RNS Number : 4829C
Novacyt S.A.
30 April 2026
Novacyt S.A.
("Novacyt", the "Company" or the "Group")
Full Year 2025 results
Paris, France, and Manchester, UK - 30 April 2026 - Novacyt S.A. (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international molecular diagnostics company with a broad portfolio of integrated technologies and services, announces its audited results for the year ended 31 December 2025. A period of sustained growth, ahead of market expectations and providing a solid foundation for future growth.
The Company has a broad technology portfolio divided into three business segments: Clinical, Instrumentation and Research Use Only ("RUO"). These business segments trade within Yourgene Health ("Yourgene") (80% of total sales FY25) and Primer Design (20% of total sales FY25), focused on the development and commercialisation of clinical products and RUO assays respectively.
Financial Highlights
·
Group statutory revenue for FY 2025 was £20.0m (FY 2024: £19.6m), slightly above market expectations of £19.8m
·
Underlying Group revenue grew by c.4% (5% on a constant currency basis), excluding the impact of the Taiwan service laboratory divestment
o Clinicalsegment up 3%, delivering sales of £13.8m, (FY 2024: £13.5m), driven by the acquisition of a new strategic customer in the APAC region, with NIPT technologies up over 10% year-on-year
o Instrumentationsegment delivered more than 25% growth in sales to £2.5m, (FY 2024: £2.0m) predominantly driven by the launch of the LightBench® Discover instrument
o RUOsegment declined year-on-year by c. 10% to £3.7m (FY 2024: £4.2m), as a result of reduced sales of the Primer Design catalogue of products
o APACregion delivered the highest year-on-year growth of c. 12% achieving sales of £5.8m, driven by the continued strong demand for the Company's Reproductive Health range of products, followed by the Americas region delivering growth of c. 8%
·
Group gross profit totalled £12.6m (63% margin) in FY 2025, consistent with FY 2024's underlying gross profit of £12.3m (63% margin)*
·
Group EBITDA loss in FY 2025 totalled £7.8m before exceptional items (FY 2024: £9.1m loss) exceeding market expectations
·
Loss after tax decreased to £22.9m in FY 2025 (FY 2024: £41.8m loss)
·
Cash position at 31 December 2025 was £19.1m (FY 2024: £30.5m)
The Board understands market expectations, based on Singer Capital Markets' October 2025 initiation note, for the year ended 31 December 2025 to be revenue of £19.8m, an EBITDA loss of £8.5m and a closing cash balance of £18.8m.
* The 163% margin reported in FY24 was due to the reversal of the £19.8m product warranty provision following the settlement with the DHSC
Operational Highlights
·
Received IVDR accreditation for Yourgene® QST*R Base assay
·
Successful launch ofLightBench® Discover, high-precision 3-in-1 instrument for genomic research labs conducting long-read sequencing
·
In October 2025, the Company launched its new strategy update, setting out KPIs for the Group to deliver against
Post period year-end highlights
·
Contract signed with St George's University Hospitals NHS Foundation Trust for the provision of Non-Invasive Prenatal Testing ("NIPT") using Yourgene's IONA® Nx NIPT Workflow (CE-IVD), following a competitive tender process
·
Earnings accretive acquisition of Southern Cross Diagnostics Pty Ltd ("Southern Cross Diagnostics" or "SCD"), for an initial cash consideration of c. £4.4m, providing direct access to the fast-growing Australian diagnostics market and the wider Asia Pacific region
·
Completed a Preferential Subscription Rights Issue whichraised €0.8m gross, at a price of €0.40 per share on the basis of 1 new share for every 36 existing shares
·
Cash position at 31 March 2026 of £11.0m
Commenting on the results Lyn Rees, CEO of Novacyt, said: "I am pleased to report a solid set of results, demonstrating sustained growth, ahead of market expectations and setting a solid foundation for future growth.
"We have been particularly pleased by the uplift seen in our instrumentation segment, delivering more than 25% increase predominantly driven by the launch of LightBench® Discover instrument. Our post period acquisition of Southern Cross Diagnostics provided us with direct access to the fast-growing Australian diagnostic market, reinforcing the Company's strategy by driving revenue growth, expanding the Group's product portfolio and bringing us closer to profitability.
"Our outlook for FY26 looks strong, as we target double digit revenue growth year-on-year and look to continue the path towards EBITDA profitability."
Investor presentation
Lyn Rees, CEO, and Steve Gibson, CFO, will host an investor webinar presentation relating to the Company's Final Results 2025 via the Investor Meet Company platform today at 11am. Investors can sign up to Investor Meet Company for free and register here.
Contacts
Novacyt SA
https://novacyt.com/investors
Lyn Rees, Chief Executive Officer
Via Walbrook PR
Steve Gibson, Chief Financial Officer
SP Angel Corporate Finance LLP (Nominated Adviser and Broker)
+44 (0)20 3470 0470
Matthew Johnson / Charlie Bouverat (Corporate Finance) Vadim Alexandre / Rob Rees (Corporate Broking)
Singer Capital Markets(Joint Broker)
+44 (0)20 7496 3000
Phil Davies / James Fischer / Samed Ethemi
Allegra Finance (French Listing Sponsor) Evelyne Galiatsatos / Yannick Petit
About Novacyt Group (www.novacyt.com)
Novacyt is an international molecular diagnostics company providing a broad portfolio of integrated technologies and services, primarily focused on the delivery of genomic medicine. The Company develops, manufactures, and commercialises a range of molecular assays and instrumentation to deliver workflows and services that enable seamless end-to-end solutions from sample to result across multiple sectors including human health, animal health and environmental.
The Company is divided into three business segments:
Clinical
Broad portfolio of human clinical in vitro diagnostic products, workflows and services focused on three therapeutic areas: · Reproductive Health: NIPT, Cystic Fibrosis and other rapid aneuploidy tests · Precision Medicine: DPYD genotyping assay · Infectious Diseases: Winterplex, multiplex winter respiratory PCR panel
Instrumentation
Portfolio of next generation size selection DNA sample preparation platforms and rapid PCR machines, including: · Ranger® Technology: automated DNA sample preparation and target enrichment technology · genesig q16 and q32 real-time quantitative PCR (qPCR) instruments
Research Use Only
Range of services for the life sciences industry: · Design, manufacture, and supply of high-performance qPCR assays and workflows for use in human health, agriculture, veterinary and environmental, to support global health organisations and the research industry · Pharmaceutical research services: whole genome sequencing (WGS) / whole exome sequencing (WES)
Novacyt is headquartered in Le Vésinet in France with offices in the UK (Manchester), Singapore, the US and Canada and has a commercial presence in over 65 countries, including Australia, following the recent acquisition of Southern Cross Diagnostics in March 2026, which has opened new distribution channels to the life sciences and diagnostics industries in the territory and the wider Asia-Pacific region. The Company is listed on the London Stock Exchange's AIM market ("NCYT") and on the Paris Stock Exchange Euronext Growth ("ALNOV").
For more information, please refer to the website: www.novacyt.com
Chief Executive's review
The Group's 2025 business plan was focussed around three key objectives: the strategic investment in R&D for new product launches, streamlining the Group from an operational and cost perspective and finally, delivering market expectations. I'm delighted to report that Novacyt has delivered on all three core objectives, achieved top-line growth above market expectations and created a strong foundation for future growth.
Portfolio update
1) Clinical
The Clinical business, predominantly Yourgene Health branded, is focused across three key strategic pillars: Reproductive Health, Precision Medicine and Infectious Diseases, which each represent large and growing addressable markets.
Once again, we have made good progress in the period increasing our clinical product portfolio by receiving accreditation under the new EU requirements of the In Vitro Diagnostic Regulation ("IVDR") for the Yourgene® QST*R Base assay, in February 2025. Yourgene® QST*R Base is a highly multiplexed, single tube assay containing 22 markers for rapid diagnosis of the common autosomal and sex chromosome aneuploidies during pregnancy. This is the third IVDR accreditation (following DPYD and Cystic Fibrosis) for Novacyt which further demonstrates the high quality and accuracy of the Group's products, and the team's ability to navigate the stringent new regulatory environment for in vitro diagnostic tests.
Reproductive Health
In 2025, our NIPT technologies delivered double digit growth, following a successful run of winning new contracts. This resulted in Novacyt successfully winning a competitive tender process, post year end, to secure the contract with St George's University Hospitals NHS Foundation Trust for the provision of NIPT using Yourgene's flagship IONA® Nx NIPT Workflow (CE-IVD). The service provides NIPT to approximately one third of the NHS (National Health Service) maternity services population in England and is also offered privately at St George's hospital. The contract is for an initial two-year period from December 2025, with an option to extend for a further two years, representing a continuation of existing business to the Company.
Post period end, in February 2026, Yourgene Health won a 4 year tender for a hospital to run the first national NIPT service in Iceland. The hospital lab has had IONA® Nx NIPT Workflow installed and is now up and running an NIPT service for expectant parents in Iceland. The tender expected 3,500 samples per annum and the value of the tender is approximately £2.0m over 4 years, if volumes are met.
In September 2025, the Thai government announced a national policy for NIPT reimbursement to replace the current biochemical quad testing model. This has led to an increase in the number of Yourgene laboratory customers being installed with an NIPT workflow and a growth in samples per annum. Regulated IVD components of the Yourgene NIPT workflow solution for the Thai market have been granted import licenses from Thailand Food and Drug Administration (TFDA).
In Q4 2025, the Group had updated shareholders about new product introductions that were underway. One of these products was a screening assay for Spinal Muscular Atrophy (SMA) an incurable rare genetic condition causing progressive muscle weakness. The Group had expected that this would be ready for launch in H1 2026, however this third party product has faced a number of regulatory issues.
Precision Medicine
In October 2025, the U.S. Food and Drug Administration (FDA) released a safety announcement to highlight the importance of dihydropyrimidine dehydrogenase (DPD) deficiency discussions with patients prior to capecitabine or 5-FU treatment, a form of chemotherapy treatment. This was followed in February 2026, by a safety labelling update for capecitabine and fluorouracil (5-FU) from the FDA on the risks associated with DPD deficiency.
As a result, the R&D team are busy working on the final steps of the new DPYD assay which will include the updated tier 1 and tier 2 mutations which are recommended by the Association for Molecular Pathology ("AMP") and the National Comprehensive Cancer Network ("NCCN") guidelines. The Yourgene® Insight DPYD assay is due for launch in Q2, initially as a Research Use Only assay, soon to be followed an IVDR approved test for the European market. The new kit has been developed closely with various key opinion leaders to ensure that it meets customer needs and is has been beta tested with key customer accounts with international reach.
Genomic Services
The NIPT service expanded its offering in February 2025 of the IONA Care +service, providing expectant parents with a broader clinical menu including clinically relevant microdeletions.
2) Instrumentation
In July 2025, the Group launched LightBench® Discover, a high-precision 3-in-1 instrument for genomic labs conducting long-read sequencing with a PacBio workflow. This product launch was a key driver behind the increase in Group revenue across the period. The product provides cost efficiencies, enhances quality control, simplifies workflows and delivers high-accuracy analytics which all meet the needs of our customers. In the five months since launch, the Company has placed 10 units across North America, UK, Europe, Turkey and Indonesia with a growing pipeline for further uptake in 2026.
3) Research Use Only
Despite Primer Design continuing to provide high quality research assays to the life sciences industry worldwide, the RUO segment declined by circa 10% to £3.7m (FY 2024: £4.2m), as a result of reduced sales of the Primer Design catalogue of products. As part of the Go To Market strategy, Primer Design launched an online shop and distributor partner hub as part of its website offering, to improve the customer and distributor ease of ordering. Uptake has been strong and the focus for 2026 is on expanding new business opportunities to grow the sector. The commercial team at Primer Design has been strengthened with key appointments to add expertise and new skillset to the EMEA commercial team.
In addition, Primer Design has launched several new products across the three sectors of vet and animal health, food & agriculture and human health, based on customer requirements and market demand.
Launch of new strategy and KPIs
In October 2025, the Company provided a strategy update to investors, detailing the Group's growth plan and set out its strategic goals. This followed a period of restructuring, reducing the cost base and rightsizing the Group's operational footprint. This meant the Group is now derisked with a strong core business and foundations for growth, enabling the Company to set organic financial goals, as set out below:
1.
To deliver double digit revenue growth year-on-year (from FY26)
2.
To deliver a gross margin across the Group of over 60% each year
3.
To achieve EBITDA profitability based on the organic growth plans supported by the Company's balance sheet strength
Full the full investor presentation, investors can watch back on-demand here.
Southern Cross Diagnostics Pty Ltd
Post period end, the Group successfully acquired Southern Cross Diagnostics, the profitable distributor of diagnostic and life science products, for an initial cash consideration of c. £4.4m. The immediate earnings and revenue accreditive acquisition of the Sydney based distributor provided direct access to the fast-growing Australian diagnostic market, where Novacyt is seeing strong growth through reimbursement and creates access to key strategic accounts. The acquisition reinforces the Company's strategy by driving revenue growth, expanding the Group's product portfolio and bringing it closer to profitability.
The Group retained the full SCD team, made up of 11 full time employees and Nick Thliveris, CEO and Founder. Nick brings significant experience around the growth potential in APAC markets and has a strong understanding of the diagnostics distribution market.
Preferential Subscription Rights Issue
The Company launched a Preferential Subscription Rights ("PSR") issue immediately after the acquisition of SCD to enable existing Shareholders to participate in an equity raise. The PSR raised net €580,000 through the issue of just under 2 million new ordinary shares, with just over 50% of the news shares being issued to the Nick Thliveris, the former Founder and CEO of SCD, illustrating his long-term belief in both SCD and the wider Novacyt Group. The equity raise has strengthened the balance sheet.
Current trading and outlook
I was pleased with the performance of the Group in the period and to present our renewed business plan to shareholders allowing us to refresh our story explaining our growth plan and future strategy.
Having prioritised reducing the cost base of the Group in FY 2024 and consolidating all manufacturing at our centre of excellence in Manchester, has allowed the Company to focus on new product development delivery and exceeding market expectations in terms of revenue, EBITDA loss and cash in FY 2025. As the geopolitical environment evolves and global markets continue to struggle, we will continue to monitor and review spending levels to ensure we protect our cash position and will provide updated guidance once the impact of the Middle East conflict can be more easily quantified.
The Board gave approval to invest annually up to an additional £2.0m across 2025-2027, to accelerate bringing new products to market, and this increase in research and development has seen Go-To-Market plans and product launches across the key strategic pillars: Reproductive Health, Precision Medicine and Infectious Diseases. Our long-standing and new customers responded positively, and this new product development has contributed to the double-digit revenue growth in both Ranger and NIPT.
Our aim is to have a greater number of institutional investors supporting our business and we believe that this level of performance takes us closer to delivering on that objective.
Lyn Rees
Chief Executive Officer
30 April 2026
FINANCIAL REVIEW
Overview
2025 was a solid year, outperforming all market expectations and commencing the re-start of the Novacyt growth story. Novacyt completed its various site consolidation programmes of work, helping to reduce the cost base of the business, which has contributed to a reduced EBITDA loss for the year compared with FY 2024.
Novacyt generated sales of £20.0m, an EBITDA loss of £7.8m and a loss after tax of £22.9m.
Novacyt closed 2025 with £19.1m cash in the bank, which provides the Group with a solid foundation on which to build its future strategy and allowed the Group to acquire Southern Cross Diagnostics PTY in March 2026 for cash.
Profit & Loss
Revenue
Statutory revenue grew by approximately £0.4m to £20.0m in 2025, but on a like-for-like basis when the impact of the Taiwanese divestment in 2024 is removed, revenue grew by £0.8m or 4%, with a key driver being increased instrument sales following the successful launch of our LightBench Discover product in H2 2025.
There were differing levels of performance within the Group portfolio, with our Instrumentation business up more than 25% and NIPT technologies delivering double-digit growth through winning a number of new contracts, but the RUO segment declined by around 10% as a result of lower sales of our Primer Design catalogue of products.
Gross profit
The business delivered a gross profit of £12.6m (63%), compared with £32.1m (163%) in 2024 which was inflated by £19.8m as a result of releasing a product warranty provision that was not required following the successful resolution of the DHSC dispute. Removing the impact of this one-time entry, the underlying gross profit in 2024 was £12.3m, or 63%, so the margin has been maintained year-on-year.
Operating expenditure
Group operating costs decreased by £20.7m to £20.4m in 2025, compared with £41.1m in 2024, predominantly as a result of booking a £20.0m bad debt write-off following the settlement with the DHSC in 2024 that was not repeated in 2025. Removing the impact of this one-time entry, underlying operating expenditure has decreased by £0.7m, or circa 4%, predominantly driven by the completion of the site consolidation programme of work.
Labour costs have increased year-on-year mainly driven by the increased investment into R&D to accelerate bringing new products to market, such as our new NIPT offering in APAC. 2025 saw the first full year of the additional R&D costs, whereas in 2024 R&D costs were still ramping up in Q4. The Group's closing headcount for 2025 was around 224, a reduction of around 7% from the opening headcount, mainly driven by closing the Southampton facility and moving operations to Manchester.
Non-labour costs have reduced year-on-year driven by a number of factors including a reduction in insurance premiums following the DHSC settlement in 2024, favourable operating FX, reduced utility costs as better prices were obtained, and the collection of some previously provided for bad debts.
EBITDA
The Group reported an EBITDA loss of £7.8m for 2025 compared with a loss of £9.1m in 2024. The loss has decreased by £1.3m, driven by an increased underlying gross profit contribution of £0.3m as a result of higher sales, a £0.7m reduction in underlying opex costs, and a net £0.2m impact as a result of the DHSC settlement.
Operating loss
The Group reported an operating loss of £28.5m compared with a 2024 loss of £37.3m. Year-on-year, depreciation and amortisation charges have decreased by £2.5m, to £4.9m, mainly due to the disposal of assets (predominantly PPE) as part of the site consolidation programme of work across the Group.
Net other operating expenses have decreased from £20.9m to £15.8m. The main items making up the 2025 charge are i) a £14.4m impairment charge in relation to the intangible assets, including goodwill, acquired as part of the Yourgene acquisition, ii) £1.3m of costs associated with site closures and restructuring fees (including redundancy payments), iii) M&A related expenses £0.2m, and iv) £0.3m of other expenses.
Loss after tax from continuing operations
The Group reported a loss after tax from continuing operations of £23.5m, compared with a loss of £38.7m in 2024. Other financial income and expenses netted to a gain of £1.2m compared with a loss of £2.1m in 2024. The three key items making up the balance are i) a £1.2m net financial foreign exchange gain, mainly resulting from revaluations of bank and intercompany accounts held in foreign currencies, ii) £0.7m interest income, mostly on deposits held in bank accounts, and iii) £0.6m of interest charges on IFRS 16 liabilities. Taxation at £3.9m is predominantly a result of the movement in deferred tax.
Earnings per share
2025 saw a loss per share of £0.32 compared to a loss per share of £0.59 in 2024.
Balance Sheet
Non-current assets
Goodwill has decreased from £2.7m in 2024 to £2.2m in 2025. The decrease is predominantly driven by impairing the remaining goodwill associated with the acquisition of Yourgene. The remaining movement is due to exchange revaluations on the Primer Design goodwill balance, which is not held in pound sterling.
Right-of-use assets have decreased from £8.3m at 31 December 2024 to £7.5m at 31 December 2025, mainly as a result of the annual depreciation charges.
Property, plant and equipment has decreased by £0.9m from 31 December 2024 to £1.5m at 31 December 2025, mainly as a result of the annual depreciation charges.
Other non-current assets have decreased by £16.5m to £1.4m as at 31 December 2025, predominantly driven by i) the impairment of the remaining intangible assets associated with the Yourgene Health acquisition totalling £13.8m, and ii) annual amortisation charges totalling £2.9m.
Current assets
Inventories and work in progress have increased year-on-year, closing 2025 at £2.5m compared to £2.3m in 2024. The main driver for the slight increase is to ensure there is adequate stock to meet the additional sales demand.
Trade and other receivables are broadly flat year-on-year at £4.6m.
Tax receivables are flat year-on-year at £0.5m. The current balance relates to Research and Development tax credits (SME Regime) accruals covering 2023, 2024 and 2025.
Other current assets have decreased to £1.0m, from £1.5m in 2024, with the key drivers being a reduction in the prepayment position at year end and the return of a rent deposit reducing short-term deposits. Prepayments at 31 December 2025 include the annual Group commercial insurance, rent, rates and prepaid support costs.
Current liabilities
Short-term lease liabilities have reduced following a number of site closures and closed 2025 at a balance of £0.9m, down from £1.3m at 31 December 2024.
Trade and other liabilities have increased to £4.7m at 31 December 2025, from £3.8m at 31 December 2024, due to the timing of invoices received and paid.
Other provisions and short-term liabilities have fallen to £0.3m, from £1.1m at 31 December 2024, predominantly as a result of concluding the HSE claim faced by Lab21 Healthcare Ltd and the unwinding of the litigation provision.
Non-current liabilities
As a result of impairing the remaining intangible assets associated with the Yourgene Health acquisition, that are not separately assessed, the associated deferred tax liabilities on temporary timing differences have been reversed, reducing the balance to less than £0.1m at 31 December 2025.
Lease liabilities long-term have decreased to £9.6m, from £10.6m, as a result of rental payments made. The main ongoing liabilities relate to two premises in the UK, Skelton House and City Labs, that have multi-year leases.
Other provisions and long-term liabilities are flat year-on-year at £1.5m, with the balance being mainly related to a dilapidations provision.
Cash flow
Cash held at the end of 2025 totalled £19.1m compared with £30.5m at 31 December 2024. Net cash used in operating activities was £9.2m for 2025, made up of a working capital outflow of £1.4m and an EBITDA loss of £7.8m, compared to a cash outflow of £9.8m in 2024.
Net cash used in investing activities decreased to £0.2m, from £1.9m in 2024. This outflow was net of £0.6m interest income generated from the Group's cash balances during 2025, down on the prior year as the cash pile reduced. Capital expenditure in 2025 totalled £0.9m compared with £1.9m in 2024.
Net cash used in financing activities increased in 2025 to £2.0m compared with £1.8m in 2024, with the main cash outflow being lease payments.
The Group remains debt free at 31 December 2025.
Announcement Note
The information included in this announcement is extracted from the audited Group Consolidated Accounts. Defined terms used in the announcement refer to terms as defined in the Group Consolidated Accounts unless the context otherwise requires. This announcement should be read in conjunction with, and is not a substitute for, the full Group Consolidated Accounts.
Steve Gibson
Chief Financial Officer
30 April 2026
Consolidated income statement for the years ended 31 December 2025 and 31 December 2024
Amounts in £'000
Notes
Year ended 31 December 2025
Year ended 31 December 2024
Continuing Operations
Revenue
20,029
19,630
Cost of sales
4
-7,415
12,444
Gross profit
12,614
32,074
Sales, marketing and distribution expenses
-5,287
-5,493
Research and development expenses
-4,112
-2,767
General and administrative expenses
5
-16,204
-40,239
Governmental subsidies
330
-
Operating loss before other operating income/expense
-12,659
-16,425
Other operating income
6
395
128
Other operating expenses
6
-16,240
-21,046
Operating loss after other operating income/expense
-28,504
-37,343
Financial income
5,285
3,034
Financial expense
-4,127
-5,121
Loss before tax
-27,346
-39,430
Tax income
3,894
732
Loss after tax from continuing operations
-23,452
-38,698
Profit / (loss) from discontinued operations
14
569
-3,060
Loss after tax attributable to owners of the Company (*)
-22,883
-41,758
Loss per share (£)
7
-0.32
-0.59
Diluted loss per share (£)
7
-0.32
-0.59
Loss per share from continuing operations (£)
7
-0.33
-0.55
Diluted loss per share from continuing operations (£)
7
-0.33
-0.55
Profit / (loss) per share from discontinued operations (£)
7
0.01
-0.04
Diluted profit / (loss) per share from discontinued operations (£)
7
0.01
-0.04
* There are no non-controlling interests.
Consolidated statement of comprehensive income for the years ended 31 December 2025 and 31 December 2024
Amounts in £'000
Notes
Year ended 31 December 2025
Year ended 31 December 2024
Loss for the period recognised in the income statement
-22,883
-41,758
Items that may be subsequently reclassified to profit or loss:
Translation reserves
13
-1,947
1,873
Total comprehensive loss
-24,830
-39,885
Comprehensive loss attributable to owners of the Company (*) from:
Continuing operations
-25,399
-36,825
Discontinued operations
569
-3,060
* There are no non-controlling interests.
Statement of financial position as of 31 December 2025 and 31 December 2024
Amounts in £'000
Notes
Year ended 31 December 2025
Year ended 31 December 2024
Goodwill
8
2,162
2,669
Other intangible assets
1,365
17,575
Property, plant and equipment
1,468
2,407
Right-of-use assets
7,538
8,294
Non-current financial assets
18
25
Deferred tax assets
37
286
Total non-current assets
12,588
31,256
Inventories and work in progress
2,537
2,269
Trade and other receivables
9
4,594
4,717
Tax receivables
456
477
Prepayments and short-term deposits
995
1,452
Investments short-term
10
8
Cash and cash equivalents
19,149
30,453
Total current assets
27,741
39,376
Total assets
40,329
70,632
Lease liabilities short-term
10
856
1,257
Provisions short-term
11
17
748
Trade and other liabilities
12
4,667
3,767
Tax liabilities
5
47
Other current liabilities
295
401
Total current liabilities
5,840
6,220
Net current assets
21,901
33,156
Lease liabilities long-term
10
9,594
10,621
Provisions long-term
11
1,486
1,466
Deferred tax liabilities
37
4,445
Total non-current liabilities
11,117
16,532
Total liabilities
16,957
22,752
Net assets
23,372
47,880
Statement of financial position as of 31 December 2025 and 31 December 2024 (continued)
Amounts in £'000
Notes
Year ended 31 December 2025
Year ended 31 December 2024
Share capital
13
4,053
4,053
Share premium account
50,671
50,671
Own shares
-130
-113
Other reserves
13
20,565
3,810
Equity reserve
1,155
1,155
Retained earnings
13
-52,942
-11,696
Total equity - owners of the Company
23,372
47,880
Total equity
23,372
47,880
Statement of changes in equity for the years ended 31 December 2025 and 31 December 2024
Amounts in £'000
Other Group reserves
Share capital
Share premium
Own shares
Equity reserves
Other
Translation reserve
OCI on retirement benefits
Total
Retained earnings
Total equity
Balance at 1 January 2024
4,053
50,671
-138
1,155
846
761
-8
1,599
29,902
87,242
Translation differences
-
-
-
-
-
1,873
-
1,873
-
1,873
Loss for the period
-
-
-
-
-
-
-
-
-41,758
-41,758
Total comprehensive income / (loss) for the period
-
-
-
-
-
1,873
-
1,873
-41,758
-39,885
Own shares acquired / sold in the period
-
-
25
-
-
-
-
-
-
25
Payment in shares
-
-
-
-
338
-
-
338
-
338
Other
-
-
-
-
-
-
-
-
160
160
Balance at 31 December 2024
4,053
50,671
-113
1,155
1,184
2,634
-8
3,810
-11,696
47,880
Translation differences
-
-
-
-
-
-1,947
-
-1,947
-
-1,947
Loss for the period
-
-
-
-
-
-
-
-
-22,883
-22,883
Total comprehensive loss for the period
-
-
-
-
-
-1,947
-
-1,947
-22,883
-24,830
Own shares acquired / sold in the period
-
-
-17
-
-
-
-
-
-
-17
Payment in shares
-
-
-
-
339
-
-
339
-
339
Reclassification of share-based payments reserve
-
-
-
-
18,363
-
-
18,363
-18,363
-
Balance at 31 December 2025
4,053
50,671
-130
1,155
19,886
687
-8
20,565
-52,942
23,372
The Other Group reserves in column 'Other' shows the reserve related to the acquisition of Primer Design shares and the reserve for payment in shares.
The 2024 movement of £338k and the 2025 movement of £339k are related to the Long-Term Incentive Plan (LTIP) implemented in 2024.
The other variation in 2025 for £18,363k relates to the reclassification of the reserve for "IFRS2 payment in shares" in Novacyt UK Holdings from retained earnings to Other Group reserves.
Statement of cash flows for the years ended 31 December 2025 and 31 December 2024
Amounts in £'000
Notes
Year ended 31 December 2025
Year ended 31 December 2024
Net cash used in operating activities
15
-9,214
-9,823
Operating cash flows from discontinued operations
-209
-674
Operating cash flows from continuing operations
-9,005
-9,149
Investing activities
Acquisition / sale of subsidiary net of cash acquired
-
-1,093
Purchases of patents and trademarks
-613
-580
Purchases of property, plant and equipment
-268
-1,281
Sales of tangible and intangible fixed assets
14
22
Variation of deposits
70
-67
Interest received
616
1,139
Net cash used in investing activities
-181
-1,860
Investing cash flows from discontinued operations
15
15
Investing cash flows from continuing operations
-196
-1,875
Financing activities
Repayment of lease liabilities
-1,936
-1,862
Purchase of own shares - net
-17
25
Net cash used in financing activities
-1,953
-1,837
Financing cash flows from discontinued operations
-78
-91
Financing cash flows from continuing operations
-1,875
-1,746
Net decrease in cash and cash equivalents
-11,348
-13,520
Cash and cash equivalents at beginning of year
30,453
44,054
Effect of foreign exchange rate changes
44
-81
Cash and cash equivalents at end of year
19,149
30,453
Notes to the ANNUAL ACCOUNTS
1. Corporate Information
Novacyt is an international molecular diagnostics company providing a broad portfolio of integrated technologies and services, primarily focused on the delivery of genomic medicine. The Company develops, manufactures, and commercialises a range of molecular assays and instrumentation to deliver workflows and services that enable seamless end-to-end solutions from sample to result across multiple sectors including human health, animal health and environmental. Its registered office is located at 131 Boulevard Carnot, 78110 Le Vésinet.
2. BASIS OF ANNOUNCEMENT
2.1 Basis of Preparation
The financial information contained in this report comprises the consolidated financial statements of the Company and its subsidiaries (hereinafter referred to collectively as the "Group"). The figures in the tables are prepared and presented in Great British Pounds ("GBP"), rounded to the nearest thousand ("£'000s").
2.2 Discontinued operations and assets held for sale
A discontinued operation is a component that either has been disposed of, or is classified as held for sale, and
(a) represents a separate major line of business or geographical area of operations,
(b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or
(c) is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are presented in the consolidated income statement as a single amount comprising the total of:
- The post-tax profit or loss of the discontinued operation,
- The post-tax gain or loss recognised on the measurement to fair value less costs to sell, and
- The post-tax gain or loss recognised on the disposal of assets or the disposal group making up the discontinued operation.
Where material, the analysis of the single amount is presented in the relevant note (see note 14).
In the statement of cash flows the net cash flow attributable to the operating, investing and financing activities of discontinued operations have been disclosed separately.
No adjustments have been made in the statement of financial position.
Comparatives for discontinued operations are restated.
2.3 Going concern
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they adopt the going concern basis of accounting in preparing the financial statements after having taken into account the available information they have for the future, and especially the cash forecast prepared for the next 12 months.
In preparing this cash forecast, the Directors have considered the following assumptions:
- A positive cash balance at 31 December 2025 of £19,149k;
- The business plan for the next 12 months;
- The working capital requirements of the business;
- The acquisition of Southern Cross Diagnostics in March 2026;
- The Preferential Subscription Rights issue in March 2026;
- No further additional external funding has been forecast.
As such, the forecast prepared by the Group shows that it is able to cover its cash needs during the financial year 2026 up until April 2027.
2.4 Business combinations
Business combinations are accounted for using the purchase method (see IFRS 3).
Each time it acquires a company or group of companies constituting a business, the Group identifies and measures the assets acquired and liabilities assumed, most of which are carried at fair value. The difference between the fair value of the consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, and the net amount recognised in respect of the identifiable assets acquired and liabilities assumed measured at fair value, is recognised as goodwill.
Pursuant to IFRS 3, the Group applies the following principles:
- Transaction costs are recognised immediately as operating expenses when incurred;
- Any purchase price adjustment of an asset or a liability assumed is estimated at fair value at the acquisition date, and the initial assessment may only subsequently be adjusted against goodwill in the event of new information related to facts and circumstances existing at the acquisition date if this assessment occurs within the 12-month allocation period after the acquisition date. Any adjustment of the financial liability recognised in respect of an additional price subsequent to the intervening period or not meeting these criteria is recognised in the Group's comprehensive income;
- Any negative goodwill arising on acquisition is immediately recognised as income; and
- For step acquisitions, the achievement of control triggers the remeasurement at fair value of the interest previously held by the Group in profit or loss. Loss of control results in the remeasurement of the possible residual interest at fair value in the same way.
For companies acquired during the year, only the results for the period following the acquisition date are included in the consolidated income statement.
2.5 Critical accounting judgements and key sources of estimate uncertainty
In the application of the Group's accounting policies, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
2.5.1 Critical accounting judgements
· Trade and other receivables
An estimate of the risks of non-receipt based on commercial information, current economic trends and the solvency of individual customers is made to determine the need for impairment on a customer-by-customer basis. Management use significant judgement in determining whether a credit loss provision is required.
At the year end, the Group had trade receivables of £4,059k against which a credit loss provision of £161k has been applied.
2.5.2 Key sources of estimation uncertainty
· Measurement of goodwill
Goodwill is tested for impairment on an annual basis. The recoverable amount of goodwill is determined mainly on the basis of forecasts of future cash flows. The total amount of anticipated cash flows reflects Management's best estimate of the future benefits and liabilities expected for the relevant CGU. The assumptions used and the resulting estimates sometimes cover very long periods, taking into account the technological, commercial and contractual constraints associated with each CGU. These estimates are mainly subject to assumptions in terms of volumes, selling prices and related production costs, and the exchange rates of the currencies in which sales and purchases are denominated. They are also subject to the discount rate used for each CGU.
The value of the goodwill is tested whenever there are indications of impairment and reviewed at each annual closing date or more frequently should this be justified by internal or external events.
The carrying amount of goodwill in the statement of financial position and related impairment loss over the period is shown below:
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Goodwill Primer Design
6,286
5,979
Cumulative impairment of goodwill
-4,124
-3,922
Net value
2,162
2,057
Goodwill IT-IS International
9,437
9,437
Cumulative impairment of goodwill
-9,437
-9,437
Net value
-
-
Goodwill Yourgene Health
11,852
11,852
Cumulative impairment of goodwill
-11,852
-11,240
Net value
-
612
Total goodwill
2,162
2,669
3. Operating segments
Segment reporting
Pursuant to IFRS 8, an operating segment is a component of an entity:
- that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);
- whose operating results are regularly reviewed by the Group's Chief Executive to make decisions regarding the allocation of resources to the segment and to assess its performance; and
- for which discrete financial information is available.
The Group has identified two operating segments, whose performance and resources are monitored separately. Following the Group's decision to discontinue the IT-IS International business in 2024, it has been treated as a discontinued operation.
o Yourgene Health
This segment represents the activities of Yourgene Health and its subsidiaries, a genomics technology and services business, focussed on delivering molecular diagnostic and screening solutions, across reproductive health and precision medicine, based throughout the world but with its headquarters in Manchester, UK.
o Primer Design
This segment represents the activities of Primer Design Ltd, which is a designer, manufacturer and marketer of molecular 'real-time' qPCR testing devices and reagents in the area of infectious diseases now based in Manchester, UK.
The Group's central/corporate costs that are not allocated to individual operating segments are shown below under Corporate. Where appropriate, costs are recharged to individual operating segments via a management recharge process.
Intercompany eliminations represent intercompany transactions across the Group that have not been allocated to an individual operating segment. It is not a discrete segment.
The Chief Operating Decision Maker is the Chief Executive Officer.
Headcount
The average headcount by segment is presented in the table below:
Segment
2025
2024
Yourgene Health
158
148
Primer Design
37
48
Corporate
21
19
Total headcount
216
215
The reduction in Primer Design headcount reflects the impact of redundancy programmes on the business.
IT-IS International headcount for 2024 is not included in the above table since it is a discontinued operation.
Breakdown of revenue by operating segment and geographic area
o Year ended 31 December 2025
Amounts in £'000
Yourgene Health
Primer Design
Total
Geographical area
United Kingdom
3,415
773
4,188
France
1,901
154
2,055
Europe (excluding UK and France)
3,194
802
3,996
America
2,044
858
2,902
Asia-Pacific
4,684
1,073
5,757
Middle East
500
145
645
Africa
232
254
486
Total revenue
15,970
4,059
20,029
o Year ended 31 December 2024
Amounts in £'000
Yourgene Health
Primer Design
Total
Geographical area
United Kingdom
3,326
1,102
4,428
France
2,214
333
2,547
Europe (excluding UK and France)
2,879
699
3,578
America
1,906
772
2,678
Asia-Pacific
4,269
851
5,120
Middle East
523
235
758
Africa
167
354
521
Total revenue
15,284
4,346
19,630
Breakdown of result by operating segment
o Year ended 31 December 2025
Amounts in £'000
Yourgene Health
Primer Design
Corporate
Intercompany eliminations
Total
Revenue
15,970
4,059
-
-
20,029
Cost of sales
-6,751
-685
-
21
-7,415
Sales and marketing costs
-3,867
-942
-478
-
-5,287
Research and development
-3,242
-554
-316
-
-4,112
General and administrative
-7,885
-2,700
-747
-
-11,332
Governmental subsidies
275
55
-
-
330
Earnings before interest, tax, depreciation and amortisation as per management reporting
-5,500
-767
-1,541
21
-7,787
Depreciation and amortisation
-4,872
Operating loss before other operating income/expense
-12,659
Other operating income
395
Other operating expenses
-16,240
Operating loss after other operating income/expense
-28,504
Financial income
5,285
Financial expense
-4,127
Loss before tax
-27,346
Year ended 31 December 2024
Amounts in £'000
Yourgene Health
Primer Design
Corporate
Intercompany eliminations
Total
Revenue
15,284
4,346
-
-
19,630
Cost of sales
-6,634
19,030
-
48
12,444
Sales and marketing costs
-4,035
-1,150
-317
9
-5,493
Research and development
-1,759
-745
-263
-
-2,767
General and administrative
-9,783
-22,665
-390
-43
-32,881
Earnings before interest, tax, depreciation and amortisation as per management reporting
-6,927
-1,184
-970
14
-9,067
Depreciation and amortisation
-7,358
Operating loss before other operating income/expense
-16,425
Other operating income
128
Other operating expenses
-21,046
Operating loss after other operating income/expense
-37,343
Financial income
3,034
Financial expenses
-5,121
Loss before tax
-39,430
Assets and liabilities are not reported to the Chief Operating Decision Maker on a segmental basis and are therefore not disclosed.
Breakdown of non-current assets by geographical area
The tables below exclude financial instruments and deferred tax assets.
o Year ended 31 December 2025
Amounts in £'000
United Kingdom
Rest of Europe
America
Asia-Pacific
Total
Goodwill
2,162
-
-
-
2,162
Other intangible assets
1,094
-
271
-
1,365
Property, plant and equipment
1,200
212
44
12
1,468
Right-of-use assets
7,255
186
95
2
7,538
Total
11,711
398
410
14
12,533
o Year ended 31 December 2024
Amounts in £'000
United Kingdom
Rest of Europe
America
Asia-Pacific
Total
Goodwill
2,669
-
-
-
2,669
Other intangible assets
15,666
-
1,909
-
17,575
Property, plant and equipment
2,004
300
88
15
2,407
Right-of-use assets
7,940
255
72
27
8,294
Total
28,279
555
2,069
42
30,945
4. Cost of sales
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Cost of inventories recognised as an expense
5,776
11,390
Change in stock provision
86
-5,790
Freight costs
18
24
Direct labour
1,200
1,535
Product warranty
-
-19,738
Other
335
135
Total cost of sales
7,415
-12,444
Total cost of sales is largely flat year-on-year, excluding the impact of the DHSC product warranty provision release in 2024 for £19,753k.
In 2024, the stock provision decreased by a net £5,790k because stock, which had previously been provided for, was written off and disposed of following the DHSC settlement, with the cost being charged to 'Cost of inventories recognised as an expense' and a corresponding release of the stock provision being made.
5. General and administrative expenses
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Purchases of non-stored raw materials and supplies
514
583
Lease and similar payments
280
284
Maintenance and repairs
1,099
931
Insurance premiums
438
786
Legal and professional fees
2,031
1,811
Banking services
55
61
Employee compensation and social security contributions
5,876
6,552
Depreciation and amortisation of property, plant and equipment and intangible assets
4,872
7,358
DHSC bad debt write off
-
19,964
Management fees revenue to discontinued activities
-
-296
Other general and administrative expenses
1,039
2,205
Total general and administrative expenses
16,204
40,239
The main driver for the year-on-year decrease in general and administrative expenses relates to the bad debt write off of £19,964k in 2024.
Labour costs have decreased year-on-year due to a reduction in headcount following the Group-wide restructuring.
Depreciation and amortisation of property, plant and equipment and intangible assets decreased in 2025 due to disposal of assets as part of site consolidations across the Group.
Legal and professional fees include advisors' fees, audit fees and legal fees.
Other general and administrative expenses include building rates, regulatory fees, loss on disposal of fixed assets and IT expenses.
6. Other operating income and expenses
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Other operating income
395
128
Total other operating income
395
128
Impairment of Yourgene Health goodwill and intangibles
-14,446
-11,240
DHSC contract dispute costs
-
-7,273
Restructuring expenses
-1,324
-1,242
Acquisition related expenses
-233
-67
Loss on disposal of Taiwan subsidiaries
-68
-861
Other expenses
-169
-363
Total other operating expenses
-16,240
-21,046
Operating expenses
Following the conclusion of the impairment testing for the Yourgene Health CGU, the remaining goodwill and all remaining applicable intangible assets were fully impaired to nil.
2024 DHSC contract dispute costs relate to legal and professional fees and product storage costs incurred in the resolution of the commercial dispute. The settlement figure of £5,000k that was paid to the DHSC in July 2024 is included within this category.
Restructuring expenses in 2025 and 2024 relate to Group-wide restructuring charges, as the Group continues to reduce its cost base.
7. Loss per share
The loss per share is calculated based on the weighted average number of shares outstanding during the period. The diluted loss per share is calculated based on the weighted average number of shares outstanding and the number of shares issuable as a result of the conversion of dilutive financial instruments. At 31 December 2025 there are no outstanding dilutive instruments.
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Net loss attributable to owners of the Company
-22,883
-41,758
Impact of dilutive instruments
-
-
Net diluted loss attributable to owners of the Company
-22,883
-41,758
Weighted average number of shares (actual amount)
70,626,248
70,626,248
Impact of dilutive instruments
-
-
Weighted average number of diluted shares
70,626,248
70,626,248
Loss per share (£)
-0.32
-0.59
Diluted loss per share (£)
-0.32
-0.59
Loss per share from continuing operations (£) Diluted loss per share from continuing operations (£)
-0.33 -0.33
-0.55 -0.55
Profit / (loss) per share from discontinued operations (£) Diluted profit / (loss) per share from discontinued operations (£)
0.01 0.01
-0.04 -0.04
8. Goodwill
Goodwill is the difference recognised, upon consolidation of a company, between the fair value of the purchase price of its shares and the net assets acquired and liabilities assumed, measured in accordance with IFRS 3.
Cost
£'000
At 1 January 2024
50,349
Adjustment to the Yourgene Health goodwill resulting from the completion of the purchase price allocation process
-7,475
Exchange differences
-919
At 31 December 2024
41,955
Exchange differences
1,061
At 31 December 2025
43,016
Accumulated impairment losses
At 1 January 2024
-28,903
Impairment of the Yourgene Health goodwill
-11,240
Exchange differences
857
At 31 December 2024
-39,286
Impairment of the Yourgene Health goodwill
-613
Exchange differences
-955
At 31 December 2025
-40,854
Carrying value
At 31 December 2024
2,669
At 31 December 2025
2,162
Primer Design
The impairment testing of the CGU as at 31 December 2025 was carried out using the DCF method, with the key assumptions as follows:
o Five-year business plan;
o Extrapolation of cash flows beyond five years based on a growth rate of 1.5%; and
o Discount rate corresponding to the expected rate of return on the market for a similar investment, regardless of funding sources, equal to 15.1%.
The implementation of this approach demonstrated that the value in use amounted to £10,401k, which is higher than the carrying amount of all the operating assets in the CGU. As such, no impairment charge was recognised in the year ended 31 December 2025.
Yourgene Health
The impairment testing of the CGU as at 31 December 2025 was carried out using the DCF method, with the key assumptions as follows:
o Five-year business plan;
o Extrapolation of cash flows beyond five years based on a growth rate of 1.5%; and
o Discount rate corresponding to the expected rate of return on the market for a similar investment, regardless of funding sources, equal to 15.1%.
The implementation of this approach demonstrated that the value in use amounted to £4,569k, which is lower than the carrying amount of all the operating assets in the CGU. As such, an impairment charge of £14,446k was recognised in the year ended 31 December 2025. This has resulted in the remaining goodwill and all remaining applicable intangible assets being fully impaired to nil, other than those intangible assets that are separately assessed such as development costs.
9. Trade and other receivables
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Trade and other receivables
4,059
3,540
Expected credit loss provision
-161
-302
Tax receivables - Value Added Tax
548
1,004
Other receivables
148
475
Total trade and other receivables
4,594
4,717
Trade and other receivables have increased slightly since December 2024 as a result of higher revenue in November and December 2025 compared with November and December 2024.
The 'Tax receivables - Value Added Tax' balance has reduced since December 2024 following receipt of a historic VAT repayment claim from HMRC in the UK.
Trade receivables balances are due within one year. Once an invoice is more than 90 days overdue, it is deemed more likely to default and as such, these invoices have been provided for in full as part of an expected credit loss model, except where Management have reviewed and judged otherwise.
The movement in the expected credit loss provision is shown below:
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Balance at the beginning of the period
302
223
Impairment losses recognised
537
569
Amounts written off during the year as uncollectible
-20
-11
Impairment losses derecognised
-32
-40
Amounts recovered during the year
-625
-446
Impact of foreign exchange
-1
7
Balance at the end of the period
161
302
The split by maturity of the clients' receivables is presented below:
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Less than one month
3,405
2,848
Between one and three months
422
389
Between three months and one year
194
278
More than one year
38
25
Balance at the end of the period
4,059
3,540
10. Lease liabilities
The following tables show lease liabilities carried at amortised cost.
o Maturities
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Lease liabilities - Less than 1 year
856
1,257
Lease liabilities - Between 1 and 5 years
3,688
3,011
Lease liabilities - More than 5 years
5,906
7,610
Total lease liabilities
10,450
11,878
o Change in lease liabilities in 2025 and 2024
Amounts in £'000
Opening
Repayment
Non-cash movements
Sale of businesses
FX impact
Closing
Changes in 2024
13,704
-1,862
787
-751
-
11,878
Changes in 2025
11,878
-1,936
502
-
6
10,450
The main liabilities relate to Skelton House and City Labs, two premises in Manchester, UK, that have multi-year leases.
11. Provisions
The table below shows the nature of and changes in provisions for risks and charges for the period from 1 January 2025 to 31 December 2025:
Amounts in £'000
At 1 January 2025
Increases
Reversals
Reclass
Impact of foreign exchange
At 31 December 2025
Provision for retirement benefits
7
-
-7
-
-
-
Provisions for restoration of premises
1,459
97
-55
-15
-
1,486
Provisions long-term
1,466
97
-61
-15
-1
1,486
Provisions for restoration of premises
233
-
-250
17
-
-
Provisions for litigation
500
-
-500
-
-
-
Provisions for product warranty
15
2
-
-
-
17
Provisions short-term
748
2
-750
17
-
17
The table below shows the nature of and changes in provisions for risks and charges for the period from 1 January 2024 to 31 December 2024:
Amounts in £'000
At 1 January 2024
Increases
Reversals
Reclass
Sales of businesses
Impact of foreign exchange
At 31 December 2024
Provision for retirement benefits
7
-
-
-
-
-
7
Provisions for restoration of premises
1,540
84
-20
-92
-45
-8
1,459
Provisions long-term
1,547
84
-20
-92
-45
-8
1,466
Provisions for restoration of premises
36
141
-36
92
-
-
233
Provisions for litigation
157
500
-157
-
-
-
500
Provisions for product warranty
19,795
15
-19,795
-
-
-
15
Provisions short-term
19,988
656
-19,988
92
-
-
748
Provisions short-term have fallen since December 2024 predominantly as a result of the closure of the Primer Design Eastleigh site and resolution of the Health and Safety Executive ("HSE") litigation, whereby the corresponding provisions for restoration of premises and litigation have been reversed.
Provisions chiefly cover:
- Risks related to litigations;
- The restoration expenses of the premises as per the lease agreements; and
- Product assurance warranties.
The provisions for the restoration of premises are an estimation of amounts payable to cover dilapidations at the end of the rental periods, thus at the following dates:
- Yourgene Health: June 2028, March 2029, September 2029, and February 2037 as there are multiple sites that do not have co-terminus leases.
12. Trade and other liabilities
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Trade payables
1,317
462
Accrued invoices
2,543
2,433
Payroll related liabilities
723
665
Tax liabilities - Value Added Tax
68
195
Other liabilities
16
12
Total trade and other liabilities
4,667
3,767
Total trade and other liabilities have increased since December 2024, due to the timing of invoices received and paid.
13. ISSUED CAPITAL AND RESERVES
13.1 Share capital
As of 31 December 2025 and 2024, the Company's share capital of €4,708,416.54 was divided into 70,626,248 shares with a par value of 1/15th of a Euro each.
The Company's share capital consists of one class of share. All outstanding shares have been subscribed, called and paid.
Amount of share capital £'000
Amount of share capital €'000
Unit value per share €
Number of shares issued
Balance at 1 January 2024
4,053
4,708
0.07
70,626,248
Balance at 31 December 2024
4,053
4,708
0.07
70,626,248
Balance at 31 December 2025
4,053
4,708
0.07
70,626,248
13.2 Other reserves
Amounts in £'000
Balance at 1 January 2024
1,599
Reserve payment in shares from "retained earnings"
338
Translation differences
1,873
Balance at 31 December 2024
3,810
Reserve payment in shares from "retained earnings"
339
Reclassify reserve for payment in shares previously in retained earnings
18,363
Translation differences
-1,947
Balance at 31 December 2025
20,565
13.3 Retained earnings/losses
Amounts in £'000
Balance at 1 January 2024
29,902
Loss for the year
-41,758
Other
160
Balance at 31 December 2024
-11,696
Loss for the year
-22,883
Reclassify reserve for payment in shares to "other reserves"
-18,363
Balance at 31 December 2025
-52,942
14. Discontinued operations
During 2024, Novacyt commenced a strategic review of the business, which included a review of the IT-IS International business. The outcome of the review resulted in the closure of IT-IS International as the PCR instrumentation market had become saturated, and the business had experienced several consecutive loss-making years.
In accordance with IFRS 5, the net result of IT-IS International Ltd and Lab21 Healthcare Ltd have been reported in the line 'Loss from discontinued operations' on the consolidated income statement.
The table below presents the detail of the loss generated by these businesses as of 31 December 2025 and 2024:
Amounts in £'000 Discontinued Operations
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
-1
546
Cost of sales
-3
-862
Gross loss
-4
-316
Sales, marketing and distribution expenses
-
-181
Research and development expenses
-12
-309
General and administrative expenses
-117
-1,333
Governmental subsidies
-
5
Operating loss before other operating income/expense
-133
-2,134
Other operating income
946
-
Other operating expenses
-291
-805
Operating profit / (loss) after other operating income/expense
522
-2,939
Financial income
52
116
Financial expense
-5
-237
Profit / (loss) before tax
569
-3,060
Taxation (expense) / income
-
-
Profit / (loss) after tax from discontinued operations
569
-3,060
15. Notes to the cash flow statement
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Loss for the year
-22,883
-41,758
Profit / (loss) from discontinued operations
569
-3,060
Loss from continuing operations
-23,452
-38,698
Adjustments for:
Depreciation, amortisation, impairment loss and provisions
18,564
-202
Unwinding of discount
96
84
(Profit) / loss on disposal of assets
-301
681
Charges related to payment in shares (LTIP)
339
338
Other revenues and charges without cash impact
393
697
Income tax credit
-4,224
-732
Operating cash flows before movements of working capital
-8,016
-40,892
(Increase) / decrease in inventories (*)
-269
660
(Increase) / decrease in receivables
-1,318
32,383
Increase / (decrease) in payables
948
-1,209
Cash used in operations
-8,655
-9,058
Income taxes received
57
373
Finance costs
-616
-1,138
Net cash used in operating activities
-9,214
-9,823
Operating cash flows from discontinued operations
-209
-674
Operating cash flows from continuing operations
-9,005
-9,149
(*) The variation of the inventories value results from the following movements:
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Decrease in the gross value of inventories
3,970
6,045
Decrease in the stock provision
-4,239
-5,385
Total variation of the net value of inventories
-269
660
16. Related parties
Parties related to Novacyt SA are:
- the managers, whose compensation is disclosed below; and
- the Directors of Novacyt SA.
Remuneration of key management personnel
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Fixed compensation and company cars
1,336
1,264
Variable compensation
260
160
Social security contributions
181
147
Contributions to supplementary pension plans
74
57
Cash based payment benefits-LTIP
-
15
Total remuneration
1,851
1,643
Aggregate Directors' remuneration
Amounts in £'000
Year ended 31 December 2025
Year ended 31 December 2024
Fixed compensation and company cars
1,014
962
Variable compensation
140
90
Social security contributions
165
140
Contributions to supplementary pension plans
38
28
Total remuneration
1,357
1,220
Other related party transactions
Yourgene Health invoiced £41k (excluding VAT) between January 2025 and November 2025 for goods and services provided to MyHealthChecked plc, a company for which Lyn Rees was a non-executive Director during that period.
17. Subsequent events
On 2 March 2026, Novacyt acquired, via its wholly owned subsidiary, Novacyt Holdings UK Limited, the entire issued share capital of Southern Cross Diagnostics Pty Ltd ("SCD"), a profitable distributor of diagnostic and life science products, for an initial cash consideration of AUD$8.5m (equivalent to approximately £4.4m or €5.1m). SCD is based in Sydney, Australia and has been a distribution partner for Novacyt subsidiary Yourgene Health since its acquisition of Elucigene Diagnostics in 2019.
Also on 2 March 2026, Novacyt announced that that it is undertaking a rights issue, enabling Shareholders to elect to acquire new shares in the Company at a price of €0.40 per share on the basis of one new share for every 36 existing shares, raising €784,736 through the issue of 1,961,840 new ordinary shares.
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