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."
For a full copy of the announcement, please visit the Investor section of our website: Regulatory Announcements.
Enquiries
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Abingdon Health plc |
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Chris Hand, Executive Chairman |
Via Walbrook PR |
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Tom Hayes, CFO |
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Cavendish Capital Markets Limited (Sole Broker and Nominated Adviser) |
Tel: +44 (0)20 7220 0500 |
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Geoff Nash / Isaac Hooper / Joe Smith (Corporate Finance) |
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Nigel Birks (Life Science Specialist Sales) |
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Walbrook PR (Media & Investor Relations) |
Tel: +44 (0)20 7933 8780 or [email protected] |
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Paul McManus / Alice Woodings |
Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654 | |
