Abingdon Health (AIM: ABDX) grew revenue 30% to £10,993k in the year to 30 June, but its auditor has attached a material uncertainty on going concern to the accounts. The company published final results at 7am today.
Revenue was £8,429k a year earlier. Contract development led, up 56% to £4,986k, and regulatory services rose 21% to £4,130k. Gross margin improved to 47.1% from 44.3%.
The second half did the work. Revenue was £6.8m against £4.2m in the first half, and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, adjusted) swung to a £0.2m profit from a £1.7m loss.
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Revenue | £10,993k | £8,429k | +30% |
| Gross margin | 47.1% | 44.3% | +2.8 points |
| Adjusted EBITDA | -£1,525k | -£2,586k | Loss narrowed by £1,061k |
| Loss before tax | -£2,022k | -£3,496k | Loss narrowed |
| Basic loss per share | -0.51p | -0.93p | Loss narrowed |
| Cash | £2,866k | £1,918k | +£948k |
Cash rose to £2,866k, helped by the net £3.2m raised in the October 2025 fundraise. Operating cash outflow fell to £1,611k from £3,182k.
Europe was the growth engine, with revenue of £4,211k against £1,674k, while UK revenue fell to £2,841k from £4,488k.
The outlook is more guarded. The company cited delays on programmes since June, including reagent availability and specification updates, and said restructuring at CS Lifesciences hits revenue more than EBITDA. Executive Chairman Dr Chris Hand said in his statement dated yesterday:
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.
Dr Chris Hand, Executive Chairman
He added: “consequently we expect a significant second half weighting of revenue in FY27. We still expect to deliver significant growth in FY27 and beyond.”
The Board expects “an improved EBITDA position” in FY27. But first-quarter revenue came in below the Directors’ expectations, and a downside case has revenue about 15% below expectations.
Further financing is not committed, and the auditor’s report, though unqualified, carries the going-concern warning.
