**Summary of Abingdon Health PLC Half-Year Financial Report (H1 FY26)**
**Financial Performance**
**Revenue Growth**Total revenue (including grant-funded income) increased by 45% to £4.5 million (H1 FY25: £3.1 million). Reported revenue grew by 37% to £4.2 million.
**Adjusted EBITDA Loss**Improved to £1.7 million (H1 FY25: £1.9 million) due to continued investment in infrastructure and growth.
**Loss Before Taxation**£2.3 million (H1 FY25: £2.6 million).
**Cash Position**Cash and equivalents rose to £3.7 million at 31 December 2025 (30 June 2025: £1.9 million), boosted by a £3.2 million fundraise in October 2025.
**Operational Highlights**
**US Expansion**Expanded CDMO operations in Madison, Wisconsin, with plans for further investment in manufacturing, performance evaluation, and ISO accreditation.
**Major Contracts**Secured a $2.5 million contract in March 2026 for clinical self-test development and regulatory support, adding to a $2 million US contract announced in November 2025.
**Regulatory Services**Revenue grew 49% to £1.9 million, driven by integrated service offerings.
**Innovation**Launched seaweed-based lateral flow housings in partnership with SymbioTex Ltd, emphasizing sustainability.
**Patents**New European patent granted for AppDx® lateral flow smartphone reader, protecting proprietary AI-driven technology.
**Management Changes**Promoted Candice Vendettuoli to Chief Delivery Officer and Natalie Thrush to Chief of Staff to support growth.
**Outlook and Guidance**
**H2 FY26**Expected to be profitable and cash flow positive, with positive adjusted EBITDA.
**FY26 Revenue Guidance**Maintained at £12.6 million (£12.2 million from contracts, £0.4 million from grants).
**FY27 Outlook**Positive, with major CDMO contracts continuing into FY27, providing a strong revenue foundation.
**OTCQB Listing**Shares to begin trading on the OTCQB Venture Market in the US under ticker "ABDXF" to enhance investor accessibility.
**Strategic Focus**
**End-to-End Services**Strengthened by acquisitions of CS Lifesciences and IVDeology, offering comprehensive CDMO, regulatory, and analytical services.
**Sustainability**Commitment to reducing plastic waste in lateral flow products through innovative biobased solutions.
**US Market**Focus on US expansion to capitalize on the growing lateral flow assay market, projected to reach $25.28 billion by 2035.
**Chairman’s Statement**
Dr Chris Hand highlighted substantial revenue growth, strategic investments, and a clear path to profitability. The company’s integrated service offering and strong pipeline position it well for continued growth, with FY27 expected to build on FY26 momentum.
**Conclusion**
Abingdon Health PLC demonstrated robust H1 FY26 performance, with significant revenue growth, strategic advancements, and a positive outlook for H2 FY26 and beyond. The company is well-positioned to capitalize on the lateral flow market’s growth, supported by its expanded US operations, innovative product offerings, and strong contract pipeline.
| Metric | H1 FY26 (6 months ended 31 Dec 2025) | H1 FY25 (6 months ended 31 Dec 2024) | Change |
|---|---|---|---|
| Revenue (Total) | £4.5 million | £3.1 million | +45% |
| Reported Revenue | £4.2 million | £3.1 million | +37% |
| Adjusted EBITDA Loss | £1.7 million | £1.9 million | Improved by £0.2 million |
| Loss Before Taxation | £2.3 million | £2.6 million | Improved by £0.3 million |
| Cash and Cash Equivalents | £3.7 million | £1.9 million | +95% |
| Debt (Borrowings) | £747,000 | £741,000 | +0.8% |
| Regulatory Services Revenue | £1.9 million | £1.3 million | +49% |
| Contract Development Revenue | £1.4 million | £0.8 million | +91% |
| Contract Manufacturing Revenue | £0.5 million | £0.5 million | 0% |