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RNS Number : 8536W Abingdon Health PLC 17 March 2026
Abingdon Health plc
("Abingdon" or "the Company" or "the Group")
Half-year Financial Report
45% revenue growth, H2 to be profitable and cash flow positive, confident
outlook for FY27
York, U.K. - 17 March 2026: Abingdon Health plc (AIM: ABDX), a leading
international developer, manufacturer and regulatory services provider for
rapid diagnostic tests and med-tech, announces its unaudited half-year
Financial Report for the six months ended 31 December 2025 ("H1 FY26"). The
Board expects H2 FY26 to deliver positive adjusted EBITDA and be operating
cash flow positive.
Financial Summary
· Total H1 FY26 revenues (including grant-funded income) up 45%* to
£4.5 million (H1 FY25: £3.1 million).
· Reported revenue of £4.2 million (H1 FY25: £3.1 million),
representing growth of 37%.
· Adjusted EBITDA** loss of £1.7 million (H1 FY25: £1.9 million) due
to continued investment in the overhead base to support future growth and
contract execution.
· Loss before taxation of £2.3 million (H1 FY25: £2.6 million).
· Successful placing and retail offer in October 2025 raising £3.2
million net of expenses, to accelerate US expansion and support execution of
major contracts.
· Cash and cash equivalents of £3.7 million at 31 December 2025 (30
June 2025: £1.9 million), following net placing proceeds of £3.2 million
received in October 2025. H2 FY26 is expected to be EBITDA and operating cash
flow positive.
Commercial and Operational Highlights (including post-period end)
· Continued strong growth in revenues driven by the Group's integrated,
end-to-end CDMO and regulatory service offering.
· Further expansion of US CDMO operations in Madison, Wisconsin with
additional investment planned in H2 FY26 to support manufacturing fit-out,
performance evaluation services and ISO accreditation.
· Execution of several major ongoing CDMO contracts announced during
calendar year 2025, including US $2m contract win with a new USA-based
customer announced November 2025.
· New $2.5m contract win announced 12 March 2026 to provide project
management and expert technical support for the development and regulatory
submission of a clinical self-test.
· Regulatory services activities performing strongly, with revenues up
49% to £1.9 million (H1 FY25: £1.3 million).
· New European patent granted for AppDx® lateral flow smartphone
reader (patent no. EP4150565), following equivalent US (US 12,373,946 B2) and
UK patents, further protecting the Group's proprietary AI-driven lateral flow
reading technology.
· Launch of seaweed-based lateral flow housings in partnership with
SymbioTex Ltd, available to CDMO customers, underscoring the Group's
commitment to sustainable product innovation.
· Management team promotions reflecting the growth and increasing scope
of the business: Candice Vendettuoli promoted to Chief Delivery Officer;
Natalie Thrush promoted to Chief of Staff.
· Trading in the Company's ordinary shares will begin next month on the
OTCQB Venture Market ("OTCQB") in the United States, under the ticker symbol
"ABDXF".
Outlook and FY26 guidance
· FY26 revenue guidance maintained in line with market expectations of
£12.6 million (comprising £12.2 million of contract revenues and £0.4
million of grant-funded income).
· Based on the current customer and contracted revenues only, the Board
expects H2 FY26 to show a positive adjusted EBITDA resulting in an overall
FY26 EBITDA loss that shows a significant improvement against the FY25
adjusted EBITDA loss of £2.6 million.
· Outlook for H1 FY27 and beyond remains positive; all major CDMO
contracts announced during FY26 are expected to continue into FY27, providing
a strong foundation for continued revenue growth. We already have visibility
over a reasonable portion of FY27 revenues which gives us great confidence for
the future as we continue to pursue a significant number of new customers and
contract opportunities.
*Total revenues of £4.453 million including £0.216 million of grant-funded
contract development income relating to the UKRI-funded malaria parasite
lateral flow test project, presented within other operating income in
accordance with IAS 20.
**Adjusted EBITDA defined as operating loss prior to the impact of
depreciation, amortisation, share-based payment charges and certain
non-recurring items as presented in the Group Statement of Comprehensive
Income.
Dr Chris Hand, Executive Chairman, at Abingdon Health plc, commented:
"I am pleased to report substantial revenue growth in the first six months of
FY26, with total revenues including grant-funded income up 45% to £4.5
million. We have made significant commercial and operational progress via our
integrated end-to-end CDMO including our analytical laboratory and regulatory
service offering, which has supported us in securing and executing several
major contracts. This momentum is expected to continue in the second half of
FY26 and beyond.
"With well-invested operations across the UK and USA, a strong pipeline of
opportunities, and several major CDMO contracts anticipated to be ongoing into
FY27, the Board remains confident in the outlook for the Group."
Enquiries:
Abingdon Health plc www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
Chris Hand, Executive Chairman Via Walbrook PR
Tom Hayes, CFO
Cavendish Capital Markets Limited (Sole Broker and Nominated Adviser) Tel: +44 (0)20 7220 0500
Geoff Nash / Isaac Hooper / Joe Smith (Corporate Finance)
Nigel Birks (Life Science Specialist Sales)
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 a strong first half of the financial year ("H1 FY26")
for Abingdon Health plc (the "Company") and its subsidiaries (together, the
"Group" and the "Business") with total revenues, including grant-funded
income, growing by 45% to £4.5 million (H1 FY25: £3.1 million). This
performance reflects the significant strategic investments and commercial
progress made over the past eighteen months and demonstrates the growing
strength of our fully integrated, end-to-end CDMO, regulatory and
analytical/performance evaluation service offering.
During H1 FY26 we successfully completed an equity fundraise in October 2025,
raising £3.2 million net of expenses. These proceeds are being deployed to
accelerate the expansion of our US operations in Madison, Wisconsin, including
manufacturing fit-out and performance evaluation services, and to provide
additional working capital to support the execution of our growing portfolio
of major contracts. The Board remains focused on driving revenue growth and
progressing towards a profitable and sustainable business, which we continue
to target during calendar year 2026 with H2 FY26 anticipated to be profitable
and operating cash flow positive.
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 and Operational 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, the lateral flow assay market is expected to
grow to $25.28 billion by 2035, with North America accounting for
approximately 37% 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 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,
Wisconsin, is being overseen by Abingdon's co-founder, Chris Yates, as
President of Abingdon Health USA, and also Chief Commercial Officer for the
Group, 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 million net of costs, we are now engaged in the expansion of
lateral flow manufacturing in the USA from our Madison site to meet growing
customer demand.
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.
Our lateral flow CDMO business has continued to develop strongly, underpinned
by several significant contracts announced in calendar year 2025 secured on
the back of the Group's end-to-end service offering. Our latest $2.5m
contract win announced on 12 March 2026, to provide project management and
expert technical support for the development and regulatory submission of a
clinical self-test, is a further example of the larger more integrated
programmes the Company is engaged with.
We remain committed to our headquarters in York, UK, for the provision of CDMO
services to our UK and European customer base whilst our US business in
Madison, Wisconsin has been a key strategic focus during the period.
Following the October 2025 fundraise, we have accelerated the expansion of
Abingdon Health USA from its initial opening as a laboratory and commercial
office in April 2025, with manufacturing fit-out, additional equipment and the
establishment of performance evaluation services all underway. We are also
progressing towards ISO 9001 and ISO 13485 accreditation for the site.
The US operation is growing quickly, and we have recently recruited an
additional six scientists to support the execution of currently secured
projects.
In note 4 to this interim report, we split CDMO revenue between contract
development services and contract manufacturing. Contract development revenue
in H1 FY26 was £1.4m (H1 FY25: £0.8m), or £1.7m (H1 FY25: £0.8m) when
including UKRI funding for our malaria test development with the Institut de
Pasteur and others (H1 FY25: £nil, as the project commenced in H2 FY25). The
UKRI funding is presented within other operating income in the interim
financial statements in accordance with IAS 20.
Contract manufacturing revenue was £0.5m (H1 FY25: £0.5m). Whilst our
current focus is on growing our CDMO and regulatory revenues, we would expect
the CDMO contracts to lead to growing manufacturing revenue in the future as
these contracts complete the development, scale-up and regulatory phases and
the products are commercialised.
Whilst all CDMO contracts announced during 2025 are progressing well, we noted
in our January 2026 trading update that Find Out From Home Inc, an existing US
customer developing a range of at-home sexually transmitted infection tests,
is currently fundraising and revenues previously anticipated in H1 and H2 of
FY26 are now expected to be realised in FY27. Despite this, the Board remains
confident in the revenue outlook for FY26.
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. This division was strengthened
by the acquisitions of CS Lifesciences in August 2024 and IVDeology in May
2024, which deepened Abingdon Health's in vitro diagnostic regulatory
expertise and broadened our offering into the medical device, medical software
and technology markets.
Our regulatory services division delivered a strong performance in H1 FY26
with revenues of £1.9 million (H1 FY25: £1.3 million), an increase of 49%,
via the growing benefits of offering an integrated regulatory service
alongside our CDMO and analytical capabilities, as well as an additional six
weeks' contribution from CS Lifesciences compared to the prior period.
The £1 million-plus contract for CS Lifesciences with a major global
diagnostics company, first announced in January 2025, which covers quality
management and regulatory approvals, continues to progress well.
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). In addition, the Abingdon Simply Test™ range
of self-tests includes 16 products. Product revenues in H1 FY26 were £0.4
million (H1 FY25: £0.5 million).
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 continue to work on the development of sustainable product design solutions
which can reduce the use of plastic for the lateral flow market. It is
estimated that 20,000 tonnes of plastic waste is generated annually in the
global market, and there is increasing customer interest in the use of
sustainable alternatives to plastic. 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 SymbioTex Ltd, 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, and a new European patent with
patent number EP4150565 was also announced.
People
As at 31 December 2025, the Group's headcount was 129 (30 June 2025: 124),
reflecting continued investment in our operations. Our people remain our most
important asset and I am grateful for the dedication and commitment of the
entire Abingdon Health team.
The Board and leadership changes announced during 2025, including the
appointment of Tom Hayes as CFO in January 2025, Chris Yates, co-founder and
formerly CEO, as President, Abingdon Health USA Inc. and Group Chief
Commercial Officer in March 2025, and Dr Katie Brenner as a Non-Executive
Director in April 2025, are working well as we execute our growth strategy.
I was also pleased to make two senior management appointments that reflect the
growth and increasing complexity of our business. Candice Vendettuoli has
been promoted to Chief Delivery Officer, which includes programme management
of our larger CDMO contracts, as well as her existing quality and regulatory
affairs responsibilities. Natalie Thrush has also been promoted to Chief of
Staff which reflects her broader remit across all Group business units. Both
appointments reflect the depth of talent in the Company's senior team and a
commitment to developing our people as the business grows.
Financial Performance
Total revenues including grant-funded income grew by 45% to £4.5 million in
H1 FY26 (H1 FY25: £3.1 million). Revenues as reported in the Group Statement
of Comprehensive Income were £4.2 million (H1 FY25: £3.1 million), with the
balance representing grant-funded income from the UKRI malaria project,
presented within other operating income in accordance with IAS 20.
The strongest growth was in contract development services, where revenues
increased by 91% to £1.4 million (H1 FY25: £0.8 million) or £1.7 million
including grant-funded income as above, and in regulatory services, which grew
49% to £1.9 million (H1 FY25: £1.3 million). As noted above, a proportion of
Find Out From Home (FOFH) contract development revenues that were anticipated
in the second quarter were deferred as a result of FOFH's fundraising process;
the underlying project remains active and those revenues are expected to be
recognised in FY27.
Gross profit was £1.4 million (H1 FY25: £1.2 million), representing a gross
margin of 33.3% (H1 FY25: 38.3%). The decrease in margin percentage reflects
the continued growth of our regulatory services division, where consultancy
staff costs are classified within cost of sales, and the customer/contract mix
during the period.
Administrative expenses were £4.1 million (H1 FY25: £4.0 million),
reflecting continued investment in the Group's infrastructure, including the
US site and the Doncaster analytical laboratory, together with investment in
the senior team and additional headcount required to support forecast growth
and to service our growing contract base. This is expected to support
significant growth in the second half of the financial year and beyond, and we
do not expect significant further infrastructure investment to be required for
further growth.
Adjusted EBITDA loss improved to £1.7 million (H1 FY25: £1.9 million),
reflecting the benefit of revenue growth beginning to offset the increased
investment in the business. As detailed above, we expect significant
further improvement in EBITDA in H2. The loss before taxation was £2.3
million (H1 FY25: £2.6 million).
Cash and cash equivalents at 31 December 2025 were £3.7 million (30 June
2025: £1.9 million). The increase primarily reflects the £3.2 million net
proceeds from the October 2025 equity fundraise, partially offset by cash
outflows associated with continued investment in the business. We expect H2
to be cashflow positive without the benefit of any further customer/contract
wins.
Current Trading and Outlook
The Board remains confident in the outlook for the full year. The second half
of the financial year is expected to deliver a stronger revenue performance
than the first half, consistent with the seasonal weighting of our business in
prior years and supported by the commencement and continued execution of
several significant contracts secured during calendar year 2025.
We are maintaining our revenue guidance for FY26, including grant-funded
income, in line with market expectations of £12.6 million (comprising £12.2
million of contract revenues and £0.4 million of grant-funded income). As
noted above, the expected revenue from a contract with FOFH for performance
evaluation, regulatory services and clinical testing of four sexually
transmitted disease tests is now expected in FY27 as that business completes
its fundraising process. Notwithstanding this adjustment, the Board remains
confident in the overall FY26 revenue outlook, supported by the strong
commercial pipeline that the Group is executing across its divisions.
On the basis of the Group's existing customer and contract base, the Board
currently expects a positive adjusted EBITDA for H2 FY26, resulting in an
overall FY26 EBITDA loss that shows a significant improvement against the FY25
adjusted EBITDA loss of £2.6 million. Investment in overheads made in the
first half of the year is expected to support this profitable trading in H2
FY26.
Looking beyond FY26, the Board's outlook remains positive with growing
visibility into FY27 . All of the major CDMO contracts announced during the
current financial year are expected to be ongoing in July 2026, providing a
strong foundation for continued revenue growth into the next financial year.
The Group is well-positioned to build on this momentum through its integrated,
end-to-end service offering and its growing international footprint. The
most recently announced $2.5m contract win as reported on 12 March 2026 to
provide project management and expert technical support for the development
and regulatory submission of a clinical self-test continues this theme of
larger programmes of longer duration thereby aiming revenue visibility into
FY27.
OTC Venture Market
I was pleased to announce recently that trading in the Company's ordinary
shares will begin next month on the OTCQB Venture Market ("OTCQB") in the
United States, under the ticker symbol "ABDXF", while continuing to trade on
the London Stock Exchange's AIM market under the symbol "ABDX". This will
make our shares accessible to investors in the US having established our US
operation in Madison, Wisconsin, as a key part of our growth strategy. It
also has the potential to increase liquidity on AIM by attracting a larger
range of investors.
Conclusion
Abingdon Health enters the second half of FY26 in a strong position. We have
built a differentiated, end-to-end service offering that is resonating with an
international customer base and supporting us in winning and executing larger
end-to-end CDMO contracts. We have a clear path to continued growth and
profitability, a well-invested business in the UK and USA, and a strong
pipeline of opportunities that extends into FY27 and beyond.
I would like to thank all our employees for their hard work, dedication and
commitment as we continued to grow the business, and our shareholders for
their continued support.
Dr Chris Hand
Executive Chairman
17 March 2026
Group Statement of Comprehensive Income
For the period ended 31 December 2025
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
31 December 2025 31 December 2024 ended
30 June
2025
£'000 £'000 £'000
Revenue 4 4,237 3,094 8,429
Cost of sales (2,828) (1,910) (4,693)
Gross profit 1,409 1,184 3,736
Administrative expenses (4,115) (3,953) (7,714)
Other income 5 423 128 469
Operating loss (2,283) (2,641) (3,509)
Amortisation 62 52 111
Depreciation 293 215 497
Reversal of impairment charges on tangible and intangible assets - - (138)
Share-based payment expenses 150 66 214
Fair value adjustment to earn-out consideration payable - - 226
Non-recurring legal, professional and fundraising fees - 410 -
Non-recurring redundancy costs 81 - -
Impairment of investment in associate - - 13
Adjusted EBITDA (1,697) (1,898) (2,586)
Finance income 16 48 100
Finance costs (31) (40) (87)
Loss before taxation (2,298) (2,633) (3,496)
Taxation (charge)/credit (51) 112 81
Loss for the period (2,349) (2,521) (3,415)
Total other comprehensive expense for the period - - -
Total comprehensive expense for the period (2,349) (2,521) (3,415)
Attributable to:
Equity holders of the parent (2,349) (2,521) (3,415)
Basic losses per share (pence) 6 (0.59) (0.71) (0.93)
Diluted losses per share (pence) 6 (0.59) (0.71) (0.93)
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.
Group Statement of Financial Position
As at 31 December 2025
Notes Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
£'000 £'000 £'000
Non-current assets
Goodwill 2,281 2,281 2,281
Intangible assets 444 550 504
Property, plant and equipment 776 798 1,044
Investments 354 13 354
3,855 3,642 4,183
Current assets
Inventories 638 444 526
Trade and other receivables 1,948 1,745 2,446
Taxation receivable 405 320 240
Cash and cash equivalents 3,707 3,671 1,918
6,698 6,180 5,130
Total assets 10,553 9,822 9,313
Current liabilities
Trade and other payables 3,211 2,304 2,658
Borrowings 126 - 93
Lease liabilities 164 123 168
3,501 2,427 2,919
Non-current liabilities
Trade and other payables - - 236
Borrowings 621 741 652
Lease liabilities 37 145 115
Provisions 93 88 91
751 974 1,094
Total liabilities 4,252 3,401 4,013
Net assets 6,301 6,421 5,300
EQUITY
Called up share capital 7 108 94 94
Share premium account 40,229 37,417 37,043
Share based payment reserve 8 486 190 336
Retained deficit (34,522) (31,280) (32,173)
Total equity 6,301 6,421 5,300
Group Statement of Changes in Equity
For the period ended 31 December 2025
Share Share Share based payment reserve Retained deficit Total
capital premium account
£'000 £'000 £'000 £'000 £'000
At 30 June 2024 77 30,808 124 (28,760) 2,249
Loss for the period (2,521) (2,521)
Transactions with owners in their capacity as owners:
Loss and total comprehensive expense - - - (2,521) (2,521)
Issue of shares 17 6,609 - - 6,626
Share option expense - - 67 - 67
Share options forfeited - - (1) 1 -
At 31 December 2024 94 37,417 190 (31,280) 6,421
Loss for the period - - - (894) (894)
Transactions with owners in their capacity as owners:
Loss and total comprehensive expense - - - (894) (894)
Issue of shares - - - - -
Share option expense - - (62) - (62)
Earn-out consideration recognised as share-based payment - - 209 - 209
Share options cancelled - - (1) 1 -
Costs of fundraise offset against share premium - (374) - - (374)
At 30 June 2025 94 37,043 336 (32,173) 5,300
Loss and total comprehensive expense - - - (2,349) (2,349)
Transactions with owners in their capacity as owners:
Issue of share capital 14 3,432 - - 3,446
Costs of fundraise offset against share premium - (246) - - (246)
Share option expense - - 37 - 37
Earn-out consideration recognised as share-based payment - - 113 - 113
At 31 December 2025 108 40,229 486 (34,522) 6,301
Group Statement of Cash Flows
For the period ended 31 December 2025
Unaudited Unaudited Audited Year ended
6 months 6 months 30 June
ended ended 2025
31 December 2025 31 December 2024
£'000 £'000 £'000
Cash flow from operating activities
Loss for the period (2,349) (2,521) (3,415)
Adjustment for:
Other income (206) (128) (309)
Net finance cost/(income) 15 (8) (13)
Tax charge/(credit) 51 (112) (81)
Amortisation and impairment of intangible assets 62 52 101
Equity settled share based payment expenses 150 66 214
Depreciation of property, plant and equipment 293 215 497
Loss on disposal of property, plant and equipment - - 17
Loss on disposal of intangibles - - 13
Reversal of impairment charges - - (128)
Impairment of associate - - 13
Unwinding of provisions - - 3
Fair value adjustment of earn out consideration - - 226
Changes in working capital:
(Increase) in inventories (112) (4) (85)
Decrease/(increase) in trade and other receivables 499 349 (624)
Increase/(decrease) in trade and other payables 320 (91) 167
Cash absorbed by operations (1,277) (2,182) (3,404)
Interest paid (8) (12) (10)
Taxation refunded - - 232
Net cash outflow from operating activities (1,285) (2,194) (3,182)
Cash flow from investing activities
Payment for acquisition of subsidiary, net of cash acquired - (1,181) (1,181)
Purchase of intangible assets (2) (2) (19)
Purchase of property, plant and equipment (25) (6) (327)
Interest received 16 48 100
Net cash used in investing activities (11) (1,141) (1,427)
Cash flow from financing activities
Proceeds from issue of share capital 3,446 5,625 5,628
Transaction costs associated with issue of shares (246) - (374)
Payment of lease liabilities (82) - (130)
Payment of interest on lease liabilities (9) (59) (18)
Interest paid on loan (14) - (23)
Net cash generated from financing activities 3,095 5,566 5,083
Net increase in cash and cash equivalents 1,799 2,231 474
Cash and cash equivalents at beginning of the period 1,918 1,440 1,440
Effect of foreign exchange rates (10) - 4
Cash and cash equivalents at end of period 3,707 3,671 1,918
Notes to the Interim Financial Statements
For the period ended 31 December 2025
1. Company information
Abingdon Health plc is a public company limited by shares incorporated in the
United Kingdom under the Companies Act and is registered 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 "interim 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
These interim consolidated financial statements have been prepared using
accounting policies based on International Financial Reporting Standards (IFRS
and IFRIC Interpretations) issued by the International Accounting Standards
Board ("IASB") as adopted for use in the UK, insofar as these apply to interim
financial statements.
The financial information set out in these interim consolidated financial
statements for the six months ended 31 December 2025 is unaudited. The
financial information presented is not statutory accounts prepared in
accordance with the Companies Act 2006, is prepared only to comply with AIM
requirements for interim reporting, and should be read in conjunction with the
30 June 2025 Annual Report and Financial Statements. The financial
information for the half years ended 31 December 2025 and 31 December 2024
does not constitute statutory accounts within the meaning of Section 434 (3)
of the Companies Act 2006 and both periods are unaudited. The financial
information has not been prepared (and is not required to be prepared) in
accordance with IAS 34 Interim Financial Reporting.
The Group's annual report and financial statements for the year ended 30 June
2025 have been filed with the Registrar of Companies. The independent
auditor's report on the annual report and financial statements for the year
ended 30 June 2025 was i) unqualified, ii) did not draw attention to any
matters by way of emphasis, and iii) did not contain a statement under 498(2)
- (3) of the Companies Act 2006.
3. Accounting policies
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 2025 annual
financial statements, as set out in Notes 2 and 3 of that document, except for
those that relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 July 2025, and will be adopted in
the 2026 financial statements. Adoption of these new standards and
interpretations is not expected to have a material impact on the Group's
financial statements.
The accounting policies applied are based on the recognition and measurement
principles of IFRS in issue as adopted by the UK and are effective at 30 June
2026 or are expected to be adopted and effective at 30 June 2026.
4. Revenue
Revenue analysed by class of business
Unaudited Unaudited Audited
6 months to 6 months to 12 months to 30 June
31 December 2025 31 December 2024 2025
£'000 £'000 £'000
Product sales 414 532 534
Contract manufacturing 512 549 1,270
Contract development services 1,434 752 3,205
Regulatory 1,877 1,261 3,420
Total revenue from contracts with customers 4,237 3,094 8,429
Revenue analysed by geographical market
Unaudited Unaudited Audited
6 months to 31 December 2025 6 months to 31 December 2024 12 months to 30 June
2025
£'000 £'000 £'000
United Kingdom 1,766 1,895 4,488
Europe 1,724 670 1,674
USA & Canada 659 487 2,136
Rest of the World 88 42 131
4,237 3,094 8,429
5. Other income
Unaudited Unaudited Audited
6 months to 6 months to 12 months to 30 June
31 December 2025 31 December 2024 2025
£'000 £'000 £'000
Grants received 216 - 160
Research and development expenditure credit 207 128 309
423 128 469
Grants received includes grant-funded revenue for the UKRI-funded contract
development of a malaria parasite lateral flow test, as required by IAS 20
Accounting for Government Grants and Disclosure of Government Assistance.
6. Earnings per share
Unaudited 31 December 2025 Unaudited 31 December 2024 Audited
30 June 2025
Number of shares
Weighted average number of ordinary shares for basic and diluted earnings per 394,990,902 354,640,402 366,657,539
share
Earnings - continuing operations
Loss for the period (£'000) (2,349) (2,521) (3,415)
Basic and diluted earnings per share
From continuing operations (pence per share) (0.59) (0.71) (0.93)
The Company has options issued over 9,630,688 (30 June 2025: 6,536,364, 31
December 2024: 2,793,501) ordinary shares which are potentially dilutive,
excluding options where the exercise price is higher than the market price at
the period-end date. Due to the losses incurred by the Group in the above
periods basic and diluted earnings per share are the same.
The calculation of Adjusted Earnings is consistent with the presentation of
Adjusted Earnings before Interest, Tax, Depreciation, Amortisation and other
costs the group classifies as nonrecurring, as presented on the face of the
statement of comprehensive income. This adjusted element removes non-recurring
items, as detailed above. The Directors have presented this Alternative
Performance Measure ("APM") because they feel it most suitably represents the
underlying performance and cash generation of the business, and allows
comparability between the current and comparative period in light of the rapid
changes in the business and will allow an ongoing trend analysis of this
performance based on current plans for the business. Tax is excluded from this
APM because the Group has significant tax losses and so the tax charge is not
representative of the cash generated.
The calculated Adjusted Earnings for the current and comparative periods are
as follows:
Adjusted Earnings per Share Unaudited Unaudited Audited
6 months ended 6 months ended Year
31 December 2025 31 December 2024 ended
30 June 2025
£'000s £'000s £'000s
Loss before taxation (2,298) (2,633) (3,496)
Adjusted for:
Share-based payment expenses 150 66 214
Reversal of impairment charges on tangible and intangible assets - - (138)
Impairment of investment in associate - - 13
Fair value adjustment to earn-out consideration payable - - 226
Non-recurring legal, professional and fundraising fees - 410 -
Non-recurring redundancy costs 81 - -
Depreciation and amortisation 355 267 608
Net finance cost / (income) 15 (8) (13)
Adjusted earnings (1,697) (1,898) (2,586)
The non-recurring legal, professional and fundraising fees in H1 FY25 were
mostly associated with the August 2024 fundraise and were reclassified to
share premium in the full-year FY25 results.
Adjusted earnings (£000s) (1,697) (1,898) (2,586)
Number of shares 394,990,902 354,640,402 366,657,539
Basic and diluted Adjusted EPS (pence) (0.43) (0.54) (0.71)
The earnings per share figure 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. As set out in note 7 below, the total
nominal value of all the deferred shares is £45k.
7. Share capital
Unaudited 31 December 2025 Unaudited Audited
31 December 2024 30 June
2025
Ordinary share capital
Issued and fully paid Number Number Number
Ordinary shares of 0.025p each 251,077,850 193,630,821 193,630,821
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812 182,316,812
433,394,662 375,947,633 375,947,633
£'000 £'000 £'000
Ordinary shares of 0.025p each 63 49 49
Deferred ordinary shares of 0.025p each 45 45 45
108 94 94
Reconciliation of movements during the periods:
Number
At 1 July 2024 309,033,634
Issue of fully paid Ordinary Shares 66,913,999
At 31 December 2024 and 30 June 2025 375,947,633
Issue of fully paid Ordinary Shares 57,447,029
At 31 December 2025 433,394,662
There were two share issues during the period totalling 57,447,029 Ordinary
Shares:
i) On 31 October 2025, there was an issue of 57,441,821 shares at a
nominal value of £0.00025. Total amount paid per share was £0.0600 with
£14k recognised in share capital and £3,432k in share premium. The share
issue was to raise funds for the Group to support further expansion of
operations in the USA, to include manufacturing capability, and to support
execution of the larger end-to-end development and manufacturing contracts the
Group had won during 2025.
ii) On 30 December 2025, there was an issue of 5,208 shares at a nominal
value of £0.00025. Total amount paid per share was £0.00025 with £1.30
recognised in share capital. The share issue was in relation to the exercise
of share options.
8. Share options
Number of share options Weighted average exercise price
Unaudited Unaudited 31 December 2024 Audited 30 Unaudited 31 December 2025 Unaudited Audited
31 December 2025 June 31 December 2024 30
2025 June 2025
Number Number Number £ £ £
Outstanding at start of period 9,480,103 5,714,994 5,714,994 0.0237 0.0463 0.0463
Exercised (5,208) - - 0.00025 - -
Granted 3,361,000 - 4,092,000 0.00025 - 0.00025
Lapsed (2,692,199) - - 0.07000 - -
Forfeited - (6,250) (326,891) - 0.00025 0.0694
Outstanding at end of period 10,143,696 5,708,744 9,480,103 0.00354 0.0463 0.0237
Exercisable at end of period 565,926 117,507 58,334 0.07000 0.19920 0.0003
The options outstanding at 31 December 2025 had an exercise price ranging from
£0.00025 to £0.07000 and a remaining contractual life of up to 10 years. The
options outstanding at 31 December 2025 have the following expiry dates and
exercise prices:
Number of shares Exercise price per share (£) Vesting period from grant date
EMI options granted in April 2021 53,126 0.00025 1 year
EMI options granted in December 2022 512,800 0.07000 3 years
EMI options granted in October 2023 2,124,770 0.00025 3 years
EMI options granted in May 2025 4,092,000 0.00025 2 years
EMI options granted in December 2025 3,361,000 0.00025 3 years
10,143,696
On 4 December 2025 3,361,000 EMI options were granted to senior management as
part of the Company's Long Term Incentive Plan. On the same date, a total of
512,800 options granted in December 2022 vested based on non-market
performance targets in place, and 2,692,199 options granted in December 2022
lapsed.
9. Half year report
The Company is not proposing to bulk print and distribute hard copies of this
Interim Report for the six months ended 31 December 2025 unless specifically
requested by individual shareholders. The Board believes that by utilising
electronic communication it delivers savings to the Company in terms of
administration, printing and postage, and environmental benefits through
reduced consumption of paper and inks, as well as speeding up the provision of
information to shareholders.
News updates, Regulatory News and Financial statements can be viewed and
downloaded from the Group's website, www.abingdonhealth.com/investors
(http://www.abingdonhealth.com/investors) . Copies can also be requested from:
Company Secretary, Abingdon Health PLC, York Biotech Campus, Sand Hutton,
York, YO41 1LZ.
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