Trading Update

Confident commercial outlook

York, U.K. 15 January 2026: Abingdon Health plc (AIM: ABDX), a leading international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech, provides its half-year trading update for the six months ended 31 December 2025.

Total revenues in the six months ended 31 December 2025 ("H1 FY26") grew by 45% to £4.5 million (H1 FY25: £3.1 million), driven by several significant commercial contracts announced during the past year. H1 FY26 includes an element of grant-funded contract development revenue which will be presented in 'other operating income' as required by accounting standards.

Cash and cash equivalents at 31 December 2025 were £3.6 million (30 June 2025: £1.9 million). This followed the Company's recent fundraise in October 2025 which raised £3.2m net of expenses to accelerate expansion operations in the USA and enhance working capital required in new higher revenue-generating projects including recent major contract wins and future anticipated pipeline opportunities.

Outlook

Looking ahead to the second half of the financial year the Board remains confident in the commercial outlook for the Company, supported by several significant contracts announced and commenced during H1 FY26. As in prior years, revenue for the financial year ending 30 June 2026 ("FY26") is expected to be weighted towards the second half of the financial year.

The Board is maintaining its revenue guidance for FY26, including grant-funded income, in line with market expectations of £12.6 million (£12.2m plus £0.4m grant funded revenue). The mix of forecasted revenue for H2 has changed as the Group executes on its recently announced contract wins. The expected revenue from current customer Find Out From Home (FOFH) is now expected to be realised in FY27 as FOFH performs a fundraising process. Despite that adjustment, the Board remains confident in the revenue outlook for FY26.

EBITDA for FY26 will be driven in part by new customer wins and by the speed of acceleration of USA expansion, where the Company is currently increasing its lateral flow development and manufacturing footprint at its Madison, WI facilities to satisfy customer demand. The Board anticipates H2 FY26 to be profitable and operating cash flow positive whilst the outturn for the year will depend largely on anticipated continued commercial progress throughout H2.The Company expects to report its results for H1 FY26 in March 2026, where a further update will be provided.

Investor presentation

Dr Chris Hand, Executive Chairman, will be presenting this evening, Thursday 15 January 2026, at the Proactive One2One Investor Forum in London. Further information may be found at Proactive Investors and the investor presentation will be made available in the investor relations section of Abingdon Health's website after the event.

Chris Hand, Executive Chairman, commented: "I am pleased to report substantial revenue growth in the first six months of the financial year, and the outlook for the rest of FY26 and beyond remains positive. We have made significant commercial and operational progress via our integrated end-to-end CDMO and CRO service offering which has supported us in securing several major contracts as previously announced, and this momentum is expected to continue in the coming year and beyond."