AGM Statement

The Company is providing a facility for shareholders to listen in to the AGM, either online or telephonically (in a non-voting capacity), and there will be an opportunity for shareholders to ask questions. For dial-in details and to submit any questions please contact Walbrook PR via email at ekf@walbrookpr.com or call +44 (0)20 7933 8780.

Executive Chair's AGM statement

I am delighted to announce that trading in the early part of the year ended 31 December 2025 ("FY 2025") is in-line with management expectations.

Last year we concluded our rationalisation process and in the new financial year we are experiencing the benefits of a more simplified business with greater commercial focus on higher margin products and services. As a result adjusted EBITDA1 performance has held up well, against the head winds of tariffs and unfavourable exchange rates in the US.

The implementation of our five-year strategic development has begun in earnest and as we recently announced, the key area of growth within our point-of-care division is Hematology. We continue to exploit our no. 2 position in Hemoglobin point-of-care testing and we currently have a strong order book, particularly for analysers across Latin America.

Within our Life Sciences division sales of β-HB remain robust and our pipeline for contract manufacturing and fermentation opportunities has significantly improved with a number of high value prospects currently in discussions.

Cash generation continues to be very strong even with the planned investment for growth that we have incorporated into our five-year plan, as well as the use of surplus cash to undertake a successful £1m share buyback programme. Cash as of 9 May is at £15.7m and we continue to expect cash to finish the year significantly higher than FY 2024 levels.

We are very excited about the prospects of the business and we remain on track to deliver growth at the revenue and adjusted EBITDA levels for FY 2025 in-line with market expectations.