FY trading update indicates trading and cash in line with expectations EKF Diagnostics has this morning released a trading update, highlighting FY’23 revenue and adjusted EBITDA in line with management expectations, with net cash at period-end (excluding lease liabilities) of £4.4m, in line with our £4.0m estimate. The scale-up of fermentation capacity continues to progress, with a steady build-up of revenue expected through 2024. Our view We look forward to higher visibility on the fermentation revenue trajectory at the time of FY’23 results, expected in late March. We are not making any changes to our estimates at this time. We place our recommendation and target price under review.