Final Results

York, U.K. – 13 October 2026: Abingdon Health plc (AIM: ABDX) (OTCQB: ABDXF), 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 2026 (“FY26”).

Financial Highlights

 Total revenues (inc. grant-funded income) for FY26 grew 32% to £11.3m (FY25: £8.6m)

• Reported revenue up 30% to £11.0m (FY25: £8.4m)
• Contract development revenue up 56% to £5.0m (FY25: £3.2m), the main driver of the strong H2 FY26 performance
• 62% increase in H2 FY26 revenue compared to H1 FY26

 Adjusted EBITDA* loss improved to £1.5m (FY25: £2.6m), trading profitably at the adjusted EBITDA level in H2 FY26

 Loss before tax of £2.0m (FY25: £3.5m)

 Gross margin of 47.1% (FY25: 44.3%)

 Cash and cash equivalents of £2.9m (30 June 2025: £1.9m)

*Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payment charges and certain other items the Group classifies as non-recurring, as presented in the Group Statement of Comprehensive Income

Commercial and Operational Highlights

 £3.2m (net) equity fundraise in October 2025, for working capital and to accelerate the expansion of US operations in Madison

 Shares admitted to trading in New York on the OTCQB Venture Market under the ticker symbol "ABDXF"

 Strong growth in contract development revenue (up 56%) provides a good pipeline of contracts that will move into manufacturing as products complete scale-up, regulatory approval and commercialisation

 Regulatory services and MedTech consulting revenues up 21% to £4.1m (FY25: £3.4m), reflecting a full-year contribution from CS Lifesciences and the growing benefit of multi-service / cross-selling opportunities

 Lateral Flow Self-Test Products and Technology revenues of £0.6m (FY25: £0.5m) – reflecting strategic positioning of product sales as a way to promote CRO and CDMO services

 Expansion of the US Madison site from its original development laboratories, to include a manufacturing hub, additional equipment, and performance evaluation services, with official opening on 24 September 2026

Commenting on Outlook, Dr Chris Hand, Executive Chairman, said:

“We have good visibility and a solid foundation of contracted revenue as we enter the new financial year and we are now attracting longer duration, larger value work to the Group. That said, we have experienced some short-term delays since June on a number of programmes due to a combination of factors, including availability of speciality reagents and specification updates as projects progress, and some previously active projects have been replaced by others as we move into FY27. This has resulted in certain revenue-generating activities in the first quarter of the financial year being delayed, and consequently we expect a significant second half weighting of revenue in FY27. We still expect to deliver significant growth in FY27 and beyond.

“The restructuring of CS Lifesciences as we more fully integrate its activities within the Group will also impact full-year revenues as the business pivots towards higher margin projects although the effect on EBITDA will be less significant.

“Having reached adjusted EBITDA profitability in the second half of FY26, the Board’s expectation is that continued revenue growth will take the Group to an improved EBITDA position for the year ending 30 June 2027 compared with FY26. The infrastructure required to deliver that growth is largely in place, and the priority is delivery of the existing customer programmes along with securing additional work in our commercial pipeline.”

CHAIRMAN’S STATEMENT

Overview

I am pleased to report a year of substantial progress for Abingdon Health plc (the "Company") and its subsidiaries (together, the "Group" and the "Business"). Total revenues, including grant-funded income of £0.3 million (FY25: £0.2 million), grew by 32% to £11.3 million (FY25: £8.6 million), and revenue as reported in the Group Statement of Comprehensive Income, excluding grant-funded income, grew by 30% to £11.0 million (FY25: £8.4 million).

More significantly, the Group traded profitably at adjusted EBITDA level (as presented in the Group Statement of Comprehensive Income) in the second half of the year. This is a key milestone achieved via the significant strategic investments and commercial progress made over the past two years and demonstrates the strength of our fully integrated, end-to-end contract development and manufacturing organisation (“CDMO”), regulatory, medtech consulting and analytical service offering.

The equity fundraise completed in October 2025, which raised £3.2 million net of expenses, provided for both build-out of our manufacturing capability in Madison, Wisconsin, which continued post year-end, and for working capital to support execution of the larger contracts won during the year and prior year.

In April 2026, the Company’s ordinary shares were admitted to trading in New York on the OTCQB Venture Market of the United States under the ticker symbol "ABDXF", alongside our continued admission to trading on AIM under the symbol "ABDX".

Strategy

Abingdon Health is a global developer, manufacturer, regulatory services provider and consultant for diagnostics and other areas of MedTech, including MedTech-associated AI and Software as a Medical Device (SaMD). The Company has a speciality in lateral flow technology, alongside a broader offering across in vitro diagnostics and MedTech more widely. It has facilities in York and Doncaster in the UK, and in Madison, Wisconsin, USA.

The Board is developing a new strategy which classifies the Group’s key activities within three pillars: Abingdon Diagnostics, Abingdon Analytical, and Abingdon AI & MedTech. Together these pillars cover our full end-to-end service to resonate with our clients and extend our reach across the MedTech world. All future operations and marketing will emphasise these three integrated streams. Information on the Group’s core operating segments is reported to the Executive Directors in the year in line with prior year presentation, and commentary below reflects this approach.

Lateral flow remains our core technology and is a powerful, rapid, flexible, on-site diagnostic methodology 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 two ways:

• By providing our customers with a comprehensive lateral flow contract development and manufacturing (“CDMO”) 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 and clinical testing services, to accelerate market access for our customers.

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 quality, regulatory and clinical consultancy service providers, IVDeology in May 2024 and CS Lifesciences in August 2024, which will now be incorporated and branded under the three pillars noted above in the coming months.

As part of this rebrand, and following the departure of some senior consultants at CS Lifesciences, the management of the highly skilled team at CS Lifesciences will be integrated into the revised structure as above and pivoted towards higher-value contracts in the IVD, med-tech and AI healthcare space. Our expectation is that this restructuring will impact revenue in the short-term, but that it will result in a significantly more profitable business in the future.

In December 2024, the Group invested in the opening of Abingdon Analytical Ltd at its Doncaster facility, providing performance evaluation services and creating the technical data required to bridge product development and regulatory approvals. The services managed by Abingdon Analytical are currently being extended to offer Clinical Trial Management as a fully outsourced Contract Research Organisation (“CRO”). Abingdon Analytical achieved its first accreditation to ISO 17025 during the year: an important step in bringing UKAS-accredited laboratory analysis to the Group.

These strategic developments allow Abingdon Health to provide a comprehensive end-to-end service offering that enables 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 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 and Operational update

Lateral Flow CDMO services

Contract development revenue grew by 56% to £5.0 million (FY25: £3.2 million) and was the main driver of the Group’s second half performance. Contract manufacturing revenue was £1.3 million (FY25: £1.3 million). Our current focus remains on growing development and regulatory revenues, and we expect the contracts now in development to convert into growing manufacturing revenue as those products complete scale-up, regulatory approval and commercialisation.

Recent evidence of that transition came in May 2026, when Upfront Diagnostics launched its LVOne rapid stroke triage test in the United Kingdom following UKCA marking. Abingdon Health acted as CDMO partner and will be legal manufacturer for the product, which is now being evaluated with London Ambulance Service across approximately 280 vehicles in a six-month pilot serving a population of approximately 6.5 million people.

In May 2026 we publicly announced 4TEEN4 Pharmaceuticals GmbH as the customer behind the c.€2 million companion diagnostic contract, first announced in June 2025. Abingdon Health will be legal manufacturer and CDMO partner for DPP3 InvoSelect, a lateral flow companion diagnostic designed to identify the patients most likely to benefit from 4TEEN4’s first-in-class antibody therapy for cardiogenic and septic shock. The programme draws on lateral flow development, a customised quantitative reader, clinical performance evaluation, and regulatory engagement, and is a good illustration of the type of integrated development programme we have been undertaking.

We announced two sizeable contracts during the year, a $2.5 million contract (announced in March 2026), to provide project management and expert technical support for the development and regulatory submission of a clinical self-test, and a US $2 million contract (November 2025) for a semi-quantitative multiplex lateral flow test system. Both these contracts progressed well during the year and are continuing into FY27.

We also announced £4.8 million of combined contracts in March 2026 for the development and scale up of several multiplex lateral flow assay systems. Following the initial development milestones, the customer is assessing which programmes should move forward to the next work packages and we expect there may be some short-term impact on revenues as a result.

As reported in our January 2026 trading update, revenues previously anticipated from Find Out From Home Inc ("FOFH"), an existing US customer developing at-home sexually transmitted infection tests, were deferred while that business completes its fundraising process which remains ongoing. Separately, and as noted in our trading update of 29 July 2026, £0.5 million of reader unit sales scheduled for the second half of the financial year ended 30 June 2026 moved into the first half of the financial year ending 30 June 2027 at the customer’s request.

We have focused on building out our Abingdon Health USA Inc site in Madison, Wisconsin, during 2026. Following our October 2025 fundraise, we commenced expansion of the site from its original development laboratories, to include a manufacturing hub, additional equipment, and performance evaluation services. The expanded site opened officially on 24 September 2026 with further scientific recruitment completed. We are now working to add ISO 9001 and ISO 13485 accreditation for the Madison site.

In May 2026 Abingdon Health USA Inc entered into a Business Development Tax Credit Agreement with the Wisconsin Economic Development Corporation, under which it has been certified as eligible to earn up to US $370,000 in performance-based Wisconsin tax credits over the three years from 1 January 2026. The credits comprise up to US $320,000 linked to the creation of new full-time roles and up to US $50,000 linked to qualifying capital investment. The amount ultimately received depends on jobs created and capital invested. This award is a welcome endorsement of the Group’s commitment to Wisconsin.

Regulatory Services

Our regulatory services and MedTech consulting division delivered revenue of £4.1 million (FY25: £3.4 million), an increase of 21%, reflecting a full year of contribution from CS Lifesciences and the growing benefit of offering regulatory support alongside our CDMO and analytical capability, with increased cross-selling across our Group companies.

The earn-out criteria for the acquisition of IVDeology were met in full and were satisfied in May 2026 through the issue of 1,673,640 ordinary shares to the vendors for total earn-out consideration of £200,000. The earn-out criteria attaching to the acquisition of CS Lifesciences, which concluded post year-end, were not met and the previously accrued earn-out consideration of £226,000 has been released in full based on the probability assessment at the year-end. After the earn-out period closed in August 2026 no earn-out consideration was paid. In addition, the element of the CS Lifesciences cash consideration that was deferred and contingent on the recovery of certain debtors was settled at £156,000 in the year, including £11,000 of interest, with a £184,000 fair value adjustment to the previously recorded consideration balance.

Lateral Flow Self-Test Products and Technology

Product revenues were £0.6 million (FY25: £0.5 million). The Company manufactures and sells a range of agritech lateral flow tests under the Pocket Diagnostic® brand, together with a lateral flow device for the detection of molecular diagnostics (PCR reaction) results, and the Abingdon Simply Test™ self-test range.

We continue to regard product sales as a way of promoting our CRO and CDMO services rather than as the strategic focus of the business. Our work on sustainable product design continued, following the launch with SymbioTex Ltd of lateral flow housings made from sustainably cultivated red seaweed, which are now available to CDMO customers. Our patented AI-driven AppDx® smartphone reader technology, protected by granted patents in the United Kingdom, the United States and Europe, remains available for commercial use and forms part of our CDMO offering.

The Abingdon Simply Test™ products will be promoted as a business-to-business service rather than also direct to consumers, including continued contract manufacture of lateral flow test products in white label format.

People

The average monthly headcount for the Group during the year was 131 (FY25: 121), reflecting continued investment in our operations, principally in the United States. Our people remain our most important asset, and I am grateful for the dedication of the entire team across the Abingdon Health Group.

During the year Candice Vendettuoli was promoted to Chief Delivery Officer, taking on programme management of our larger CDMO contracts alongside her existing quality and regulatory affairs responsibilities, and Natalie Thrush was promoted to Chief of Staff, retaining her role as Head of HR, reflecting a broader remit across all Group business units. Both appointments reflect the depth of talent in the senior team. There were no changes to the composition of the Board during the year.

Financial Performance

Total revenues including grant-funded income grew by 32% to £11.3 million (FY25: £8.6 million). Revenue as reported in the Group Statement of Comprehensive Income was £11.0 million (FY25: £8.4 million), with the balance representing grant-funded income from the UKRI malaria project, presented within other operating income in accordance with IAS 20.

Growth was led by contract development services, up 56% to £5.0 million (FY25: £3.2 million), and regulatory services, up 21% to £4.1 million (FY25: £3.4 million). Contract manufacturing revenue was £1.3 million (FY25: £1.3 million) and product sales were £0.6 million (FY25: £0.5 million). Revenue in the second half was £6.8 million against £4.2 million in the first half, an increase of 62%.

Gross profit was £5.2 million (FY25: £3.7 million), representing a gross margin of 47.1% (FY25: 44.3%). The increase was due to customer/contract mix during the period along with higher contract development revenues, where certain related technical staff are included in administrative expenses as they work on both research and customer projects.

Administrative expenses were £7.9 million (FY25: £7.7 million). The increase is in part due to the annualisation of investments made in the prior year, particularly in the US site, the Doncaster analytical laboratory, and the senior management team, as well as an offset of fair value adjustments to earn-out and deferred consideration totalling a release of £0.4m (FY25: £0.2m charge). We do not expect significant further infrastructure investment to be required to support the next phase of growth but we will continue to invest in people to support revenue delivery.

Other income was £0.7 million (FY25: £0.5 million), comprising grants received of £0.3 million (FY25: £0.2 million) where the increase was due to a full year of the UKRI programme mentioned above, and research and development expenditure credits of £0.4 million (FY25: £0.3 million).

The adjusted EBITDA loss improved to £1.5 million (FY25: £2.6 million). Within that, the Group recorded an adjusted EBITDA profit of £0.2 million in the second half against a loss of £1.7 million in the first half. The loss before taxation was £2.0 million (FY25: £3.5 million) and the loss for the year was £2.1 million (FY25: £3.4 million). The basic loss per share was 0.51 pence (FY25: 0.93 pence) and the adjusted loss per share, as defined in note 6, was 0.37 pence (FY25: 0.71 pence).

The Group’s 19% investment in FOFH, acquired in the prior year through a services-for-equity agreement and carried at £354,000, has been revalued to a fair value of zero at 30 June 2026. The investment is held at fair value through other comprehensive income and the charge is therefore recognised within other comprehensive income rather than in the loss for the year, giving a total comprehensive expense for the year of £2.5 million. The prior year valuation at cost was a transitional measure, and the downward fair value adjustment is due to uncertainty over the timing and amount of future cash flows pending FOFH commencing clinical performance testing and commercialising their product portfolio. We look forward to continued work with FOFH once their next fundraise completes and to supporting them in bringing their innovative products to market.

Cash and cash equivalents at 30 June 2026 were £2.9 million (30 June 2025: £1.9 million). The increase reflects the £3.2 million net proceeds of the October 2025 fundraise, offset by cash absorbed by operations of £1.6 million and continued investment in the business.

At 30 June 2026, the Group had £0.7 million outstanding under its Innovate UK loan facility.

Current Trading and Outlook

As per the above commentary, all of the major CDMO contracts announced during FY26 are ongoing, notwithstanding uncertainty over one customer as mentioned. This provides good visibility and a solid foundation of contracted revenue as we enter the new financial year, whilst development programmes such as the one with 4TEEN4 illustrate the longer duration, larger value work the Group is now attracting.

We have experienced some short-term delays since June on other programmes due to a combination of factors including availability of speciality reagents and specification updates as projects progress. This has resulted in certain planned revenue-generating activities in the first quarter of the financial year being delayed. Our expectation is that this will result in a significant second half weighting of revenue in the financial year.

The restructuring of CS Lifesciences will also impact full-year revenues as the business pivots towards higher margin projects although the effect on EBITDA will be less significant.

Having reached adjusted EBITDA profitability in the second half of FY26, the Board’s expectation is that continued revenue growth will take the Group to a further improved EBITDA position for the year ending 30 June 2027 . The infrastructure required to deliver that growth is largely in place, and the priority is delivery of the existing customer programmes along with securing additional work in our commercial pipeline.

The completion of manufacturing capability in Madison together with a strong technical team provides customers with the flexibility of manufacture in the United States, the United Kingdom or both, under a common quality management system, which is a genuine differentiator. The admission of our shares to the OTCQB Venture Market also supports our positioning with US investors and has the potential to broaden liquidity in the future.

We remain very positive on the long-term outlook for our business, based on the current pipeline of future work and the overall market opportunity.

Conclusion

The results for FY26, in particular the second half, demonstrate major progress for the Company and ongoing delivery of our growth strategy. We have businesses in both the United Kingdom and the United States serving customers in both markets, Europe, and globally, with a differentiated end-to-end service offering in lateral flow and adjacent diagnostics and MedTech markets.

The visibility of revenues into FY27 and beyond, along with our broad pipeline of projects and the market opportunity, gives us confidence in the commercial outlook for the business. We look forward to delivering significant growth in FY27 and building on the progress made in the second half of the year.

I would like to thank all our employees for their hard work and commitment, and our shareholders for their continued support.

Dr Chris Hand

Executive Chairman

Group Statement of Comprehensive Income

For the year ended 30 June 2026

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

All operations are in respect of continuing activities.

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

Group Statement of Financial Position

As at 30 June 2026

Note to the Group Statement of Cash Flows

For the Year Ended 30 June 2026

Changes in liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group Statement of Cash Flows as cash flows from financing activities.

Notes

Company information

Abingdon Health plc (“the Company”) is a public limited company incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The Company is quoted on the London Stock Exchange’s Alternative Investment Market (“AIM”), and the Company’s ordinary shares are also traded on the OTCQB Venture Market in the United States. The registered office is York Biotech Campus, Sand Hutton, York, YO41 1LZ. The Group financial information (or “financial statements”) incorporates the financial information of the Company and entities (its subsidiaries) controlled by the Company (collectively comprising the “Group”).

The principal activity of the Group is to develop, manufacture and distribute diagnostic devices and provide consultancy services to businesses in the diagnostics sector.

Basis of preparation and status of financial information

The financial information for the year ended 30 June 2026 and the year ended 30 June 2025 does not constitute the Company’s statutory accounts for those years. Statutory accounts for the year ended 30 June 2025 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 30 June 2026 were approved by the Board on 12 October 2026 and will be delivered to the Registrar of Companies in due course. The statutory accounts for the year ended 30 June 2026 will be posted to shareholders at least 21 days before the Annual General Meeting and made available on the Group’s website.

The Group’s statutory financial statements for the year ended 30 June 2026, from which the financial information presented in this announcement has been extracted, were prepared in accordance with UK adopted international accounting standards (“IFRS”). The financial statements have been prepared on the historical cost basis with the exception of certain items which are measured at fair value as disclosed in the principal accounting policies set out in the Group’s Annual Report. These policies have been consistently applied to all years presented.

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from these estimates.

The auditor’s report on the accounts for the year ended 30 June 2026 was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The report included a material uncertainty related to going concern, to which the auditor drew attention without modifying their opinion, as set out in note 4. The auditor’s report on the accounts for the year ended 30 June 2025 was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006.

Basis of consolidation

The consolidated Group financial statements consist of the financial statements of the parent Company, Abingdon Health plc together with all entities controlled by the parent Company (its subsidiaries). Subsidiaries acquired during the year are consolidated from the date of acquisition, using the purchase method.

All financial statements are made up to 30 June 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

The Group applies the acquisition method of accounting for business combinations enacted after the date of creation of the Group following incorporation of Abingdon Health plc, as detailed further below. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair value of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group. Acquisition costs are expensed as incurred.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chairman's Statement. The financial position of the Group, its cash flows and liquidity position are also described in the Chairman's Statement.

During the financial year, the Group met its day to day working capital requirements through cash resources held with Barclays Bank plc and an equity fundraise in October 2025, which raised £3.4 million (£3.2 million net of expenses). The fundraise was supported by both institutional and retail investors, for working capital purposes and the further expansion of Abingdon Health USA Inc.

As at 30 June 2026, the Group had cash and cash equivalents of £2.9 million (30 June 2025: £1.9 million), with £0.7 million (30 June 2025: £0.7 million) outstanding on a loan with Innovate UK, on which quarterly repayments are due to commence in January 2027 and complete in April 2029.

The Board remains focused on growing the Group's revenues by broadening the range of services offered to its customer base, including through acquisitions, relatively new divisions including Abingdon Analytical Limited, and by geographic expansion through Abingdon Health USA Inc. This revenue growth enabled the Group to trade profitably at adjusted EBITDA level in the six months ended 30 June 2026. The Board expects continued revenue growth in the year ending 30 June 2027 which will bring the Group towards an overall adjusted EBITDA profitable position.

Revenue in the first quarter of the year ending 30 June 2027 was below the Directors' expectations, principally due to delays in the progress of certain ongoing customer programmes which has restricted the Group’s ability to recognise revenue and invoice for milestone payments. These delays relate to a combination of factors including availability of speciality reagents and specification updates, and the Directors expect this revenue to be mostly recovered over the remainder of the financial year. As a result, revenue and adjusted EBITDA for the year are expected to be weighted towards the second half, with a corresponding effect on cash flows during the first half.

The Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements, which take into account the delays referenced above. A high proportion of forecast revenue for this period is derived from committed, milestone-based contracts, although the timing of revenue under these contracts depends in part on customer programme timelines and decisions which are outside the Group's control. The Directors have therefore considered a downside scenario in which overall revenue is approximately 15% below management expectations, and have identified and actioned mitigating actions within their control to preserve cash, including reductions in discretionary expenditure, deferral of recruitment planned to support future growth, and working capital management.

The Group has a supportive shareholder base and a demonstrated ability to raise equity finance for working capital purposes, most recently through the October 2025 fundraise and previously the £5.2 million (net of costs) raised in August 2024. The Directors are confident that further equity finance could be raised if required.

However, the Group's ability to maintain sufficient cash headroom throughout the forecast period depends on customer milestones being delivered in line with the Directors' expectations. Should further delays occur, the Group may require additional financing, which is not committed at the date of approval of these financial statements. These circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Group and the Parent Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group and the Parent Company were unable to continue as a going concern.

Taking into account all of the above, and notwithstanding this material uncertainty, the Directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue

IFRS 8, Operating Segments, requires operating segments to be identified on the basis of internal reports of the Group that are regularly reviewed by the Group’s chief operating decision maker. The chief operating decision maker of the Group is considered to be the executive directors.

The Group has the following operating segments:

Contract Development: this comprises milestone-based development work for third parties and is recognised over time based on a proportion of completion.

Contract Manufacturing: this comprises manufacturing of lateral flow devices at scale following contract development work. Revenue is recognised typically on dispatch of the products from the Group’s manufacturing facilities (other than if bill and hold contracts have been put in place).

Product Sales: this comprises the sale of AbC-19TM, Pocket Diagnostic products, PCRD tests and antibodies for research use, and associated carriage income. This is recognised at a point in time.

Regulatory: provides customers with support in meeting compliance (Quality/Regulatory/Clinical/Analytical Lab) requirements in international IVD and medical device markets. Revenue is recognised over time in the period over which services are provided.

Due to the specific nature of the Group’s market, each component of revenue naturally falls within one of these segments. The operating segments are monitored by the Group’s chief operating decision maker and strategic decisions are made on the basis of adjusted segment operating results.

Margins, overheads and balance sheet items are not broken down into the operating segments but are reviewed on a consolidated basis as presented in the Consolidated Income Statement. Accordingly no analysis of costs by division is presented on the grounds that the Group does not collate or record information on a segmental basis and as such any split would be based on arbitrary allocations.

In 2026 there were no major clients that individually accounted for at least 10% of total revenues (2025: no clients).

The Group has applied a practical expedient in accordance with IFRS 15.121 not to disclose information about remaining performance obligations where the performance obligation is part of a contract that has an original expected duration of one year or less.

The Company has options issued over 12,795,696 (2025: 9,480,103) ordinary shares which are potentially dilutive. Due to the losses incurred by the Group basic and diluted earnings per share are the same.

The Directors use adjusted earnings before certain income and costs (“Adjusted Earnings”) as a measure of ongoing performance and profitability. These income and costs are presented as separate items on the face of the Group Income Statement.

The calculated Adjusted Earnings for the current and comparative periods are as follows:

The calculation of Adjusted Earnings is consistent with the presentation of Adjusted EBITDA before Interest, Tax, Depreciation, Amortisation, Share-based payment and other costs the Group classifies as non-recurring, as presented on the face of the statement of comprehensive income. This adjusted element removes non-recurring items, as detailed above. The Directors have presented this Alternative Performance Measure (“APM”) because they feel it most suitably represents the underlying performance and cash generation of the business, and allows comparability between the current and comparative period in light of the rapid changes in the business and will allow an ongoing trend analysis of this performance based on current plans for the business. Tax is excluded from this APM because the Group has significant tax losses and so the tax charge is not representative of the cash generated.

Share capital

Share capital and reserves

Ordinary shares rank equally for voting purposes. Each ordinary share grants the holder one vote per share held. Each ordinary share ranks equally for any dividend declared.

Deferred shares do not grant the holder voting rights, nor shall they be entitled to distributions.

Reconciliation of movements during the year:

Number

Reserves of the company represent the following:

• Share capital - Shares in the Company held by shareholders at a proportional level with equal voting rights per share.
• Share premium - Excess over share capital of any investments, net of costs of issue.
• Retained earnings - This comprises the accumulated trading results of the Group.
• Share based payment reserve - This reserve comprises the fair value of options share rights recognised as an expense. Upon exercise of options or performance share rights, any proceeds are recognised in share capital and premium.

Share-based payments

Options outstanding

Share options outstanding at the end of the year have the following expiry dates and exercise prices:

The key terms related to the grants under the scheme are as follows:

In addition to vesting conditions, the EMI LTIP grants to senior management (excluding those in April 2021 and April 2026) include a mixture of market and non-market performance conditions.

On 4 December 2025, 3,361,000 EMI LTIP options were granted to senior management as a part of the long term incentive plan. A further 2,652,000 EMI options were issued to employees on 15 April 2026. The estimated fair value of the options has been calculated using a Black-Scholes model.

The inputs are as follows:

During the prior year Forsite Diagnostics Limited, a Group based subsidiary, acquired a 19% investment in Find Out From Home Inc (“FOFH”), a US-based medical testing company which was held in other investments at £354k at 30 June 2025. The investment was acquired via a services-for-equity agreement whereby development services were provided to FOFH via a promissory note which was converted to an equity stake in December 2024. In the prior year, the Group recognised revenue equivalent to the £354k and held a trade receivable for the amount payable (which was subsequently converted into equity). In the current year, this investment was adjusted to zero via a fair value adjustment to the Statement of Comprehensive Income.

Further information on the accounting policies applied to this investment is provided in notes 1.8 and 3 to the Annual Report and Financial Statements, including information regarding how the investment has been valued at the year end. FOFH is accounted for at fair value through other comprehensive income.

The Group holds a 25.1% investment in Eco-Flo Innovations Ltd which is classified as an investment in associates. The investment has been impaired in full in the prior year due to there being no expected return of the Group’s investment.

Other investments also represent a minority interest holding of 0.6% in Linear Diagnostics Limited. In accordance with IFRS 9 ‘Financial Instruments’, the Group has designated this investment at fair value through profit or loss. There is no readily available observable market value in accordance with IFRS 13 ‘Fair Value Measurement’. The Directors consider that its fair value is £nil, as in the prior year, due to the limited ownership percentage and expectations around future returns.

Post balance sheet events

There are no post balance sheet events to be disclosed.