EKF Diagnostics Holdings, an AIM-listed medical company, announced that its revenue fell in the first half of 2023, as anticipated. However, the company projects margin improvements in the second half of the year.
For the six months ending June 30, the company reported revenue from continuing operations of £26.3 million ($33.9 million), compared to an adjusted figure of £34.4 million for the first half of 2022. Excluding Covid-related revenue, the revenue for the same period was £25.4 million, an increase from £22.7 million.
EKF Diagnostics Holdings anticipates that its financial performance for the year will be more favorable in the second half due to cost savings achieved in the first half. The company’s adjusted earnings before interest, taxes, depreciation, and amortization margin will contribute to this trend.
The projected adjusted Ebitda for 2023 will be influenced by the timing and terms of new life-sciences contracts and the growth of its core point-of-care business.
According to Chair Julian Baines, the company expects the improvements implemented and increased revenues from their new life sciences capacity to have a more significant impact on 2024 trading.