Shares in Cambridge Nutritional Sciences (LON: CNSL), the AIM-listed diagnostics company, fell as much as 32% earlier today after annual results revealed falling sales, a swing to loss and a sharp fall in cash reserves.
The stock hit an intraday low of 1.25p before recovering somewhat to trade around 1.36p, down 26.4% on the day, against Monday’s close of 1.85p.
According to the company’s results, as reported by Proactive Investors, revenue for the year to 31 March 2026 fell to £7.0m from £8.3m. Adjusted EBITDA, earnings before interest, tax, depreciation and amortisation, swung from a £400,000 profit to a £400,000 loss. The bottom line was far worse: a pre-tax loss of £4.4m against a £1.6m profit a year earlier, after the company booked a £3m goodwill impairment.
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Cash and deposits nearly halved to £2.6m from £4.9m. In a company statement reported by Proactive Investors, Cambridge Nutritional Sciences said “adverse working capital and trading and exceptional costs were the main reason for this fall.”
In the same statement, the company said it is entering the new year on a stronger footing following a period of restructuring and leadership strengthening, and that it has sufficient funds for investment over the next few years. The market’s reaction, a share price move far larger than the underlying revenue decline, suggests that reassurance has not yet persuaded shareholders.
The scale of the fall highlights how violently small AIM-listed diagnostics stocks can gap on results day, particularly when a goodwill impairment and a halved cash pile land alongside a swing into loss.
