REG - Niox Group PLC - Trading Update

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RNS Number : 0693Q  Niox Group PLC  08 July 2025

NIOX Group plc

("NIOX" or the "Company" and, together with its subsidiaries, the "Group")

Trading Update

Focused execution of strategy delivers strong performance

 

Oxford - 8 July 2025 - NIOX Group plc (AIM: NIOX), a medical device company
focused on point-of-care FeNO testing for the diagnosis, monitoring and
management of asthma and COPD, provides the following trading update for the
six months ended 30 June 2025 (H1 2025).

Highlights

·      Revenue growth of 20% (21% on a constant currency basis) to
approximately £25.2m (H1 2024: £21.0m).

·      Clinical revenue growth of 8% (9% on a constant currency basis)
to approximately £20.0m (H1 2024: £18.5m).

·      Research revenue growth of 108% (108% on a constant currency
basis) to approximately £5.2m (H1 2024: £2.5m) due to increased clinical
trial activity involving FeNO testing for both asthma and COPD.

·      Adjusted EBITDA(1) up 30% to approximately £9.2m (H1 2024:
£7.1m).

·      Strong balance sheet with cash of £11.8m after the payment of a
£5.0m dividend in June 2025 (31 December 2024: £10.9m).

The growth in research revenues exceeds management's expectations at this time
of year. However, it remains too early to determine whether this strong
performance will continue throughout 2025, as demand is ultimately determined
by pharmaceutical companies' investment in clinical trials.

Gross margin at 70% was approximately 2% lower than in H1 2024, primarily due
to a higher mix of device-heavy research sales.

Overheads were broadly in line with H1 2024, before the one-off exceptional
costs associated with the withdrawn Keensight bid of approximately £0.3
million.

Net cash increased from £10.9 million at 31 December 2024 to £11.8 million
at 30 June 2025, notwithstanding the payment of a £5.0 million dividend in
June 2025.

The impact of foreign exchange fluctuations is minimal at this point in the
year, with reported growth rates similar to those in constant currency,
however, this could have a greater impact on the second half if the US dollar
continues to weaken against the Pound sterling.

We have not seen any impact on the Group from US tariffs and continue to
expect that these will not have a material impact on our business and intend
to pass on any related increases to our cost base through higher pricing where
possible.

NIOX expects to release its interim results for the six months ended 30 June
2025 on 30 September 2025.

(1)Adjusted EBITDA excludes depreciation, amortisation and share option
charges

 

Jonathan Emms, NIOX's CEO, said:

"I am pleased to report that the year has started well, and I'm particularly
proud of how the team has stayed focused and maintained momentum, delivering
strong growth in revenues and profits despite external distractions associated
with the withdrawn Keensight bid. We remain committed to driving sustainable
growth in our core clinical business, which continues to benefit from a high
degree of recurring revenue.

We are confident that our strategic initiatives, including accelerating the
penetration of FeNO testing in the US market and the upcoming launch of the
NIOX PRO®, will drive continued progress. I would like to thank our
shareholders for their continued support, and I look forward to providing a
further update at the time of our interim results."

 

-Ends-

 

 For further information, please contact:

 NIOX Group plc                                               +44 (0) 3303 309 356

 Jonathan Emms, Chief Executive Officer

 Sarah Duncan, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)  +44 (0) 20 7496 3000

 Jen Boorer / James Fischer / James Todd

 

 

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