REG - Abingdon Health PLC - Final Results
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RNS Number : 9604G Abingdon Health PLC 11 November 2025
Abingdon Health plc
("Abingdon" or "the Company" or "the Group")
Final Results for the financial year ended 30 June 2025
York, U.K. - 11 November 2025: Abingdon Health plc (AIM: ABDX), a leading
international developer, manufacturer and regulatory services provider for
rapid diagnostic tests and med-tech, announces its final results for the
financial year ended 30 June 2025 ("FY25").
Commercial and Operational Highlights (including post period-end)
· Continued growth of contract development and manufacturing
organisation ("CDMO") activities with several large contracts secured during
FY25 and post period-end including:
o Contract win
(https://www.londonstockexchange.com/news-article/ABDX/contract-win-sexually-transmitted-disease-tests/16814507)
for US$2m for development of sexually transmitted disease tests running
across 2025 and into 2026.
o Funding award of £800,000 via UK Research and Innovation alongside a
distinguished group of partners to develop point-of-care rapid diagnostic
tests for malaria
(https://www.londonstockexchange.com/news-article/ABDX/funding-award-to-develop-test-for-malaria-parasite/16869616)
.
o Strategic partnership
(https://www.londonstockexchange.com/news-article/ABDX/avian-flu-h5n1-lateral-flow-test/17063489)
s
(https://polaris.brighterir.com/public/abingdon_health/news/rns/story/x42j1or)
with Okos Diagnostics to jointly develop and commercialise avian flu
(H5N1) lateral flow kits for bovine health and human applications.
o €2m CDMO contract win
(https://www.londonstockexchange.com/news-article/ABDX/eu2m-contract-win-for-companion-diagnostic-test/17081832)
for companion diagnostic test covering development, scale-up, technical
transfer, manufacture and full regulatory approval support with a European
biotech company.
o Additional CDMO contract win
(https://www.londonstockexchange.com/news-article/ABDX/c-us-2-5m-companion-diagnostic-test-contract-win/17160388)
post period-end for development and regulatory approval of a companion
diagnostic lateral flow point of care test, with a global pharmaceutical
company expected to generate c. US$2.5m revenue over a 24-month period.
o Launch of seaweed-based lateral flow housings
(https://polaris.brighterir.com/public/abingdon_health/news/rns/story/xzlgy3r)
in partnership with SymbioTex as an opportunity for CDMO customers to
significantly reduce their plastic waste.
o New cUS$2m CDMO contract win
(https://polaris.brighterir.com/public/abingdon_health/news/rns/story/rnej6kr)
announced post period-end for development, scale-up and technical transfer for
a semi-quantitative, multiplex lateral flow test system.
· Expansion of integrated CDMO service offering with:
o Acquisition
(https://www.londonstockexchange.com/news-article/ABDX/proposed-acquisition-and-placing-notice-of-gm/16584839)
of regulatory service provider CS Lifesciences in August 2024 for a
maximum consideration of up to £3.2 million in cash and shares.
o Opening
(https://polaris.brighterir.com/public/abingdon_health/news/rns/story/xjzdygr)
of Abingdon Analytical Ltd, analytical services and performance evaluation
laboratory, in existing premises in Doncaster in December 2024.
o Opening of US CDMO service site
(https://www.londonstockexchange.com/news-article/ABDX/opening-of-us-commercial-office-and-laboratory/16714258)
, including a commercial office and laboratories, in Madison, Wisconsin,
which was fully operational in April 2025.
· Integration of CS Lifesciences well underway and contract
wins, including one for >£500k
(https://www.londonstockexchange.com/news-article/ABDX/cs-lifesciences-ltd-contract-win/16842040)
which has since been extended, underpinning growth potential in FY26 and
beyond.
Financial Summary and Outlook (including post period-end)
· Total revenue of £8.6m* for FY25 (FY24: £6.1m) representing growth
rate of 40.0% which includes £0.16m of profitable UKRI grant-funded CDMO
'other income' for the malaria project.
· Reported revenue of £8.4m (excluding profitable grant-funded
development revenue*) (FY24: £6.1m)
· Performance in the six months ended 30 June 2025 ("H2 FY25") was
significantly stronger than in the six months ended 31 December 2024 ("H1
FY25") due to the impact of several new contracts (outlined above), a full
period contribution from CS Lifesciences, and the typical "seasonality" of the
Group's business.
o Revenue of £5.5m in H2 FY25 (H2 2024: £3.7m) compared to £3.1m in H1
FY25 (H1 FY24: £2.4m).
o Improved adjusted EBITDA** loss of £0.7m in H2 FY25 (H2 FY24: £0.2m
loss) compared to an adjusted EBITDA loss of £1.9m in H1 FY25 (H1 FY24:
£1.0m loss), based on higher revenue and operational leverage.
· Investment in growth initiatives and new product development
resulting in adjusted EBITDA loss for FY25 of £2.7m (FY24: £1.2m).
· Reported operating loss for the year of £3.5m (FY24: £1.4m), after
depreciation, amortisation, and one-off or non-recurring items.
· Cash at bank and in hand of £1.9m (30 June 2024: £1.4m).
· Successful placing
(https://www.londonstockexchange.com/news-article/ABDX/result-of-placing/16586682)
and retail offer in August 2024 raising £5.2m net of expenses, to support
expanded CDMO operations including the opening of Abingdon Analytical as
above.
· Further placing and retail offer
(https://polaris.brighterir.com/public/abingdon_health/news/rns/story/x508p0r)
completed post period-end in October 2025 for £3.2m net of expenses, to be
used to accelerate expansion operations in the USA, enhance working capital
required in new higher revenue-generating projects including recent major
contract wins and future anticipated pipeline opportunities.
· The new financial year ending 30 June 2026 ("FY26") has started well
with Q1 revenue significantly ahead of prior period. Further updates will be
provided in due course.
*this includes £0.16m of grant-funded contract development revenue presented
in 'other operating income' as required by accounting standards.
** adjusted EBITDA defined as EBITDA prior to the impact of certain one-off
and non-recurring items as presented in the Group statement of comprehensive
income
Dr Chris Hand, Executive Chairman, at Abingdon Health plc, commented:
"We are delighted to announce our full-year results for FY25, which reflect
significant commercial and operational progress following the opening of
Abingdon Analytical in Doncaster, UK and Abingdon Health USA Inc, our new US
CDMO site in Madison, Wisconsin, USA.
"Following some temporary headwinds in H1 FY25, we have seen a significantly
stronger performance in H2 FY25 via our integrated end-to-end CDMO service
offering and several major contracts announced in that period and since year
end. The momentum has continued into the current financial year, and we are
confident of reporting continued progress in FY26.
"The recently completed placing and retail offer will support further
expansion of our USA operations, where we are seeing significant customer
interest in progressing development projects through to manufacture, and
provide the working capital to execute the larger contracts we are winning. I
look forward to updating our shareholders further in due course.
"I would like to thank colleagues across the Abingdon Health Group for their
hard work and contribution, and I'd like to thank shareholders for their
continued support."
Enquiries
Abingdon Health plc www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
Chris Hand, Executive Chairman Via Walbrook PR
Tom Hayes, CFO
Zeus Capital (Sole Broker and Nominated Adviser) Tel: +44 (0) 20 3829 5000
Antonio Bossi / Jacob Walker (Corporate Finance)
Fraser Marshall (Corporate Broking)
Walbrook PR (Media & Investor Relations) Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
(mailto:abingdon@walbrookpr.com)
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654
About Abingdon Health plc
Abingdon Health Group is a leading med-tech contract service provider
offering its services to an international customer base.
The Group's CDMO
(https://www.abingdonhealth.com/services/your-complete-lateral-flow-partner/)
expertise offers lateral flow product development, regulatory support,
technology transfer and manufacturing services for customers looking to
develop new assays or transfer existing laboratory-based assays to a lateral
flow format. Abingdon Health has the internal capabilities to take lateral
flow projects, in areas such as infectious disease and clinical testing,
including companion diagnostics, animal health and environmental testing, from
initial concept through to routine manufacturing; from "idea to commercial
success". Abingdon Analytical Ltd offers performance evaluation for
lateral flow and other in vitro diagnostic assays from
its Doncaster laboratory.
Abingdon's regulatory services companies, Compliance Solutions (Life
Sciences)
(https://urldefense.proofpoint.com/v2/url?u=https-3A__cslifesciences.com&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=b40MoFA_Q_fdsT77LXB5t3JFUZjlmpd2MVbmgvoBIOo&m=5rmPWmSeAYNtvo-wVGL_4V7p0wZ2qRPhbqDj6E6FHnhVakMVyzvk7wZG1jS6vI4P&s=PvbE1xuJgNrAaK0I9QSrYjO3acai4ITHsbheoH-Cavc&e=)
and IVDeology
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.ivdeology.co.uk&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=b40MoFA_Q_fdsT77LXB5t3JFUZjlmpd2MVbmgvoBIOo&m=5rmPWmSeAYNtvo-wVGL_4V7p0wZ2qRPhbqDj6E6FHnhVakMVyzvk7wZG1jS6vI4P&s=mbRruUP_NEre93fFYpNkBweGVcmSCnXpjUyMQmUx1yI&e=)
, provide a broad range of regulatory services to the in vitro diagnostic
and wider medical device industry, to support customers in bringing products
to market across a range of territories including the USA, EU and the UK.
Our consultancy services range from design, implementation and maintenance of
quality management systems, preparation of technical files for regulatory
approvals, part-time and interim management support, auditing both internal
and external, management reviews and presentations, training, and mentoring.
Founded in 2008, Abingdon Health is headquartered in York, England with
laboratories in Doncaster, England and laboratories and commercial offices
in Madison, Wisconsin, USA.
Abingdon Health's brochure
(https://www.abingdonhealth.com/wp-content/uploads/2025/06/Abingdon-Health-Group-Leaflet-JUN2025.pdf)
outlines the comprehensive support the Group can now provide to its
international customers. For more information visit: www.abingdonhealth.com
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.abingdonhealth.com_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=b40MoFA_Q_fdsT77LXB5t3JFUZjlmpd2MVbmgvoBIOo&m=5rmPWmSeAYNtvo-wVGL_4V7p0wZ2qRPhbqDj6E6FHnhVakMVyzvk7wZG1jS6vI4P&s=Cd1Yy0EoU5vx33xedoTE3bCKbljgDOIRD8ol-bb59BM&e=)
.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report the results for the financial year ended 30 June 2025
("FY25") for Abingdon Health plc (the "Company") and its subsidiaries
(together, the "Group" and the "Business").
This has been a year during which we have made significant commercial and
operational progress via both organic expansion and acquisitions. The Group is
well-positioned for further growth, and I look forward to updating
shareholders on performance in the next financial year ending 30 June 2026
("FY26").
Strategy
Abingdon Health is a global developer, manufacturer and regulatory services
provider for diagnostics and MedTech, with a speciality in lateral flow
technology. It has facilities in York and Doncaster in the UK, and Madison,
Wisconsin, in the USA.
Lateral flow is a powerful, rapid, flexible, on-site diagnostic technology
which can be applied to both single and multiple biomarkers and used in a
qualitative or quantitative format. The key benefits include ease of use, fast
results, portability and low costs.
The Company's mission is to fast-track diagnostics and devices to improve
lives. We seek to achieve this in three ways:
· By providing our customers with a comprehensive lateral flow contract
development and manufacturing service to bring their products to market in the
most efficient and cost-effective way.
· Through the provision of a comprehensive in vitro diagnostic
(including lateral flow) and medical device/technology quality and regulatory
services, and performance evaluation services, to accelerate market access for
our customers.
· Through the commercial distribution of a range of products in lateral
flow format including self-test products branded Abingdon Simply Test(TM),
retailer own-brand or private-label products.
Encouragingly, a number of Abingdon Health's customers are engaging with the
Group across more than one of our service lines, and this integrated service
proposition was strengthened by the acquisitions of regulatory service
providers CS Lifesciences in August 2024 and IVDeology in May 2024. In
December 2024 the Group invested in the opening of Abingdon Analytical Ltd at
its Doncaster facility thereby providing performance evaluation services
creating the technical data required to bridge between product development and
regulatory approvals.
These strategic developments allow Abingdon Health to provide a comprehensive
end-to-end service offering providing all the pieces of the jigsaw to enable
customers to take a product idea from feasibility to launch and commercial
success. The clear benefit for the customer is that they have one principal
service provider who is proactively coordinating and project managing the
various work streams in a cohesive and integrated manner to ensure the overall
project is being driven in a cost effective and time efficient way.
Commercial update
Lateral Flow CDMO services
Abingdon Health provides its customers with an integrated lateral flow
Contract Research Organisation ("CRO") and Contract Development and
Manufacturing Organisation ("CDMO") service. Abingdon Health's contract
service programme covers feasibility, optimisation, scale-up, technical
transfer and manufacturing. In addition, we offer a range of other
complementary services such as packaging design and kitting, regulatory advice
including an initial regulatory approach plan through to validation and
verification, documentation for regulatory submissions, and commercial
support. Abingdon Analytical Ltd, based at the Company's Doncaster facility,
provides performance evaluation and technical file data generation thereby
providing a bridge between product development and regulatory submissions. The
Group provides customers with all the services required to take their project
from idea to large-scale manufacture, regulatory approval when required in
jurisdictions covered by FDA, EU IVDR, UKCA and elsewhere and onto commercial
success.
According to Precedence research
(https://www.precedenceresearch.com/lateral-flow-assay-market) the lateral
flow market is expected to growth to $24.4 billion by 2033, with the US
accounting for approximately 40% of the market. Given the importance of the US
market, Abingdon took a decision in 2024 to open a US CDMO site in Madison,
Wisconsin, which was fully operational in April 2025 and has already secured a
number of commercial development projects, including a new cUS$2m contract win
for a new USA-based customer for the development, scale-up and technical
transfer for a semi-quantitative, multiplex lateral flow test system,
announced in November 2025.
Abingdon Health USA Inc, based at the University Research Park in Madison, is
being overseen by Abingdon's co-founder, Chris Yates, and gives us access to
US customers preferring or needing to transact with US suppliers, either
because of grant funding requirements, or due to demand for 'Made in the USA'
and the impact of import tariffs. The initial focus of this US site has been
on contract development services with small scale manufacturing but, following
an equity placing in October 2025, which raised £3.2 m net of costs, we now
intend to expand the capacity of lateral flow manufacturing in the USA.
Our CDMO service and full-service offering proposition was further
strengthened by the investment in opening Abingdon Analytical in Doncaster in
December 2024. The Group has been providing analytical laboratory services
since 2023 as part of its strategy to offer a comprehensive CDMO service that
supports its customers in bringing products to market. The services of an
analytical laboratory, including product stability testing, specificity,
sensitivity, assessment of detection limits, interference, cross-reactivity
testing, and method comparisons, make a significant contribution to a
product's regulatory technical file, a key requirement for regulatory approval
by FDA, EU IVDR, UKCA and other regulatory authorities. The inclusion of
analytical laboratory services as part of the larger contract wins recently
announced by the Company underlines the significant benefit of having
development, manufacturing, regulatory, clinical trial support and performance
evaluation under one roof within the Group.
In note 3 below, we split CDMO revenue between contract development services
and contract manufacturing. Contract development revenue in FY25 was £3.2m,
or £3.4m when including UKRI funding for our malaria test development with
the Institut de Pasteur and others (FY24: £3.3m), where we saw a slowdown in
market activity and decision making in H1 FY25, followed by the announcement
of a number of significant new contracts in H2 FY25 which are larger in
financial terms and in length of project which we anticipate will smooth out
the historic seasonality of revenue where H1 revenue has been significantly
lower than H2. These new contracts supported stronger performance in H2 and
will flow into FY26, with this momentum expected to continue into the new
financial year. As noted above, there were £0.16m (FY24: £nil) of UKRI
grant-funded contract development revenues in FY25 presented in 'other
operating income' as required by accounting standards, giving a total of
£3.4m contract development revenue and other income combined. Contract
manufacturing revenue was £1.3m (FY24: £1.3m).
Regulatory Services
Abingdon Health's regulatory service provision covers both the diagnostics
market (including lateral flow and other in vitro diagnostics) and the wider
medical device and medical technology market. Our regulatory services division
recorded FY25 revenues of £3.4m (FY24: £0.9m), including a full year's
contribution from IVDeology (£0.4m) and approximately ten months'
contribution from CS Lifesciences (£2.8m).
We were delighted to acquire CS Lifesciences for a maximum consideration of up
to £3.2m in cash and shares in August 2024. The acquisition comprised
Compliance Solutions (Life Sciences) Ltd, CS Lifesciences Europe Ltd and CS
Lifesciences USA Inc. and currently employs 38 staff operating globally. This
deepens Abingdon Health's in vitro diagnostic regulatory expertise and
broadens our offering into the medical device, medical software and technology
markets.
The Board has been pleased with progress since the acquisition, which was
illustrated by the announcement on 8 January 2025 of a contract worth over
£500k with a major global diagnostics company to work on quality management
systems and regulatory approvals. The contract commenced in March 2025 for an
initial 12 months. The contract has since been expanded and is now
anticipated to be worth over double the initial estimates.
Lateral Flow Self-Test Products and Technology
The Company manufactures and sells a range of agritech lateral flow tests
(Pocket Diagnostic® and a lateral flow device for the detection of the
results of a PCR reaction (PCRD)).
In addition, the Abingdon Simply Test™ range of self-tests includes 16
products. FY25 revenues were £0.5m (FY24: £0.7m). The timing of orders means
that H2 2025 saw an improved revenue performance compared to H1 2025, where
some headwinds were experienced. Further Boots Salistick™, Vitamin D and
Ferritin orders were delivered coupled with the launch of an own-branded
version of Salistick™ in Germany and other territories, with those products
being delivered in H1 FY26.
We regard the sale of products alongside our CDMO customers as an additional
shop window in support of our CRO and CDMO services. The core focus of the
Company is contract research, development, manufacturing, regulatory and
associated services. Sales of finished products under the Abingdon name will
continue to be part of our suite of activities but the strategic focus is
continued growth of the CRO and CDMO functions.
We see further opportunities for self-tests and continue to work with our
strategic partner, Find Out From Home, on the performance evaluation and
regulatory approval of their first four Sexually Transmitted Disease ("STD")
self-tests and the development of a further three STD tests.
We continue to work on the development of sustainable product design solutions
which can reduce the use of plastic for the lateral flow market. The Company
has developed and launched prototype biobased housings made from sustainably
cultivated red seaweed in both mid-stream urine format (as used for pregnancy
and fertility testing) and in standard lateral flow cassette format. Following
this development process, we recently announced the launch of a seaweed-based
lateral flow housing in partnership with Symbio Technologies Limited, which
are now available for CDMO customers to utilise.
In addition, the use of smartphone technology, such as Abingdon's patented AI
driven AppDx® (which is now available for commercial use), further adds to
the development of use cases for lateral flow technology and provides
additional tools to offer to our client base as part of the CDMO offering.
During the period a new US patent was granted in July 2025, "Assay Reading
Method" US 12,373,946 B2 to accompany those already granted in UK with patent
numbers GB2583149B; GB2594939B and GB2601978B, with others pending including
in Europe and USA.
People
As at 30 June 2025, the Group's headcount was 124, compared with 85 at 1 July
2024. This followed the acquisition of CS Lifesciences in August 2024 which
added 37 talented regulatory professionals to the Abingdon group.
The Board were delighted to appoint Tom Hayes as CFO in January 2025. Tom has
over 25 years' experience, particularly with AIM-listed companies, having
worked as Group Finance Director at Northern Bear plc and prior to this in
advisory roles. Tom's role will be invaluable as the Group integrates its
recent acquisitions and continues to grow.
As announced in March 2025, I will continue as Executive Chairman. Having
co-founded the Company, I was previously Non-Executive Chairman and was
appointed into the expanded role on 15 October 2024 to support the next phase
of the Group's growth.
Chris Yates, co-founder and formerly Chief Executive Officer, was appointed
into a new role of President, Abingdon Health USA Inc. and Group Chief
Commercial Officer in March 2025. He resigned from the Board of Abingdon
Health plc in March 2025 and is a director of Abingdon Health USA, Inc. Given
the expanding nature of the Group's operations the Board is pleased that Chris
has agreed to focus his efforts on driving the Group's revenues across all its
different service lines.
We were also pleased to announce the strengthening of the Board with the
appointment of a new Non-Executive Director, Dr Katie Brenner, in April 2025.
Katie founded bluDiagnostics, a US-based company specialising in lateral flow
testing with an associated app to allow at home monitoring of female fertility
using saliva samples. She sold bluDiagnostics to Amazon in 2020 and remained
there until 2024. Dr Brenner is based in Madison, Wisconsin.
Mary Tavener remains as senior independent non-executive director, and chair
of the audit and remuneration committees. Max Duckworth, an early investor
and previous Board member (pre-IPO), sits as a Board Observer.
Financial Performance
Revenues in FY25 were £8.6m*, (FY24: £6.1m) which represented a growth rate
of 40.0%. This included contributions of £2.7m from CS Lifesciences and
£0.4m from IVDeology, which were acquired in August 2024 and May 2024
respectively. The H1 FY25 performance was affected by a slowdown in market
activity and decision-making, which impacted on our CDMO services in
particular, but we saw a significant improvement in H2 FY25.
* including £0.16m of grant-funded revenue, presented in 'other operating
income', for the UKRI-funded contract development of a malaria parasite
lateral flow test.
The gross profit margin for the period was 44.3% (FY24: 60.0%). The decrease
in gross margin was due to:
· the acquisition of CS Lifesciences, where almost all of the 38
current employees are regulatory consultants working on in vitro diagnostic
and medical device projects, and their costs are included in cost of sales. CS
Lifesciences operates with limited overheads and hence the majority of its
gross profit feeds into EBITDA. The gross profit margin prior to the impact
of the CS Lifesciences acquisition would have been 50.6% in FY25 (FY24:
60.0%).
· change in revenue mix including higher regulatory revenues from a
full year's contribution via IVDeology and performance evaluation services in
CDMO revenues, both of which have lower margins than contract research
services.
Administrative expenses in FY25 were £7.7m (FY24: £5.3m), with the increase
occurring due to:
· the significant investment in operations, including the opening of a
new analytical and performance evaluation laboratory in Doncaster, and a new
commercial office and laboratory in Madison, Wisconsin, USA.
· the acquisition of CS Lifesciences in August 2024 and the full-year
impact of the IVDeology acquisition in May 2024, which increased
administrative expenses by circa £1.1m year-on-year.
· the strengthening of the Board and senior team to support the next
phase of the Group's growth.
Adjusted EBITDA loss was £2.6m in FY25 (£1.1m in FY24) as a result of
increased investment in the Group. The significantly stronger performance in
H2 FY25 resulted in a lower adjusted EBITDA loss of £0.7m for the six months
to end of June 2025 (H1 FY25: £1.9m). A full presentation of adjusted EBITDA
is included in the Group Statement of Comprehensive Income.
Reported operating loss for the year was £3.5m (FY24: £1.4m), which was
impacted by higher adjusted EBITDA losses, increases in depreciation and
amortisation (£0.2m increase), share-based payment (£0.2m increase) and a
one-off gain on settlement in FY24 (£0.4m increase).
The Company's cash balance at 30 June 2025 was £1.9m (30 June 2024: £1.4m).
The cash movement reflects both the investment in operations above and
payments of £1.2m made for the CS Lifesciences acquisition, offset by net
placing proceeds of £5.2m received in August 2024.
The earnings per share figure on the Group consolidated statement of
comprehensive income includes in the denominator deferred shares. However, it
should be noted that the deferred shares are non-voting shares, with no rights
to dividends, but holders of deferred shares are entitled to receive the
nominal value of that share (0.0025 pence sterling) once on a return of
capital, a repurchase of those shares by the Company or in connection with a
sale of those shares. The total nominal value of all the deferred shares is
£45k.
Post balance sheet events
In October 2025 we completed an equity fundraising which raised gross proceeds
of £3.4m (net proceeds of £3.2m). The fundraising comprised a Placing with
institutional investors which raised gross proceeds of £3.2m and a retail
offer which raised gross proceeds of £0.2m.
The proceeds raised will be used to:
i) accelerate the expansion of Abingdon Health USA Inc, including
manufacturing fit-out and additional equipment, the establishment of
performance evaluation services, and related personnel and ISO 9001 and ISO
13485 accreditation.
ii) enhance working capital to support the Group in executing new higher
revenue generating projects, including the recently announced c.US$2.5m
companion diagnostic contract for a global pharmaceutical company, the
c.€2.0m development and regulatory contract with a European biotech company,
and a new c.US$2m contract for development of a multiplexed, semi-quantitative
test for a new USA-based customer.
Current Trading and Outlook
Abingdon Health's comprehensive lateral flow CDMO service proposition has been
strengthened by the investment in Abingdon Analytical, Abingdon Health USA
Inc, and our two regulatory service acquisitions, CS Lifesciences and
IVDeology. Our service proposition leaves us ideally placed to support the
needs of our customers and offer speed to market for their products.
The number of significant new customer contracts announced in recent months
has supported stronger trading in H2 FY25 and we expect this momentum to
continue into the coming financial year ending 30 June 2026 ("FY26"). This
will be supported by the equity fundraising referred to above and planned
further investment into Abingdon Health USA.
FY26 has started strongly compared to H1 FY25 with these larger, longer
projects smoothing out the historical seasonal pattern of lower H1 revenue
versus H2 revenue, as seen in FY25. Given this, we anticipate reporting strong
revenue growth in FY26.
The Group's key focus remains on continued revenue growth, proactive cost
control, progression towards profitability and a cashflow positive position
during calendar year 2026.
Conclusion
I am delighted with the progress that the Group has made in the year and look
forward to continued revenue growth in FY26.
I would like to thank all our employees for their hard work, dedication and
commitment during the past year as we continued to grow the business.
We are confident that our contract services customer base and our current
growing pipeline, including a number of significant contracts announced in
recent months, means we are well positioned to grow our business and deliver
shareholder value going forward.
I would like to thank shareholders for their continued support.
Chris Hand
Executive Chairman
11 November 2025
Group Statement of Total Comprehensive Income
For the year ended 30 June 2025
Notes 2025
2024
*as restated
£'000 £'000
Revenue 3 8,429 6,135
Cost of sales (4,693) (2,456)
Gross profit 3,736 3,679
Administrative expenses (7,714) (5,311)
Other income 4 469 259
Operating loss (3,509) (1,373)
Amortisation 111 27
Depreciation 497 399
Share-based payment expense 214 48
Non-recurring legal, professional and fundraising fees - 32
Non-recurring redundancy costs and termination awards - 108
Gain on settlement - (373)
Reversal of impairment charges on tangible assets (128) -
Fair value adjustment to earn-out consideration payable 226 -
Reversal of impairment charge on intangible assets (10) -
Impairment of investment in associate 13 -
Adjusted EBITDA (2,586) (1,132)
Finance income 100 31
Finance costs (87) (57)
Loss before taxation (3,496) (1,399)
Taxation credit 81 128
Loss for the year (3,415) (1,271)
Other comprehensive expense for the year - -
Total comprehensive expense for the year (3,415) (1,271)
Earnings per share
Basic losses per share (pence) 5 (0.93) (0.42)
Diluted losses per share (pence) 5 (0.93) (0.42)
Total comprehensive expense for the year is all attributable to the owners of
the parent company.
All results are in respect of continuing activities.
Adjusted EBITDA defined as Earnings before interest, tax, depreciation,
amortisation and other costs the Group classifies as non-recurring as outlined
above, is a non-GAAP measure used by management and is not an IFRS disclosure.
*The restatement to the Group statement of comprehensive income has been made
to ensure full compliance with the requirements of IAS 1. Previously, the
Group did not present items included in the calculation of adjusted EBITDA in
a statutory GAAP measure. These items have now been classified in
administrative expenses. There has been no change to the recorded operating
loss or adjusted EBITDA.
Group Statement of Financial Position
As at 30 June 2025
Notes 30 June 30 June
2025 2024
£'000 £'000
Non-current assets
Goodwill 8 2,281 379
Intangible assets 8 504 153
Property, plant and equipment 1,044 997
Investments 9 354 13
4,183 1,542
Current assets
Inventories 526 441
Trade and other receivables 2,446 1,466
Taxation receivable 240 201
Cash and cash equivalents 1,918 1,440
5,130 3,548
Total assets 9,313 5,090
Current liabilities
Trade and other payables 2,658 1,704
Borrowings 93 -
Lease liabilities 168 120
2,919 1,824
Non-current liabilities
Trade and other payables 236 -
Borrowings 652 722
Lease liabilities 115 207
Provisions 91 88
1,094 1,017
Total liabilities 4,013 2,841
Net assets 5,300 2,249
Equity
Called up share capital 6 94 77
Share premium account 37,043 30,808
Share based payment reserve 336 124
Retained deficit (32,173) (28,760)
Total equity 5,300 2,249
Group Statement of Changes in Equity
For the year ended 30 June 2025
Share Share Share based payment reserve Retained Total
capital premium deficit
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2023 76 30,309 80 (27,493) 2,972
Year ended 30 June 2024:
Loss and total comprehensive expense - - - (1,271) (1,271)
Transactions with owners in their capacity as owners:
Issue of share capital 1 499 - - 500
Share option expense - - 32 - 32
Earn-out consideration classified as share-based payment - - 16 - 16
Share options cancelled - - (4) 4 -
Balance at 30 June 2024 77 30,808 124 (28,760) 2,249
Year ended 30 June 2025:
Loss and total comprehensive expense - - - (3,415) (3,415)
Transactions with owners in their capacity as owners:
Issue of share capital 17 6,609 - - 6,626
Share option expense - - 5 - 5
Earn-out consideration classified as share-based payment - - 209 - 209
Share options cancelled - - (2) 2 -
Costs of fundraise offset against premium - (374) - - (374)
At 30 June 2025 94 37,043 336 (32,173) 5,300
Group Statement of Cash Flows
For the year ended 30 June 2025
2025 2024
£'000 £'000
Cash flow from operating activities
Loss for the year (3,415) (1,271)
Adjustment for:
Other income (309) (255)
Net finance (income)/costs (13) 26
Tax credit (81) (128)
Loss on disposal of property, plant and equipment 17 33
Loss on disposal of intangibles 13 -
Amortisation and impairment of intangible assets 101 27
Depreciation and impairment of property, plant and equipment 497 399
Reversal of impairment charges (128) -
Impairment of associate 13 -
Equity settled share-based payment expense 214 48
Unwinding of provisions 3 -
Fair value adjustment of earn out consideration 226 -
Changes in working capital:
Increase in inventories (85) (112)
Increase in trade and other receivables (624) (297)
Increase/(decrease) in trade and other payables 167 (335)
Cash absorbed by operations (3,404) (1,865)
Interest paid (10) (25)
Taxation refunded 232 231
Net cash outflow from operating activities (3,182) (1,659)
Cash flow from investing activities
Payment for acquisition of subsidiary, net of cash acquired (1,181) -
Purchase of intangible assets (19) (6)
Purchase of property, plant and equipment (327) (35)
Investment in associates - (13)
Interest received 100 31
Net cash used in investing activities (1,427) (23)
Cash flow from financing activities
Proceeds from issue of shares 5,628 -
Transaction costs associated with issue of shares (374) -
Payment of lease liabilities (130) (99)
Payment of interest on lease liabilities (18) (15)
Interest paid on Innovate loan (23) -
Net cash generated from/(used in) financing activities 5,083 (114)
Net increase/(decrease) in cash and cash equivalents 474 (1,796)
Cash and cash equivalents at beginning of the year 1,440 3,236
Effect of foreign exchange rates 4 -
Cash and cash equivalents at end of year 1,918 1,440
Relating to:
Cash at bank and in hand 1,845 1,369
Restricted cash 73 71
Total cash and cash equivalents 1,918 1,440
Notes
1. Company information
Abingdon Health PLC ("the Company") is a public limited company domiciled and
incorporated in England and Wales. The Company is quoted on the London Stock
Exchange's Alternative Investment Market ("AIM"). The registered office is
York Biotech Campus, Sand Hutton, York, YO41 1LZ. The consolidated financial
information (or "financial statements") incorporates the financial information
of the Company and entities (its subsidiaries) controlled by the Company
(collectively comprising the "Group").
The principal activity of the Group is to develop, manufacture and distribute
diagnostic devices and provide consultancy services to businesses in the
diagnostics sector.
2. Basis of preparation and status of financial information
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined by section 434 of the Companies Act
2006.
The financial information for the year ended 30 June 2025 and the year ended
30 June 2024 does not constitute the Company's statutory accounts for those
years. Statutory accounts for the year ended 30 June 2024 have been
delivered to the Registrar of Companies. The statutory accounts for the year
ended 30 June 2025 were approved by the Board on 10 November 2025 and will be
delivered to the Registrar of Companies in due course. The statutory
accounts for the year ended 30 June 2025 will be posted to shareholders at
least 21 days before the Annual General Meeting and made available on the
Group's website (https://www.abingdonhealth.com/) .
The Group's statutory financial statements for the year ended 30 June 2025,
from which the financial information presented in this announcement has been
extracted, were prepared in accordance with UK adopted international
accounting standards ("IFRS"). The financial statements have been prepared on
the historical cost basis with the exception of certain items which are
measured at fair value as disclosed in the principal accounting policies set
out in the Group's Annual Report. These policies have been consistently
applied to all years presented.
The preparation of financial statements in conformity with IFRS requires the
use of estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these
estimates are based on management's best knowledge of the amount, event or
actions, actual results ultimately may differ from these estimates.
The auditor's reports on the accounts for 30 June 2025 and 30 June 2024 were
unqualified and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
3. Revenue
The Group applies IFRS 15 'Revenue from contracts with customers'. Under IFRS
15, the Group applies the 5-step method to identify contracts with its
customers, determine performance obligations arising under those contracts,
set an expected transaction price, allocate that price to the performance
obligations, and then recognises revenues as and when those obligations are
satisfied.
Revenue analysed by class of business
2025 2024
£'000 £'000
Product sales 534 650
Contract manufacturing 1,270 1,258
Contract development services 3,205 3,327
Regulatory 3,420 900
8,429 6,135
Revenue analysed by geographical market
2025 2024
£'000 £'000
United Kingdom 4,488 2,538
Europe 1,674 1,235
USA & Canada 2,136 2,039
Rest of the World 131 323
8,429 6,135
4. Other income
2025 2024
£'000 £'000
Grants received 160 -
Research and development expenditure credit 309 255
Distribution and carriage income - 4
469 259
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
2025 2024
Loss for the year from continuing operations (£'000) (3,415) (1,271)
Number of shares 366,657,539 304,732,264
Basic and diluted earnings per share (p) (0.93) (0.42)
The Company has options issued over 6,536,364 (2024: 3,468,963) ordinary
shares which are potentially dilutive. Due to the losses incurred by the Group
basic and diluted earnings per share are the same.
The Directors use adjusted earnings before certain income and costs ("Adjusted
EBITDA") as a measure of ongoing performance and profitability. These costs
are presented as separate items on the face of the Group Income Statement.
Adjusted Earnings per Share 2025 2024
£'000s £'000s
Loss before taxation attributable to equity owners of the Parent (3,496) (1,399)
Adjusted for:
Share-based payment costs 214 48
Non-recurring legal fees - 32
Non-recurring settlement payment - 108
Depreciation and amortisation 608 426
Net finance (income)/cost (13) 26
Gain on settlement - (373)
Impairment of investment in associate 13 -
Reversal of impairment charges on tangible assets (128) -
Fair value adjustment to earn-out consideration payable 226 -
Reversal of impairment charges on intangible assets (10) -
Adjusted Earnings (2,586) (1,132)
Basic and diluted Adjusted Earnings per Share (pence/share) (0.71) (0.37)
6. Share capital
30 June
2025 30 June
2024
Ordinary share capital
Authorised, Allotted and fully paid Number Number
Ordinary shares of 0.025p each 193,630,821 126,716,822
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812
375,947,633 309,033,634
£'000 £'000
Ordinary shares of 0.025p each 49 32
Deferred ordinary shares of 0.025p each 45 45
94 77
Reconciliation of movements during the year:
Ordinary Deferred Ordinary
Number Number
At 1 July 2024 126,716,822 182,316,812
Issue of new shares 66,913,999 -
At 30 June 2025 193,630,821 182,316,812
There were three share issues during the financial year:
· On 19 August 2024, there was an issue of 9,216,590 shares at a
nominal value of £0.00025. The total amount paid per share was £0.1085 with
£2.3k recognised in share capital and £998k in share premium. The share
issue was a part of the acquisition of CS Lifesciences.
· On 19 August 2024, there was an issue of 53,589,471 shares at a
nominal value of £0.00025. The total amount paid per share was £0.0975 with
£13.4k recognised in share capital and £5,212k in share premium.
· On 30 August 2024, there was an issue of 4,107,668 shares at a
nominal value of £0.00025. Total amount paid per share was £0.0975 with £1k
recognised in share capital and £399k in share premium.
There were £374,266 of costs associated with the fund raising which have been
offset against share premium. This has been done in accordance with IAS 32.
7. Share options
The following movements on share options have been recognised in the period:
Average exercise price
2025 2024 2025 2024
Number Number £ £
Outstanding at 1 July 2024 5,714,994 4,247,210 0.0463 0.0773
Granted in the period 4,092,000 2,386,238 - 0.00
Forfeited in the period (326,891) (918,454) 0.0694 0.0697
Outstanding at end of period 9,480,103 5,714,994 - 0.0463
Exercisable at end of period 58,334 123,757 0.0003 0.3230
Options outstanding
Share options outstanding at the end of the year have the following expiry
dates and exercise prices:
Exercise price per share (£) 2025 2024
Number Number
EMI scheme granted in April 2021 0.00025 58,334 66,668
SAYE scheme granted in March 2021 0.70 - 57,089
LTIP scheme granted in December 2022 0.07 3,204,999 3,204,999
LTIP scheme granted in October 2023 0.00 2,124,770 2,386,238
LTIP scheme granted in May 2025 0.00 4,092,000 -
9,480,103 5,714,994
8. Acquisition of a business
On 15 August 2024, the group acquired 100% percent of the issued capital of
Compliance Solutions (Life Sciences) Limited, CS Lifesciences Europe Limited
and CS Lifesciences USA Inc. (together the 'Compliance Solutions Group or CS
Lifesciences'). At the acquisition date, earn-out consideration contingent on
business performance was not recognised due to the probability of hitting the
target being considered unlikely and the total consideration at the
acquisition date was £2,700k.
Subsequent to the initial business combination accounting, following an
improvement in performance of the Compliance Solutions Group, including new
contract wins, the earn-out targets are now considered probable to be met and
have been recognised at their fair value in the year. The total maximum
earn-out consideration payable is £500k.
Of the earn-out consideration £250k constitutes employee remuneration due to
the payment of the earn-out being linked to continuous employment and is
considered to represent a share-based payment given it will be satisfied
through the issue of shares in Abingdon Health plc. This consideration is
spread across the two-year period from acquisition and as a result, £109k has
been expensed as a share-based payment in the Group Statement of Comprehensive
Income. This consideration has been excluded from total consideration in the
below reconciliation.
The remaining £250k of the earn-out consideration is payable as an issue of a
variable number of shares equal to this value at the end of the two-year
period from acquisition and is not linked to continuous employment. This has
been discounted at a rate of 5.16% to £226k and recognised as a fair value
adjustment in the Group Statement of Comprehensive Income. During the current
year £10k of discount unwinding on the contingent consideration has been
recognised in other interest payable. The contingent consideration is
recognised as a non-current liability of £236k at the year end.
Goodwill consists of intangible assets that did not meet the criteria for
separate recognition. Specifically, intangible assets that did not meet these
criteria include the assembled workforce, expected post- acquisition
synergies, management expertise and know-how, and the company's market
position.
The breakdown of the consideration is as follows:
Consideration element recognised in goodwill Fair value
£'000
Initial cash consideration 700
Deferred consideration 1,000
Share consideration 1,000
Total 2,700
Net cash outflow arising on acquisition
£'000
Cash consideration 1,700
Consideration deferred at 30 June 2025 (340)
Less: Cash and cash equivalents acquired (179)
Total 1,181
As at 30 June 2025, £660k of deferred consideration has been paid. The
remaining £340k of contingent consideration is due to be paid subject to
receipt of certain aged debtor balances post completion.
The net assets of the business acquired are as follows:
Group Book value Adjustments Fair value
£'000 £'000 £'000
Property, plant and equipment 6 - 6
Intangible Assets - 446 446
Trade and other Receivables 1,227 (400) 727
Cash and Cash equivalents 179 - 179
Trade and other payables (448) - (448)
Deferred tax - (112) (112)
Total identifiable net assets 864 (66) 798
Goodwill 1,902
Total consideration 2,700
Since the acquisition date, 15 August 2024, the Compliance Solutions Group
contributed revenue of £2,763k and profit before tax of £88k to the Group
Statement of Comprehensive Income, which excludes charges in relation to
share-based payments recognised in the entity in respect of Group
transactions. If the acquisition had occurred on the first day of the
reporting period, 1 July 2024, then the Compliance Solutions Group would have
contributed revenue of £3,069k and profit before tax (excluding share-based
payment charges) of £144k to the Group Statement of Comprehensive Income.
9. Investments
During the year Forsite Diagnostics Limited, a Group subsidiary, acquired a
19% investment in Find Out From Home Inc ("FOFH"), a US-based medical testing
company which is held in other investments at £354k. The investment was
acquired via a services-for-equity agreement whereby development services were
provided to FOFH via a promissory note which was converted to an equity stake
in December 2024. In the prior year, the Group recognised revenue equivalent
to the £354k and held a trade receivable for the amount payable (which was
subsequently converted into equity).
The Group holds a 25.1% investment in Eco-Flo Innovations Ltd which is
classified as an investment in associates. The investment has been impaired in
full in the financial year due to there being no expected return of the
Group's investment.
10. Post balance sheet events
The Company completed an equity fundraising in October 2025 which raised £3.4
million (£3.2 million net of expenses) to support the Group's plans for
expansion and for additional working capital funding. This was satisfied by
the issue and admission of 57,441,821 new Ordinary Shares to trading on AIM on
31 October 2025.
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