EKF Diagnostics, a Cardiff-based medical diagnostics manufacturer, reports that it has benefitted from a re-structuring programme in the first half of its financial year.

According to the company’s results for the six months to 30 June, revenues increased to £17.51 million from £14.86 million in the same period of 2015.

However, it suffered a pre-tax loss of £1.19 million, compared to a profit of £6.69 million the year before. EKF completed a re-structuring programme during the period, with its headcount reducing by 85 to 315 and its sites in Walton-on-Thames in Surrey and Dublin closing.

It also sold its US-based molecular diagnostics subsidiary, Selah Genomics, back to its original owners.

EKF chief executive Julian Baines said: “As part of our re-focus on our point-of-care business, we have closed a number of sites and restructured. As a result, revenue has grown by 18% compared to last year. The restructuring has largely gone as expected, maybe slightly better.

“The speed with which we were able to act has led to significant cost savings and we were able to exceed market expectations in the first half. We think it will be a 12-to-18-month programme, but we are pleased with the results
considering the exceptional costs.”