Final Results

Abingdon Health plc

("Abingdon" or "the Company" or "the Group")

Final Results for the financial year ended 30 June 2025

York, U.K. - 11 November 2025: Abingdon Health plc (AIM: ABDX), a leading international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech, announces its final results for the financial year ended 30 June 2025 ("FY25").

Commercial and Operational Highlights (including post period-end)

· Continued growth of contract development and manufacturing organisation ("CDMO") activities with several large contracts secured during FY25 and post period-end including:

o  Contract win for US$2m for development of sexually transmitted disease tests running across 2025 and into 2026.

o  Funding award of £800,000 via UK Research and Innovation alongside a distinguished group of partners to develop point-of-care rapid diagnostic tests for malaria.

o  Strategic partnerships with Okos Diagnostics to jointly develop and commercialise avian flu (H5N1) lateral flow kits for bovine health and human applications.

o  €2m CDMO contract win for companion diagnostic test covering development, scale-up, technical transfer, manufacture and full regulatory approval support with a European biotech company.

o  Additional CDMO contract win post period-end for development and regulatory approval of a companion diagnostic lateral flow point of care test, with a global pharmaceutical company expected to generate c. US$2.5m revenue over a 24-month period.

o  Launch of seaweed-based lateral flow housings in partnership with SymbioTex as an opportunity for CDMO customers to significantly reduce their plastic waste. 

o  New cUS$2m CDMO contract win announced post period-end for development, scale-up and technical transfer for a semi-quantitative, multiplex lateral flow test system.

· Expansion of integrated CDMO service offering with:

o  Acquisition of regulatory service provider CS Lifesciences in August 2024 for a maximum consideration of up to £3.2 million in cash and shares.

o  Opening of Abingdon Analytical Ltd, analytical services and performance evaluation laboratory, in existing premises in Doncaster in December 2024.

o  Opening of US CDMO service site, including a commercial office and laboratories, in Madison, Wisconsin, which was fully operational in April 2025.

· Integration of CS Lifesciences well underway and contract wins, including one for >£500k which has since been extended, underpinning growth potential in FY26 and beyond.

Financial Summary and Outlook (including post period-end)

· Total revenue of £8.6m* for FY25 (FY24: £6.1m) representing growth rate of 40.0% which includes £0.16m of profitable UKRI grant-funded CDMO 'other income' for the malaria project.

· Reported revenue of £8.4m (excluding profitable grant-funded development revenue*) (FY24: £6.1m)

· Performance in the six months ended 30 June 2025 ("H2 FY25") was significantly stronger than in the six months ended 31 December 2024 ("H1 FY25") due to the impact of several new contracts (outlined above), a full period contribution from CS Lifesciences, and the typical "seasonality" of the Group's business.

o  Revenue of £5.5m in H2 FY25 (H2 2024: £3.7m) compared to £3.1m in H1 FY25 (H1 FY24: £2.4m).

o  Improved adjusted EBITDA** loss of £0.7m in H2 FY25 (H2 FY24: £0.2m loss) compared to an adjusted EBITDA loss of £1.9m in H1 FY25 (H1 FY24: £1.0m loss), based on higher revenue and operational leverage.

· Investment in growth initiatives and new product development resulting in adjusted EBITDA loss for FY25 of £2.7m (FY24: £1.2m).

· Reported operating loss for the year of £3.5m (FY24: £1.4m), after depreciation, amortisation, and one-off or non-recurring items. 

· Cash at bank and in hand of £1.9m (30 June 2024: £1.4m). 

· Successful placing and retail offer in August 2024 raising £5.2m net of expenses, to support expanded CDMO operations including the opening of Abingdon Analytical as above. 

· Further placing and retail offer completed post period-end in October 2025 for £3.2m net of expenses, to be used to accelerate expansion operations in the USA, enhance working capital required in new higher revenue-generating projects including recent major contract wins and future anticipated pipeline opportunities.

· The new financial year ending 30 June 2026 ("FY26") has started well with Q1 revenue significantly ahead of prior period. Further updates will be provided in due course. 

*this includes £0.16m of grant-funded contract development revenue presented in 'other operating income' as required by accounting standards. 

** adjusted EBITDA defined as EBITDA prior to the impact of certain one-off and non-recurring items as presented in the Group statement of comprehensive income

Dr Chris Hand, Executive Chairman, at Abingdon Health plc, commented:

"We are delighted to announce our full-year results for FY25, which reflect significant commercial and operational progress following the opening of Abingdon Analytical in Doncaster, UK and Abingdon Health USA Inc, our new US CDMO site in Madison, Wisconsin, USA. 

"Following some temporary headwinds in H1 FY25, we have seen a significantly stronger performance in H2 FY25 via our integrated end-to-end CDMO service offering and several major contracts announced in that period and since year end. The momentum has continued into the current financial year, and we are confident of reporting continued progress in FY26. 

"The recently completed placing and retail offer will support further expansion of our USA operations, where we are seeing significant customer interest in progressing development projects through to manufacture, and provide the working capital to execute the larger contracts we are winning. I look forward to updating our shareholders further in due course.

"I would like to thank colleagues across the Abingdon Health Group for their hard work and contribution, and I'd like to thank shareholders for their continued support."

Enquiries

About Abingdon Health plc

Abingdon Health Group is a leading med-tech contract service provider offering its services to an international customer base.

The Group's CDMO expertise offers lateral flow product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health has the internal capabilities to take lateral flow projects, in areas such as infectious disease and clinical testing, including companion diagnostics, animal health and environmental testing, from initial concept through to routine manufacturing; from "idea to commercial success". Abingdon Analytical Ltd offers performance evaluation for lateral flow and other in vitro diagnostic assays from its Doncaster laboratory. 

Abingdon's regulatory services companies, Compliance Solutions (Life Sciences) and IVDeology, provide a broad range of regulatory services to the in vitro diagnostic and wider medical device industry, to support customers in bringing products to market across a range of territories including the USA, EU and the UK. Our consultancy services range from design, implementation and maintenance of quality management systems, preparation of technical files for regulatory approvals, part-time and interim management support, auditing both internal and external, management reviews and presentations, training, and mentoring.

Founded in 2008, Abingdon Health is headquartered in York, England with laboratories in Doncaster, England and laboratories and commercial offices in Madison, Wisconsin, USA.

Abingdon Health's brochure outlines the comprehensive support the Group can now provide to its international customers. For more information visit: www.abingdonhealth.com.

CHAIRMAN'S STATEMENT

Introduction

I am pleased to report the results for the financial year ended 30 June 2025 ("FY25") for Abingdon Health plc (the "Company") and its subsidiaries (together, the "Group" and the "Business").

This has been a year during which we have made significant commercial and operational progress via both organic expansion and acquisitions. The Group is well-positioned for further growth, and I look forward to updating shareholders on performance in the next financial year ending 30 June 2026 ("FY26").

Strategy

Abingdon Health is a global developer, manufacturer and regulatory services provider for diagnostics and MedTech, with a speciality in lateral flow technology. It has facilities in York and Doncaster in the UK, and Madison, Wisconsin, in the USA.

Lateral flow is a powerful, rapid, flexible, on-site diagnostic technology which can be applied to both single and multiple biomarkers and used in a qualitative or quantitative format. The key benefits include ease of use, fast results, portability and low costs. 

The Company's mission is to fast-track diagnostics and devices to improve lives. We seek to achieve this in three ways:

· By providing our customers with a comprehensive lateral flow contract development and manufacturing service to bring their products to market in the most efficient and cost-effective way.

· Through the provision of a comprehensive in vitro diagnostic (including lateral flow) and medical device/technology quality and regulatory services, and performance evaluation services, to accelerate market access for our customers.

· Through the commercial distribution of a range of products in lateral flow format including self-test products branded Abingdon Simply TestTM, retailer own-brand or private-label products.

Encouragingly, a number of Abingdon Health's customers are engaging with the Group across more than one of our service lines, and this integrated service proposition was strengthened by the acquisitions of regulatory service providers CS Lifesciences in August 2024 and IVDeology in May 2024. In December 2024 the Group invested in the opening of Abingdon Analytical Ltd at its Doncaster facility thereby providing performance evaluation services creating the technical data required to bridge between product development and regulatory approvals.

These strategic developments allow Abingdon Health to provide a comprehensive end-to-end service offering providing all the pieces of the jigsaw to enable customers to take a product idea from feasibility to launch and commercial success. The clear benefit for the customer is that they have one principal service provider who is proactively coordinating and project managing the various work streams in a cohesive and integrated manner to ensure the overall project is being driven in a cost effective and time efficient way.

Commercial update

Lateral Flow CDMO services

Abingdon Health provides its customers with an integrated lateral flow Contract Research Organisation ("CRO") and Contract Development and Manufacturing Organisation ("CDMO") service. Abingdon Health's contract service programme covers feasibility, optimisation, scale-up, technical transfer and manufacturing. In addition, we offer a range of other complementary services such as packaging design and kitting, regulatory advice including an initial regulatory approach plan through to validation and verification, documentation for regulatory submissions, and commercial support. Abingdon Analytical Ltd, based at the Company's Doncaster facility, provides performance evaluation and technical file data generation thereby providing a bridge between product development and regulatory submissions. The Group provides customers with all the services required to take their project from idea to large-scale manufacture, regulatory approval when required in jurisdictions covered by FDA, EU IVDR, UKCA and elsewhere and onto commercial success. 

According to Precedence research  the lateral flow market is expected to growth to $24.4 billion by 2033, with the US accounting for approximately 40% of the market. Given the importance of the US market, Abingdon took a decision in 2024 to open a US CDMO site in Madison, Wisconsin, which was fully operational in April 2025 and has already secured a number of commercial development projects, including a new cUS$2m contract win for a new USA-based customer for the development, scale-up and technical transfer for a semi-quantitative, multiplex lateral flow test system, announced in November 2025. 

Abingdon Health USA Inc, based at the University Research Park in Madison, is being overseen by Abingdon's co-founder, Chris Yates, and gives us access to US customers preferring or needing to transact with US suppliers, either because of grant funding requirements, or due to demand for 'Made in the USA' and the impact of import tariffs. The initial focus of this US site has been on contract development services with small scale manufacturing but, following an equity placing in October 2025, which raised £3.2 m net of costs, we now intend to expand the capacity of lateral flow manufacturing in the USA.

Our CDMO service and full-service offering proposition was further strengthened by the investment in opening Abingdon Analytical in Doncaster in December 2024. The Group has been providing analytical laboratory services since 2023 as part of its strategy to offer a comprehensive CDMO service that supports its customers in bringing products to market. The services of an analytical laboratory, including product stability testing, specificity, sensitivity, assessment of detection limits, interference, cross-reactivity testing, and method comparisons, make a significant contribution to a product's regulatory technical file, a key requirement for regulatory approval by FDA, EU IVDR, UKCA and other regulatory authorities. The inclusion of analytical laboratory services as part of the larger contract wins recently announced by the Company underlines the significant benefit of having development, manufacturing, regulatory, clinical trial support and performance evaluation under one roof within the Group.

In note 3 below, we split CDMO revenue between contract development services and contract manufacturing. Contract development revenue in FY25 was £3.2m, or £3.4m when including UKRI funding for our malaria test development with the Institut de Pasteur and others (FY24: £3.3m), where we saw a slowdown in market activity and decision making in H1 FY25, followed by the announcement of a number of significant new contracts in H2 FY25 which are larger in financial terms and in length of project which we anticipate will smooth out the historic seasonality of revenue where H1 revenue has been significantly lower than H2. These new contracts supported stronger performance in H2 and will flow into FY26, with this momentum expected to continue into the new financial year. As noted above, there were £0.16m (FY24: £nil) of UKRI grant-funded contract development revenues in FY25 presented in 'other operating income' as required by accounting standards, giving a total of £3.4m contract development revenue and other income combined. Contract manufacturing revenue was £1.3m (FY24: £1.3m). 

Regulatory Services

Abingdon Health's regulatory service provision covers both the diagnostics market (including lateral flow and other in vitro diagnostics) and the wider medical device and medical technology market. Our regulatory services division recorded FY25 revenues of £3.4m (FY24: £0.9m), including a full year's contribution from IVDeology (£0.4m) and approximately ten months' contribution from CS Lifesciences (£2.8m).

We were delighted to acquire CS Lifesciences for a maximum consideration of up to £3.2m in cash and shares in August 2024. The acquisition comprised Compliance Solutions (Life Sciences) Ltd, CS Lifesciences Europe Ltd and CS Lifesciences USA Inc. and currently employs 38 staff operating globally. This deepens Abingdon Health's in vitro diagnostic regulatory expertise and broadens our offering into the medical device, medical software and technology markets.

The Board has been pleased with progress since the acquisition, which was illustrated by the announcement on 8 January 2025 of a contract worth over £500k with a major global diagnostics company to work on quality management systems and regulatory approvals. The contract commenced in March 2025 for an initial 12 months. The contract has since been expanded and is now anticipated to be worth over double the initial estimates.

Lateral Flow Self-Test Products and Technology

The Company manufactures and sells a range of agritech lateral flow tests (Pocket Diagnostic® and a lateral flow device for the detection of the results of a PCR reaction (PCRD)).

In addition, the Abingdon Simply Test™ range of self-tests includes 16 products. FY25 revenues were £0.5m (FY24: £0.7m). The timing of orders means that H2 2025 saw an improved revenue performance compared to H1 2025, where some headwinds were experienced. Further Boots Salistick™, Vitamin D and Ferritin orders were delivered coupled with the launch of an own-branded version of Salistick™ in Germany and other territories, with those products being delivered in H1 FY26.

We regard the sale of products alongside our CDMO customers as an additional shop window in support of our CRO and CDMO services. The core focus of the Company is contract research, development, manufacturing, regulatory and associated services. Sales of finished products under the Abingdon name will continue to be part of our suite of activities but the strategic focus is continued growth of the CRO and CDMO functions.

We see further opportunities for self-tests and continue to work with our strategic partner, Find Out From Home, on the performance evaluation and regulatory approval of their first four Sexually Transmitted Disease ("STD") self-tests and the development of a further three STD tests. 

We continue to work on the development of sustainable product design solutions which can reduce the use of plastic for the lateral flow market. The Company has developed and launched prototype biobased housings made from sustainably cultivated red seaweed in both mid-stream urine format (as used for pregnancy and fertility testing) and in standard lateral flow cassette format. Following this development process, we recently announced the launch of a seaweed-based lateral flow housing in partnership with Symbio Technologies Limited, which are now available for CDMO customers to utilise.

In addition, the use of smartphone technology, such as Abingdon's patented AI driven AppDx® (which is now available for commercial use), further adds to the development of use cases for lateral flow technology and provides additional tools to offer to our client base as part of the CDMO offering. During the period a new US patent was granted in July 2025, "Assay Reading Method" US 12,373,946 B2 to accompany those already granted in UK with patent numbers GB2583149B; GB2594939B and GB2601978B, with others pending including in Europe and USA.

People

As at 30 June 2025, the Group's headcount was 124, compared with 85 at 1 July 2024. This followed the acquisition of CS Lifesciences in August 2024 which added 37 talented regulatory professionals to the Abingdon group.

The Board were delighted to appoint Tom Hayes as CFO in January 2025. Tom has over 25 years' experience, particularly with AIM-listed companies, having worked as Group Finance Director at Northern Bear plc and prior to this in advisory roles. Tom's role will be invaluable as the Group integrates its recent acquisitions and continues to grow.

As announced in March 2025, I will continue as Executive Chairman. Having co-founded the Company, I was previously Non-Executive Chairman and was appointed into the expanded role on 15 October 2024 to support the next phase of the Group's growth.

Chris Yates, co-founder and formerly Chief Executive Officer, was appointed into a new role of President, Abingdon Health USA Inc. and Group Chief Commercial Officer in March 2025. He resigned from the Board of Abingdon Health plc in March 2025 and is a director of Abingdon Health USA, Inc. Given the expanding nature of the Group's operations the Board is pleased that Chris has agreed to focus his efforts on driving the Group's revenues across all its different service lines.

We were also pleased to announce the strengthening of the Board with the appointment of a new Non-Executive Director, Dr Katie Brenner, in April 2025. Katie founded bluDiagnostics, a US-based company specialising in lateral flow testing with an associated app to allow at home monitoring of female fertility using saliva samples. She sold bluDiagnostics to Amazon in 2020 and remained there until 2024. Dr Brenner is based in Madison, Wisconsin.

Mary Tavener remains as senior independent non-executive director, and chair of the audit and remuneration committees. Max Duckworth, an early investor and previous Board member (pre-IPO), sits as a Board Observer.

Financial Performance

Revenues in FY25 were £8.6m*, (FY24: £6.1m) which represented a growth rate of 40.0%. This included contributions of £2.7m from CS Lifesciences and £0.4m from IVDeology, which were acquired in August 2024 and May 2024 respectively. The H1 FY25 performance was affected by a slowdown in market activity and decision-making, which impacted on our CDMO services in particular, but we saw a significant improvement in H2 FY25. 

* including £0.16m of grant-funded revenue, presented in 'other operating income', for the UKRI-funded contract development of a malaria parasite lateral flow test.

The gross profit margin for the period was 44.3% (FY24: 60.0%). The decrease in gross margin was due to:

· the acquisition of CS Lifesciences, where almost all of the 38 current employees are regulatory consultants working on in vitro diagnostic and medical device projects, and their costs are included in cost of sales. CS Lifesciences operates with limited overheads and hence the majority of its gross profit feeds into EBITDA. The gross profit margin prior to the impact of the CS Lifesciences acquisition would have been 50.6% in FY25 (FY24: 60.0%).

· change in revenue mix including higher regulatory revenues from a full year's contribution via IVDeology and performance evaluation services in CDMO revenues, both of which have lower margins than contract research services.

Administrative expenses in FY25 were £7.7m (FY24: £5.3m), with the increase occurring due to:

· the significant investment in operations, including the opening of a new analytical and performance evaluation laboratory in Doncaster, and a new commercial office and laboratory in Madison, Wisconsin, USA.

· the acquisition of CS Lifesciences in August 2024 and the full-year impact of the IVDeology acquisition in May 2024, which increased administrative expenses by circa £1.1m year-on-year.

· the strengthening of the Board and senior team to support the next phase of the Group's growth.

Adjusted EBITDA loss was £2.6m in FY25 (£1.1m in FY24) as a result of increased investment in the Group. The significantly stronger performance in H2 FY25 resulted in a lower adjusted EBITDA loss of £0.7m for the six months to end of June 2025 (H1 FY25: £1.9m). A full presentation of adjusted EBITDA is included in the Group Statement of Comprehensive Income. 

Reported operating loss for the year was £3.5m (FY24: £1.4m), which was impacted by higher adjusted EBITDA losses, increases in depreciation and amortisation (£0.2m increase), share-based payment (£0.2m increase) and a one-off gain on settlement in FY24 (£0.4m increase).

The Company's cash balance at 30 June 2025 was £1.9m (30 June 2024: £1.4m). The cash movement reflects both the investment in operations above and payments of £1.2m made for the CS Lifesciences acquisition, offset by net placing proceeds of £5.2m received in August 2024.

The earnings per share figure on the Group consolidated statement of comprehensive income includes in the denominator deferred shares. However, it should be noted that the deferred shares are non-voting shares, with no rights to dividends, but holders of deferred shares are entitled to receive the nominal value of that share (0.0025 pence sterling) once on a return of capital, a repurchase of those shares by the Company or in connection with a sale of those shares. The total nominal value of all the deferred shares is £45k.

Post balance sheet events

In October 2025 we completed an equity fundraising which raised gross proceeds of £3.4m (net proceeds of £3.2m). The fundraising comprised a Placing with institutional investors which raised gross proceeds of £3.2m and a retail offer which raised gross proceeds of £0.2m.

The proceeds raised will be used to:

i) accelerate the expansion of Abingdon Health USA Inc, including manufacturing fit-out and additional equipment, the establishment of performance evaluation services, and related personnel and ISO 9001 and ISO 13485 accreditation.

ii) enhance working capital to support the Group in executing new higher revenue generating projects, including the recently announced c.US$2.5m companion diagnostic contract for a global pharmaceutical company, the c.€2.0m development and regulatory contract with a European biotech company, and a new c.US$2m contract for development of a multiplexed, semi-quantitative test for a new USA-based customer. 

Current Trading and Outlook

Abingdon Health's comprehensive lateral flow CDMO service proposition has been strengthened by the investment in Abingdon Analytical, Abingdon Health USA Inc, and our two regulatory service acquisitions, CS Lifesciences and IVDeology. Our service proposition leaves us ideally placed to support the needs of our customers and offer speed to market for their products.

The number of significant new customer contracts announced in recent months has supported stronger trading in H2 FY25 and we expect this momentum to continue into the coming financial year ending 30 June 2026 ("FY26"). This will be supported by the equity fundraising referred to above and planned further investment into Abingdon Health USA. 

FY26 has started strongly compared to H1 FY25 with these larger, longer projects smoothing out the historical seasonal pattern of lower H1 revenue versus H2 revenue, as seen in FY25. Given this, we anticipate reporting strong revenue growth in FY26. 

The Group's key focus remains on continued revenue growth, proactive cost control, progression towards profitability and a cashflow positive position during calendar year 2026.

Conclusion

I am delighted with the progress that the Group has made in the year and look forward to continued revenue growth in FY26. 

I would like to thank all our employees for their hard work, dedication and commitment during the past year as we continued to grow the business.

We are confident that our contract services customer base and our current growing pipeline, including a number of significant contracts announced in recent months, means we are well positioned to grow our business and deliver shareholder value going forward. 

I would like to thank shareholders for their continued support.

Chris Hand

Executive Chairman

11 November 2025

Group Statement of Total Comprehensive Income

For the year ended 30 June 2025

Total comprehensive expense for the year is all attributable to the owners of the parent company.

All results are in respect of continuing activities.

Adjusted EBITDA defined as Earnings before interest, tax, depreciation, amortisation and other costs the Group classifies as non-recurring as outlined above, is a non-GAAP measure used by management and is not an IFRS disclosure.

\* The restatement to the Group statement of comprehensive income has been made to ensure full compliance with the requirements of IAS 1. Previously, the Group did not present items included in the calculation of adjusted EBITDA in a statutory GAAP measure. These items have now been classified in administrative expenses. There has been no change to the recorded operating loss or adjusted EBITDA.

Group Statement of Financial Position

As at 30 June 2025