operational Excellence to increase capacity

Whilst we significantly increased our POC Hemoglobin analyser output in 2025, achieved through a combination of efficiency improvements and sub-assembly outsourcing, investment in our POC Hemoglobin production capacity is also required. The project to increase capacity was kicked off in 2025, this continuous programme will run through 2026 and into 2027, with the aim of increasing our Hemo Control consumable production by 30%. Not all our CapEx projects in 2025 ran to the planned timeline, meaning there will be some carryover into 2026, but we are confident that we can accelerate these projects, keeping up with demand.

Product Development to build for the future

Significant progress was made in product development programmes in 2025, focused on updating our class-leading β-HB LiquiColor® chemistry reagent, and in the exciting area of handheld multi-analyte POC testing. We recognise that to take full advantage of our strong market position in both areas, we have to invest further in product development, ensuring we maintain and grow that market position. As part of this we switched analyte focus on our handheld multi-analyte POC testing product , and as a result chose to accelerate amortisation of the capitalised cost of earlier work on it. We expect to see significant product launches through 2027 and 2028, adding to our product portfolio with clear consideration for our core strengths and strategic direction.

Growth Strategy

POC Hematology

Key to accelerating the organic growth of the business is to capture more of the global POC Hematology market. To achieve this it is imperative that we build and place more analysers than we have in previous years. We are pleased to report that in 2025 we have seen a significant increase versus 2024 in our Hemo Control and DiaSpect Tm analyser placement with key partners around the world. Whilst it does take time for these analysers to be operating at their full capacity, it's this seeding of the market that will deliver an uplift in high margin consumable usage in the coming years. Solid progress has been made in the US POC Hemoglobin market, with a dedicated sales team focused entirely on delivering in the strategically important growth areas of blood banks, plasma centres and Women Infants & Children (WIC) centers and other Public Health settings. Whilst 2025 was focused on establishing a good foundation in this area through relationship building and product evaluations, we will see this bear fruit in 2026.

Outside of the US, we have focused on growing access to anemia testing programmes in EMEA, and LATAM, signing extended and new contracts in Peru, Uganda and Kenya. This expansion will continue as we build the team to further support anemia prevention programmes across Africa, where the African Union has launched the Strategic Framework for Anemia Prevention in Africa which aims to halve anaemia rates by 2035. A key element to this framework is to focus on targeted interventions through prevention, diagnosis, and management of anemia in women, adolescent girls, and children, a strategy that aligns with the World Health Organization (WHO) global approach to anemia prevention.

Life Sciences

We have demonstrated that the decision to build a commercial team focused entirely on β-HB sales in the US has delivered the growth predicted, achieving £13.8m in 2025 (FY 2024: £12.5m), supported in no small part by our key distributors in the region with their own white labelled version of our product. We are confident in this trend continuing as we build on the strong foundations in 2025 with even more focus on those hospital groups that have yet to convert to our product, still using outdated technology.

Whilst remaining broadly flat, our Contract Manufacturing and Fermentation services have developed new opportunities, and although some partners dropped off due to business decisions outside of EKF's control, we have seen significant growth in long-term partners, as well as new business from significant players in the field. We still have capacity to fill in our fermentation facility but this is one of the strengths of our offering. Other facilities are not able to offer this same level of focus and support, this is now starting to show real benefits as we bring in new partners with a view to onshore their enzyme production in the US.

Achievements of the Five-Year Strategy for Sustainable Growth

·          Transform EKF Life Sciences into a world class Contract Development and Manufacturing Organization (CDMO) - Strategy and service offering refocused to clearly align with Pharma and Biotech client requirements, in addition to an expanded diagnostic enzyme offering

·          Product improvement - Capacity increase planning in Hematology implemented, in addition to product updates in β-HB to deliver best-in-class and enhance our ability to compete at the highest level by 2027

·          New product development - Positive progress in development of new products and technologies in multianalyte Point-of-Care testing by 2028

·          Focus on Hematology - Increased commercial support and access to the US blood bank market, whilst expanding new territory opportunities in Asia Pacific, Africa & Latin America leading to a significant uplift in analyser installation

Outlook

The 2025 results establish a strong foundation for the Five-Year Strategic Development plan, providing EKF a positive base from which to push further into new markets with a simplified product offering and greater commercial focus on the areas of strategic importance.

The trajectory for EKF has been clearly mapped to deliver further improvements in margin, revenue and EBITDA. Operational cash generation remains at a high level, and this shall be utilised to thoughtfully invest in those areas that will further build on the requirements of the strategy, and deliver long term shareholder value.

We remain committed to establishing EKF as a true leader in Hemoglobin POC testing and Life Sciences, further developing the business through organic growth with a strong focus on profitability improvement and sustainable investment.

Gavin Jones

Chief Executive Officer

24 March 2026

Chief Financial Officer's Review

Revenue

In 2025 Revenue was £51.6m (FY 2024: £50.2m), an increase of 2.8% on the prior year. The increase is largely driven by Point-of-Care (POC) revenue outside the USA and β-HB sales inside the USA. At constant 2024 exchange rates, revenue for the year would have been £51.7m.

Revenue and adjusted EBITDA by geographical segment based on the legal entity locations from which sales are made, is as follows:

		2025		2024
		Revenue £'000	Adjusted EBITDA* £'000	Revenue £'000	Adjusted EBITDA* £'000
Germany		22,147	6,223	20,671	5,588
USA		25,155	8,839	26,166	8,748
UK		-	(3,891)	-	(3,925)
Russia		4,262	1,217	3,357	925
Total		51,564	12,388	50,194	11,336

* Adjusted EBITDA excludes exceptional items and share-based payments.

Commentary by geographical segment:

Germany - Increase in revenue primarily due to higher revenues for Hemo Control and Quo-Lab. This improvement in revenue enhanced the adjusted EBITDA generating £6.2m in 2025 (2024: £5.6m).

USA -A further increase in β-HB sales offset by reduced revenues following the discontinuation of clinical chemistry products. The higher margins driven by this product mix shift led to an increase in adjusted EBITDA generating £8.8m in 2025 (2024: £8.7m).

Russia - A strong result driven by increases in sales of Biosen, Quo-Lab and Hemo Control, largely as a result of more favourable exchange rates, and leading to an increase in adjusted EBITDA. EKF's Russian entity is 60% owned by the Group with 100% of its results consolidated, with the non-controlling interest shown separately in the income statement and statement of financial position.

Russia Update

During 2025, EKF continued to supply essential medical products to its 60%-owned Russian subsidiary, in compliance with current international sanctions guidance and following regular management review. The effect of sanctions and Russian Government retaliation has stabilised during the year, and it has been possible to continue the distribution of limited cash dividends. It remains unclear how long this will be able to continue. As at 31 December 2025, cash held in Russia totalled £2.1m (31 December 2024: £1.3m).

Management continues to assess the situation in Russia and is mindful of the continuing financial and operational challenges.

Gross profit

Gross profit was £26.5m (2024: £24.1m), which represents a gross margin of 51% (2024: 48%). The further margin improvement was largely the result of higher BHB sales and the discontinuation of the low margin clinical chemistry business. Our US point-of-care business is predominantly based on goods imported from Germany, and the introduction of higher tariff levels from May 2025 on such goods has reduced margins in 2025 by £0.3m, as our customer pricing is generally set by long term contracts. It is difficult to assess the likely effects of this in future periods because of the uncertainty of ongoing tariff levels.

Administration costs and research and development

Administration costs excluding exceptional items have increased to £19.7m (2024: £18.1m), which includes an increase in R & D costs driven by higher investment and accelerated amortisation on some projects.

Research and development costs included in administration expenses were £3.3m (2024: £1.5m) which includes the effect of accelerating amortisation on certain R & D assets totalling £1.4m. This mainly arose because of a change of strategy. In addition £0.7m (2024: £0.5m) was capitalised as an intangible asset, resulting from our development work to broaden and improve our product portfolio (including our EKF Link data management platform), bringing gross R & D expenditure for the year to £4.0m (2024: £1.9m). The charge for depreciation of fixed assets and amortisation of intangible assets increased to £5.4m (2024: £4.7m). The increase was mainly the result of the accelerated amortisation of R & D projects, offset by lower depreciation on land and buildings.

Operating profit and adjusted earnings before interest, tax, depreciation and amortisation

The Group generated an operating profit of £7.0m (2024: £6.3m). This was mostly due to the effect of the improved margins. We continue to consider that adjusted earnings before interest, tax, depreciation and amortisation, share-based payments and exceptional items (adjusted EBITDA) is a better measure of the Group's progress as the Board believes it provides a clearer comparison of the underlying operating performance between periods. In 2025 we achieved adjusted EBITDA of £12.4m (2024: £11.3m), an increase of 9.3%, due to higher gross margins. The calculation of this non-GAAP measure is shown on the face of the income statement. In 2024 it excluded the effect of exceptional costs of £0.4m from the write down of inventory relating to our clinical chemistry product line. There were no exceptional costs in 2025.

Finance costs

Net finance income rose to £0.1m (2024: £nil). Despite achievable financial returns on the Group's cash balances remaining very low, interest received on cash balances held outside Russia has improved, while finance costs have reduced following the repayment of all bank borrowing in 2024.

Tax

There is an income tax charge of £4.6m (2024: credit of £0.3m). The effective tax rate is 64% (2024: credit of 5%). In recent years we have benefited from the tax effect of accelerated depreciation on fixed assets in the USA leading to a substantial refund and tax losses which have now largely been utilised. Going forwards despite ongoing tax management we expect to see higher effective tax rates in both Germany and the USA than in 2024, as the opportunities for further tax planning have reduced, in addition to the effect of systematic unutilised tax losses in the UK. We do however expect the ongoing group tax rate to be lower than in 2025. This year we have provided for £1.3m of tax in Germany relating to transfer pricing and licence payments in current and previous years. Discussions with the German tax authorities on both the applicability and quantum of these continue.

Dividend and share buy back

Based on the potential need for continued modest investment in the growth of our core areas the Board has previously decided that it would be prudent to pause dividend payments and to enhance shareholder value mainly through growth. The Board will consider restarting dividends if this makes commercial and economic sense.

The Group has returned £5.0m to shareholders during 2025, acquiring 19,903,452 of its ordinary shares during the year, representing 4.4% of the issued share capital at 31 December 2024.

Balance sheet

Property plant and equipment and right-of-use assets

Additions to fixed assets were £1.6m (2024: £3.1m). The expenditure was split between our German and USA facilities. As part of the Group's five year strategic plan, planned capital expenditure over the next three years is expected to increase.

Intangible assets

The carrying value of intangible assets has decreased, from £28.9m at the end of 2024 to £27.9m as at 31 December 2025. This is largely due to the accelerated amortisation of certain R & D projects as a result of a change in strategy.

Investments

We continue to hold small investments in Verici Dx plc, Epinex, LLC, and Llusern Scientific Limited. The investment in Epinex has been impaired in full during the year. As a result the combined carrying value as at 31 December 2025 has reduced to £0.1m (2024: £0.2m).

Cash and working capital

Group cash has increased to £15.8m from £14.3m. Excluding cash held in Russia which is restricted the cash balance is £13.7m (2024: £13.0m). The unused loan facility from HSBC UK plc which was a £3m revolving credit facility has been cancelled. Cash generated by operations is £11.6m (2024: £12.2m). Investment has been made in the acquisition of fixed assets (£1.5m excluding IFRS 16 leases).

The Company's funding line with North Atlantic Smaller Companies Investment Trust PLC ("NASCIT") expires on 26 March 2026 and is not expected to renew. Christopher Mills, Non-executive Director of the Company, sits on the Board as Chief Executive Officer of NASCIT and is a substantial shareholder of both the Company and the lender. This is a committed facility for a maximum value of £3.0m which, as at the year end and the date of this statement, is not drawn down. The direct and indirect shareholdings of Mr. Mills in the Company include those of the North Atlantic Smaller Companies Investment Trust PLC.

The lending facility is available for three years from the date of signature in March 2023 and any amounts drawn down carry interest at 2.5% above the Bank of England base rate from time to time, payable quarterly in arrears. Any loan under the facility is required to be fully repaid at the end of the facility term. An arrangement fee of £25k was paid to NASCIT in connection with the facility being made available.

As a Substantial Shareholder (as defined in the AIM Rules), the arrangement of the debt facility with NASCIT represented a related party transaction pursuant to AIM Rule 13. In accordance with AIM Rule 13, the independent Directors of EKF (being the Directors of the Company other than Christopher Mills), consulted with Singer Capital Markets as the Company's nominated adviser, and disclosed (prior to entry into the facility agreement) that they consider the terms of that agreement are fair and reasonable in so far as shareholders are concerned.

Going concern

The Directors have considered the applicability of the going concern basis in the preparation of these financial statements. This included the review of internal budgets and financial results covering the period to June 2027 which show that, even taking into account severe but plausible changes in financial performance, the Group will be able to meet its liabilities as they fall due throughout the going concern period. In making this assessment the Directors continue to consider all options for maximising shareholder value.

While the Company has net current liabilities, the majority of liabilities are with controlled companies where the timing of outflows and the ability to extract further cash from them are controlled by the Company.

The Directors have modelled a range of sensitivities from the base internal Budget including lower revenues, the potential effect of changes in trading relationships with the USA, and continued restrictions in Russia in relation to accessing cash.

 Considering the range of sensitivities which account for a severe downturn versus expectation in 2026, plus the range of mitigation options available, the business demonstrates sufficient headroom giving the Directors confidence that the business can continue to meet its obligations as they fall due, even under the worst-case scenarios, for at least 12 months from the date of this report. Accordingly, the directors are satisfied they can prepare the financial statements on a going concern basis.

Stephen Young

Chief Financial Officer

24 March 2026

Consolidated Income Statement

for the year ended 31 December 2025

	2025	2024
Continuing operations	£'000	£'000
Revenue	51,564	50,194
Cost of sales	(25,084)	(25,798)
Exceptional items - other charged to cost of sales	-	(330)
Gross profit	26,480	24,066
Administrative expenses	(19,734)	(18,078)
Exceptional items - other	-	(22)
Other income	232	294
Operating profit	6,978	6,260
Depreciation and amortisation	(5,396)	(4,724)
Share-based payments	(14)	-
Exceptional items	-	(352)
EBITDA before exceptional items and share-based payments	12,388	11,336
Finance income	262	174
Finance costs	(154)	(171)
Profit before income tax	7,086	6,263
Income tax (charge)/ credit	(4,555)	314
Profit for the year	2,531	6,577
Profit attributable to:
Owners of the parent	2,122	6,242
Non-controlling interest	409	335
	2,531	6,577
	Pence	Pence
Earnings per Ordinary Share attributable to the owners of the parent during the year
Basic	0.47	1.38
Diluted	0.47	1.38

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

	2025	2024
	£'000	£'000
Profit for the year	2,531	6,577
Other comprehensive (loss)/ income
Items that will not be reclassified to profit or loss
Changes in fair value of equity instruments at fair value through other comprehensive income (net of tax)	(174)	(48)
Items that may be subsequently reclassified to profit or loss
Currency translation differences on translation of foreign operations	45	(1,198)
Other comprehensive income/(loss) (net of tax)	(129)	(1,246)
Total comprehensive income for the year	2,402	5,331
Attributable to:
Owners of the parent	1,700	5,210
Non-controlling interests	702	121
Total comprehensive income for the year	2,402	5,331

Consolidated Statement of Financial Position

as at 31 December 2025

	Group	Group
	2025	2024
	£'000	£'000
Assets
Non-current assets
Property, plant and equipment	20,988	22,779
Right-of-use asset	1,311	1,255
Intangible assets	27,884	28,922
Investments	54	228
Deferred tax assets	25	9
Total non-current assets	50,262	53,193
Current assets
Inventories	8,302	7,393
Trade and other receivables	6,739	6,803
Current income tax receivable	-	55
Cash and cash equivalents (including restricted cash of £2,147,000 (2024: £1,289,000))	15,834	14,301
Total current assets	30,875	28,552
Total assets	81,137	81,745
Equity attributable to owners of the parent
Share capital	4,338	4,537
Share premium	7,375	7,375
Other equity - Ordinary shares held in treasury	16	12
Other reserves	53	32
Foreign currency reserves	5,124	5,372
Retained earnings	52,144	54,999
	69,050	72,327
Non-controlling interest	1,225	885
Total equity	70,275	73,212
Liabilities
Non-current liabilities
Lease liabilities	987	898
Deferred tax liabilities	2,455	1,198
Total non-current liabilities	3,442	2,096
Current liabilities
Trade and other payables	5,334	5,399
Lease liabilities	398	420
Current income tax liabilities	1,688	618
Total current liabilities	7,420	6,437
Total liabilities	10,862	8,533
Total equity and liabilities	81,137	81,745

Consolidated Statement of Cash Flows

for the year ended 31 December 2025

 

	Group	Group
	2025	2024
	£'000	£'000
Cash flow from operating activities
Cash generated from operations	11,633	12,170
Interest received	262	174
Interest paid	(8)	(91)
Income tax (paid)/received	(2,180)	1,403
Net cash generated from operating activities	9,707	13,656
Cash flow from investing activities
Payment for property, plant and equipment (PPE)	(1,530)	(2,246)
Payment for intangibles	(837)	(510)
Proceeds from sale of PPE	29	94
Net cash (used in) investing activities	(2,338)	(2,662)
Cash flow from financing activities
Repayments of borrowings	-	(3,000)
Share buy back	(4,991)	-
Principal elements of lease payments	(510)	(741)
Dividend payment to non-controlling interest	(362)	(336)
Net cash used in financing activities	(5,863)	(4,077)
Net increase/(decrease) in cash and cash equivalents	1,506	6,917
Cash and cash equivalents at beginning of year	14,301	7,726
Exchange gains/ (losses) on cash and cash equivalents	27	(342)
Cash and cash equivalents at end of year	15,834	14,301

Cash and cash equivalents totalling £2,147,000 (2024: £1,289,000) are held by the Group's 60% owned subsidiary company in Russia. As a result of action by the Russian Government following international sanctions being imposed on Russia, access to this cash is currently restricted.

Consolidated Statement of Changes in Equity

		Share capital	Share premium account	Other equity	Other reserves	Foreign currency reserve	Retained earnings	Total	Non- controlling interest	Total equity
Consolidated	Note	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 January 2024		4,537	7,375	12	80	6,356	48,757	67,117	1,100	68,217
Comprehensive income
Profit for the year		-	-	-	-	-	6,242	6,242	335	6,577
Other comprehensive (expense)
Revaluation of investment in Llusern		-	-	-	(2)	-	-	(2)	-	(2)
Changes in fair value of equity instruments at fair value through other comprehensive income		-	-	-	(46)	-	-	(46)	-	(46)
Currency translation differences		-	-	-	-	(984)	-	(984)	(214)	(1,198)
Total other comprehensive (expense)/income		-	-	-	(48)	(984)	-	(1,032)	(214)	(1,246)
Total comprehensive (expense)/income
		-	-	-	(48)	(984)	6,242	5,210	121	5,331
Transactions with owners
Dividends to non-controlling interest		-	-	-	-	-	-	-	(336)	(336)
Total distributions to owners		-	-	-	-	-	-	-	(336)	(336)
At 31 December 2024		4,537	7,375	12	32	5,372	54,999	72,327	885	73,212
Comprehensive income
Profit for the year		-	-	-	-	-	2,122	2,122	409	2,531
Other comprehensive (expense)/ income
Changes in fair value of equity instruments at fair value through other comprehensive income	22	-	-	-	(174)	-	-	(174)	-	(174)
Currency translation differences		-	-	-	-	(248)	-	(248)	293	45
Total other comprehensive (expense)/income		-	-	-	(174)	(248)	-	(422)	293	(129)
Total comprehensive (expense)/income		-	-	-	(174)	(248)	2,122	1,700	702	2,402
Transactions with owners
Cancellation of shares	29	-	-	(195)	195	-	-	-	-	-
Shares acquired into treasury	29	(199)	-	199	-	-	(4,991)	(4,991)	-	(4,991)
Dividends to non-controlling interest		-	-	-	-	-	-	-	(362)	(362)
Share-based payment charge	30	-	-	-	-	-	14	14	-	14
Total distributions to owners		(199)	-	4	195	-	(4,977)	(4,977)	(362)	(5,339)
At 31 December 2025		4,338	7,375	16	53	5,124	52,144	69,050	1,225	70,275

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2025

1. General information

EKF Diagnostics Holdings Plc is a company incorporated in England and Wales and domiciled in the United Kingdom. The Company is a public limited company, which is listed on the Alternative Investment Market of the London Stock Exchange. The address of the registered office is Avon House, 19 Stanwell Road, Penarth, Cardiff CF64 2EZ.

The principal activity of the Group is the development, manufacture and supply of products and services into the in-vitro diagnostic (IVD) market place. The Group has a presence in the UK, USA, Germany, and Russia, and sells throughout the world including Europe, the Middle East, the Americas, Asia, and Africa.

The financial information does not constitute statutory accounts within the meaning of sections 434(3) and 435(3) of the Companies Act 2006 or contain sufficient information to comply with the disclosure requirements of UK adopted International Accounting Standards. The Company's auditor, PricewaterhouseCoopers LLP, has given an unqualified report on the consolidated financial statements for the year ended 31 December 2025. The auditor's report did not include reference to any matters to which the auditor drew attention without qualifying its report and did not contain any statement under section 498 of the Companies Act 2006. The consolidated financial statements will be filed with the Registrar of Companies, subject to their approval by the Company's shareholders on 19 May 2026 at the Company's Annual General Meeting.

The financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Whilst the financial information included in this preliminary announcement has been prepared in accordance with UK IAS, this announcement does not contain sufficient information to comply with UK IAS. The accounting policies used in the preparation of these condensed financial statements are consistent with those used in the preparation of the audited financial statements for the year ended 31 December 2024.

Certain statements in this announcement constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, amongst other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast.

2. Significant accounting policies - Going concern

The Directors have considered the applicability of the going concern basis in the preparation of these financial statements. This included the review of internal budgets and financial results covering the period to June 2027 which show that, even taking into account severe but plausible changes in financial performance, the Group will be able to meet its liabilities as they fall due throughout the going concern period. In making this assessment, the Directors continue to consider all options for maximising shareholder value.

While the Company has net current liabilities, the majority of liabilities are with controlled companies where the timing of outflows and the ability to extract further cash from them are controlled by the Company.

The Directors have modelled a range of sensitivities from the base internal Budget including lower revenues, the potential effect of changes in trading relationships with the USA, and continued restrictions in Russia in relation to accessing cash.

Considering the range of sensitivities which account for a severe downturn versus expectation in 2026 and beyond, plus the range of mitigation options available, the business demonstrates sufficient headroom giving the Directors confidence that the business can continue to meet its obligations as they fall due, even under the worst-case scenarios, for at least 12 months from the date of this report. Accordingly, the Directors are satisfied they can prepare the financial statements on a going concern basis.

3. Segmental reporting

Management has determined the Group's operating segments based on the monthly management reports presented to the Chief Operating Decision Maker ('CODM'). The CODM is the Executive Directors and the monthly management reports are used by the Group to make strategic decisions and allocate resources.

The principal activity of the Group is the design, development, manufacture and sale of diagnostic instruments, reagents and certain ancillary products. This activity takes place across various countries, such as the USA, Germany, and Russia, with head office activities taking place in the United Kingdom, and as such the Board considers the business primarily from a geographic perspective. Although not all the segments meet the quantitative thresholds required by IFRS 8, management has concluded that all segments should be maintained and reported.

The reportable segments derive their revenue primarily from the manufacture and sale of medical diagnostic equipment and reagents. Other services include the servicing and distribution of third party company products under separate distribution agreements. Transactions between segments consist of the sale of products for resale. The basis of accounting for these transactions is the same as for external revenue. Currently the key operating performance measures used by the CODM are revenue and adjusted EBITDA.

The segment information provided to the Board for the reportable segments for the years ended 31 December 2025 and 2024 is as follows:

	Germany	USA	Russia^	UK	Total
2025	£'000	£'000	£'000	£'000	£'000
Income statement
Revenue	27,343	25,155	4,262	-	56,760
Inter-segment	(5,196)	-	-	-	(5,196)
External revenue	22,147	25,155	4,262	-	51,564
Adjusted EBITDA*	6,223	8,839	1,217	(3,891)	12,388
Share based payment	-	-	-	(14)	(14)
EBITDA	6,223	8,839	1,217	(3,905)	12,374
Depreciation	(991)	(1,974)	(39)	(64)	(3,068)
Amortisation	(2,072)	(277)	-	21	(2,328)
Operating profit/(loss)	3,160	6,588	1,178	(3,948)	6,978
Finance income					262
Finance cost					(154)
Income tax					(4,555)
Profit for the year					2,531
Segment assets
Operating assets	43,219	34,351	1,423	9,949	88,942
Inter-segment assets	(10,690)	(7,853)	(119)	(4,976)	(23,638)
External operating assets	32,529	26,498	1,304	4,973	65,304
Cash	3,862	5,760	2,147	4,065	15,834
Total assets	36,391	32,258	3,451	9,038	81,138
Segment liabilities
Operating liabilities	4,894	3,772	346	25,489	34,501
Inter-segment liabilities	(119)	(32)	-	(23,487)	(23,638)
External operating liabilities	4,775	3,740	346	2,002	10,863
Total liabilities	4,775	3,740	346	2,002	10,863
Other segmental information
Non-current assets - PPE	8,206	13,722	180	191	22,299
Non-current assets - Intangibles	17,508	7,020	73	3,283	27,884
PPE - additions	999	930	71	18	2,018
Intangible assets - additions	550	287	-	-	837

* Adjusted EBITDA excludes exceptional items and share-based payments. The UK includes head office costs.

^ relates to a subsidiary with a non-controlling interest

	Germany	USA	Russia^	UK	Total
2024	£'000	£'000	£'000	£'000	£'000
Income statement
Revenue	25,487	26,166	3,357	-	55,010
Inter-segment	(4,816)	-	-	-	(4,816)
External revenue	20,671	26,166	3,357	-	50,194
Adjusted EBITDA*	5,588	8,748	925	(3,925)	11,336
Exceptional items - other, charged to cost of sales	109	(439)	-	-	(330)
Exceptional items - impairments (Note 8)	-	-	-	-	-
Exceptional items - other	8	-	-	(30)	(22)
EBITDA	5,705	8,309	925	(3,955)	10,984
Depreciation	(934)	(2,538)	(45)	(116)	(3,633)
Amortisation	(751)	(360)	-	20	(1,091)
Operating profit/(loss)	4,020	5,411	880	(4,051)	6,260
Finance income					174
Finance cost					(171)
Income tax					314
Profit/(loss) for the year	4,020	5,411	880	(4,051)	6,577
Segment assets
Operating assets	39,651	29,758	1,244	12,675	83,328
Inter-segment assets	(10,272)	-	(271)	(5,341)	(15,884)
External operating assets	29,379	29,758	973	7,334	67,444
Cash	4,090	8,750	1,289	172	14,301
Total assets	33,469	38,508	2,262	7,506	81,745
Segment liabilities
Operating liabilities	4,684	3,142	176	16,415	24,417
Inter-segment liabilities	(271)	(829)	-	(14,784)	(15,884)
External operating liabilities	4,413	2,313	176	1,631	8,533
Borrowings (excluding lease liabilities)	-	-	-	-	-
Total liabilities	4,413	2,313	176	1,631	8,533
Other segmental information
Non-current assets - PPE	6,712	15,814	117	1,391	24,034
Non-current assets - Intangibles	16,789	7,651	55	4,427	28,922
PPE - additions	1,320	1,490	60	272	3,142
Intangible assets - additions	466	44	-	-	510

* Adjusted EBITDA excludes exceptional items and share-based payments. The UK includes head office costs.

^ relates to a subsidiary with a non-controlling interest

Disclosure of Group revenues by geographic location of customer is as follows:

	2025	2024
	£'000	£'000
Americas
United States of America	21,970	22,109
Peru	2,426	1,449
Rest of Americas	1,579	1,866
Europe, Middle East and Africa (EMEA)
Germany	7,254	7,188
United Kingdom	867	781
Rest of Europe	4,614	4,344
Russia	4,262	3,357
Middle East	1,086	1,041
Africa	3,317	3,272
Asia and Rest of World
China	872	1,025
Rest of Asia and Oceania	3,317	3,762
Total revenue	51,564	50,194

In 2025, revenues of £5,519,000 (10.7%) (2024: £4,953,000) were derived from one external customer. £5,512,000 of this revenue relates to the USA, with the remainder relating to Germany. No other customer contributed 10% or more of the Group's total external revenue during the year. In 2024 no customer represented more than 10% of external revenues.

4. Exceptional items

		2025	2024
	Note	£'000	£'000
- Business reorganisation costs - other charged to cost of sales	a	-	(330)
- Business reorganisation costs - other charged to operating expenses	b	-	(22)
Exceptional items		-	(352)

a.      Costs associated with the transition and restructure of operations. In 2024 costs of £0.5m are inventory provisions associated with the ending of the group's clinical chemistry product line offset by reductions of provisions previously made against COVID-19 inventory where the inventory had now been utilised.

b.      Higher than expected professional fees associated with the 2023 closure of DiaSpect Medical AB.

5. Income tax (credit)/charge

	2025	2024
Group	£'000	£'000
Current tax:
Current tax on profit for the year	2,065	993
Adjustments in respect of prior periods	1,237	-
Total current tax charge	3,302	993
Deferred tax (note 28):
Origination and reversal of temporary differences	1,253	(1,307)
Total deferred tax charge/(credit)	1,253	(1,307)
Income tax charge/(credit)	4,555	(314)

6. Earnings per share

	2025	2024
	£'000	£'000
Profit attributable to owners of the parent	2,122	6,242
Weighted average number of Ordinary Shares in issue	448,330,087	453,730,564
Basic earnings per share	0.47 pence	1.38 pence

	2025	2024
	£'000	£'000
Profit attributable to owners of the parent	2,122	6,242
Weighted average number of Ordinary Shares in issue	448,470,937	453,730,564
Diluted earnings per share	0.47 pence	1.38 pence

	2025	2024
Weighted average number of Ordinary Shares in issue	448,330,087	453,730,564
Adjustment for assumed conversion of share awards	140,850	-
Weighted average number of Ordinary Shares in issue	448,470,937	453,730,564

Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding assuming conversion of all dilutive potential Ordinary shares. The Company has one category of dilutive potential Ordinary shares in 2025 being an equity-based Long Term Incentive Plan (LTIP) which was approved in September 2025.

There were no outstanding share options at 31 December 2024, or other dilutive items. The number of shares in issue in 2025 excludes 1,555,980 (2024: 1,200,000) shares held in treasury.

7. Dividends

Based on the need for continued investment in our core areas the Board has decided that it would be prudent to discontinue dividend payments and to enhance shareholder value mainly through growth. The Board will however consider recommencing the payment of dividends if and when appropriate.

8. Property, plant and equipment

Group	Land and buildings	Fixtures & fittings	Plant and machinery	Motor vehicles	Assets under construction	Right-of-use asset	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 January 2024	14,513	1,437	21,267	208	1,188	3,323	41,936
Additions	1,179	80	673	-	314	896	3,142
Exchange differences	(31)	(36)	(291)	(39)	(22)	(25)	(444)
Transfers	73	-	982	-	(1,055)	-	-
Disposals	-	(18)	(992)	-	(44)	(1,178)	(2,232)
At 31 December 2024	15,734	1,463	21,639	169	381	3,016	42,402
Accumulated depreciation
At 1 January 2024	3,870	1,065	9,862	72	-	2,292	17,161
Charge for the year	982	152	1,841	16	-	642	3,633
Exchange differences	11	(34)	(274)	(15)	-	5	(307)
Disposals	-	(17)	(924)	-	-	(1,178)	(2,119)
At 31 December 2024	4,863	1,166	10,505	73	-	1,761	18,368
Net book value at 31 December 2024	10,871	297	11,134	96	381	1,255	24,034
Cost
At 1 January 2025	15,734	1,463	21,639	169	381	3,016	42,402
Additions	247	126	527	71	559	111	1,641
Adjustments	-	-	-	-	-	377	377
Exchange differences	(472)	19	(232)	53	23	(27)	(636)
Transfers	413	-	581	-	(581)	-	413
Disposals	-	(40)	(14)	(23)	(63)	(812)	(952)
At 31 December 2025	15,922	1,568	22,501	270	319	2,665	43,245
Accumulated depreciation
At 1 January 2025	4,863	1,166	10,505	73	-	1,761	18,368
Charge for the year	628	150	1,845	16	-	429	3,068
Exchange differences	(169)	25	121	22	-	(24)	(25)
Transfers	413	-	-	-	-	-	413
Disposals	-	(40)	(10)	(16)	-	(812)	(878)
At 31 December 2025	5,735	1,301	12,461	95	-	1,354	20,946
Net book value at 31 December 2025	10,187	267	10,040	175	319	1,311	22,299

9. Intangible assets

	Goodwill	Trademarks, trade names and licences	Customer relationships	Trade secrets	Development costs	Software & website	Total
Group	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 January 2024	24,425	4,678	15,271	13,256	5,539	664	63,833
Additions	-	59	-	-	451	-	510
Disposals	-	-	-	-	(1,796)	-	(1,796)
Exchange differences	(550)	(114)	(88)	(450)	(158)	(7)	(1,367)
At 31 December 2024	23,875	4,623	15,183	12,806	4,036	657	61,180
Accumulated amortisation and impairment
At 1 January 2024	-	3,797	14,659	12,114	2,624	415	33,609
Charge for the year	-	251	214	179	328	119	1,091
Disposal	-	-	-	-	(1,796)	-	(1,796)
Exchange differences	-	(89)	(90)	(396)	(65)	(6)	(646)
At 31 December 2024	-	3,959	14,783	11,897	1,091	528	32,258
Net book value at 31 December 2024	23,875	664	400	909	2,945	129	28,922
Cost
At 1 January 2025	23,875	4,623	15,183	12,806	4,036	657	61,180
Additions	-	-	-	-	680	157	837
Disposals	-	-	-	-	(1,412)	-	(1,412)
Exchange differences	261	45	(411)	456	131	(6)	476
At 31 December 2025	24,136	4,668	14,772	13,262	3,435	808	61,081
Accumulated amortisation and impairment
At 1 January 2025	-	3,959	14,783	11,897	1,091	528	32,258
Charge for the year	-	270	89	184	1,730	55	2,328
Disposal	-	-	-	-	(1,412)	-	(1,412)
Exchange differences	-	(19)	(384)	405	14	7	23
At 31 December 2025	-	4,210	14,488	12,486	1,423	590	33,197
Net book value at 31 December 2025	24,136	458	284	776	2,012	218	27,884

10. Cash generated from operations

	Group	Group
	2025	2024
	£'000	£'000
Profit/ (loss) before tax	7,086	6,263
Adjustments for:
- Depreciation	3,068	3,633
- Amortisation	2,328	1,091
- Exceptional items - other, charged to cost of sales	-	330
- Exceptional items - other	-	22
- Loss on disposal of fixed assets	45	19
- Share-based payments	14	-
- Cash outflows relating to exceptional items	-	(22)
- Foreign exchange	(227)	141
- Bad debt written down	(60)	17
- Release of debt fees	-	14
- Finance income	(262)	(174)
- Finance cost	48	91
- Lease interest	106	80
- Inter-company dividend	-	-
Changes in working capital
- Inventories	(711)	765
- Trade and other receivables	178	(122)
- Trade and other payables	20	22
Net cash generated from operations	11,633	12,170

 

END