**Summary of Cambridge Nutritional Sciences PLC Half-Year Report (H1 2025)**
**Financial Highlights**
**Revenue Decline** Revenue decreased to £3.9 million (H1 2024: £4.1 million), primarily due to slower orders in key regions like mainland Europe, Africa/Middle East, and the Americas.
**Gross Margin Improvement** Gross margin increased to 67.7% (H1 2024: 65.4%), driven by production efficiencies and product mix optimization.
**Adjusted EBITDA** Remained positive at £0.1 million (H1 2024: £0.2 million), despite lower sales.
**Loss Before Tax** Increased to £0.4 million (H1 2024: £0.2 million) due to lower revenue and higher operational costs.
**Cash Position** Cash balance decreased to £3.6 million (H1 2024: £4.5 million) due to working capital outflows, capital expenditures, and financing activities.
**Operational Highlights**
**Sales Restructuring** The sales and marketing teams were restructured to focus on long-term growth, separating customer service, acquisition, and success functions from sales.
**Product Performance** FoodPrint® sales declined by 7% to £2.4 million, while Food Detective® sales dropped by 23% to £0.6 million. CNS Lab sales grew by 9% to £0.9 million.
**Regional Growth** Strong growth in the UK (6%) and India (33%), offset by declines in Europe, Americas, and Africa/Middle East.
**New Product Launch** Introduced Gut Detective®, a comprehensive stool biomarker panel for gut health, targeting UK practitioners.
**Outlook**
**Full-Year Sales** Expected to be lower than the previous year due to longer sales cycles and slower commercialization in key regions.
**Strategic Focus** Emphasis on converting pipeline opportunities into orders, particularly in the USA and Europe.
**Cost Management** Aim to remain profitable at the adjusted EBITDA level through careful cost management.
**Cash Investment** Continued investment in strategic initiatives like IVDR development and new products, despite a decline in cash position.
**Management Commentary**
**Challenges** Carolyn Rand, Chair, acknowledged a frustrating first half due to underperformance in key regions, despite strong growth in the UK and India.
**Optimism** Confidence in long-term growth prospects as the restructured sales team begins to deliver, supported by improved gross margins and operational efficiencies.
**Investor Engagement**
A live investor presentation was held on 10 November 2025, led by CEO James Cooper and CFO Ajay Patel, to discuss the interim results.
**Conclusion**
Cambridge Nutritional Sciences PLC faces short-term challenges with revenue declines in key regions but remains focused on long-term growth through sales restructuring, operational efficiencies, and strategic investments. The company is well-funded to execute its strategy and expects to return to growth with a healthy gross margin.