FY26 results ahead of revised expectations

Strong FY26 delivery, ahead of expectations. Revenue increased 10%YoY to £87.5m (11.5% at constant currency), ahead of revised market expectations, while adjusted EBITDA rose 5% to £8.5m, with margin improving to 9.8% (FY25: 9.2%). Gross margin strengthened to 48.6%, reflecting growth in higher-margin markets.

North America drives growth, cash position remains robust. North American revenue grew 22%YoY to £26.1m and now represents 30% of Group revenue. Despite currency headwinds, net cash increased to £25.4m, supporting investment in new products, while the £10m revolving credit facility remains undrawn.

ECOVAXXIN® MS launch marks next phase of growth. The Group officially launched ECOVAXXIN® MS for EU rollout on 1 July and continues to progress a broader pipeline of seven products. Management has previously indicated annual revenue potential of c.£22m from ECOVAXXIN® MS, alongside further opportunities from ECOVAXXIN® MG and Florfenicol.

China outlook remains cautious, Fair Value unchanged. Strong trading in the US and recovery in South East Asia are encouraging, but weaker demand expectations in China have led to a reduction in FY27 EBITDA forecasts. FY28 estimates are maintained and the Fair Value remains 180p/share, with commercialisation progress a key focus for investors.