EKF Diagnostics Holdings PLC (AIM:EKF) shares dropped 19% lower on Monday following the release of the life science group’s latest trading update alongside the announcement of a major board reshuffle.
Net cash as of December 3, 2022, was 42% lower year-on-year at £11.4mln, reflecting planned investments including significant capital expenditure to increase the company's enzyme fermentation capacity in the US.
Chief executive Mike Salter has stepped down with immediate effect to refocus his attention on operational matters as part of the management team. Julian Baines, will assume the role of executive chair on a short-term basis as the group commences the recruitment process.
EKF shares were trading at 32.03p on Monday morning with a $146mln market capitalisation.