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Abingdon Health Reports 30% Revenue Growth for FY26 and Reaches H2 Profitability

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ABDXGBX 10.20 −5.12%

Abingdon Health plc (ABDX) reported full-year results for the period ended 30 June 2026, delivering reported revenue of £11.0 million, up 30% from £8.4 million in the previous year. Total revenue including grant funding reached £11.3 million. Growth was led by a 56% surge in contract development revenue to £5.0 million.

The expansion drove stronger operational performance in the second half of the year, with H2 revenue rising 62% over H1. Abingdon Health achieved positive adjusted EBITDA trading in H2, narrowing its full-year adjusted EBITDA loss to £1.5 million from £2.6 million. Full-year pretax loss reduced to £2.0 million from £3.5 million, while gross margin expanded to 47.1%. Cash balances increased to £2.9 million by year-end, supported by a £3.2 million net equity raise in October 2025.

Looking ahead to FY27, management expects revenue to be heavily weighted toward the second half due to first-quarter project delays linked to reagent availability and specification updates. However, the group anticipates continued revenue growth and a further improvement in its full-year EBITDA position, supported by expanding capabilities at its US manufacturing site in Madison.

Key points

  • Reported revenue for FY26 rose 30% to £11.0 million, supported by a 56% increase in contract development income to £5.0 million.
  • Abingdon Health achieved adjusted EBITDA profitability in H2 FY26, reducing its full-year adjusted EBITDA loss to £1.5 million.
  • Loss before tax narrowed to £2.0 million from £3.5 million in FY25, while gross margin expanded to 47.1%.
  • Cash and cash equivalents grew to £2.9 million at year-end, boosted by a £3.2 million net equity fundraising.
  • Management expects FY27 revenue to be second-half weighted due to short-term Q1 delays, with overall annual EBITDA improving over FY26.

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Questions and answers

What were Abingdon Health's financial results for FY26?

Abingdon Health reported £11.0 million in revenue for FY26, a 30% increase year over year. Pretax loss narrowed to £2.0 million, and the company achieved positive adjusted EBITDA trading in the second half of the year.

Why does Abingdon Health expect FY27 revenue to be second-half weighted?

First-quarter revenue activities faced short-term delays due to raw material reagent availability and project specification changes, pushing more revenue generation into the second half of FY27.

What is Abingdon Health's cash position?

Abingdon Health ended FY26 with £2.9 million in cash and cash equivalents, up from £1.9 million at the end of FY25, supported by a £3.2 million net equity fundraise completed in October 2025.