EKF Diagnostics posts £4m loss but revenue up

MEDICAL equipment company EKF Diagnostics reported a pre-tax loss of £4m last year, compared to a £600,000 profit in 2013.

Boosted by acquisitions made during the year, revenue at the company increased by 26 per cent to £40.1m, up from £31.8m in 2013.

The Cardiff headquartered firm described 2014 as a challenging year with currency issues in Russia and the US “significantly” affecting revenue, which it said would have been £2.6m higher had it been translated at 2013 rates.

“We are under no illusion that we must deliver on expectations and that as we continue to seek to grow we must do this in a non-dilutory fashion. I am buoyed by the opportunities in front of us,” said David Evans, executive chairman of EKF Diagnostics.

Last year, EKF Diagnostics bought DiaSpect Medical, an in-vitro diagnostics company, and Selah Genomics, a clinical diagnostic specialist.

It also closed its Dublin facility and moved its Quo-Test and Quo-Lab manufacturing to Barleben, Germany, which it hopes will provide operational savings in the region of £750,000 annually.

Gross profit was up 22 per cent to £19.9m, compared with £16.3m in 2013, and organic growth was six per cent with acquisitions contributing £6.5m.