Highlights:

  • Revenue decreased to GBP 3.9m, reflecting extended sales cycles and regional variations.
  • Gross margin improved to 67.7%, mainly due to production efficiency and product mix.
  • Adjusted EBITDA remained positive at GBP 0.1m, supported by operational productivity gains.

Cambridge Nutritional Sciences PLC (LSE:CNSL), a medical diagnostics company focused on personalised health and nutrition, reported its unaudited interim results for the six months ended 30 September 2025. Revenue for H1 2025 decreased to GBP 3.9m, compared with GBP 4.1m in H1 2024, reflecting longer sales cycles for new customers and lower orders in certain regions, including mainland Europe.

Gross margin increased to 67.7%, up from 65.4% in the prior year, primarily due to improved production efficiency and product mix. Adjusted EBITDA remained positive at GBP 0.1m, down from GBP 0.2m in H1 2024. The Group recorded a loss before tax of GBP 0.4m (H1 2024: GBP 0.2m) and reported a cash balance of GBP 3.6m (H1 2024: GBP 4.5m).

Operational Developments
FoodPrint® yields continued to improve during the first half of the year, supporting operational performance. CNSL’s laboratory productivity maintained high levels, with sales rising 8% compared to the previous year. The improvement in gross margin is attributed to enhanced productivity and production yields.

Sales Team Restructure
The Company has completed a restructuring of its sales operations. The new structure separates customer service, acquisition, and customer success functions from the main sales team. This aims to focus efforts on signing new distributors and laboratories while increasing sales from existing customers. The management notes that this approach will take time to fully embed, and significant improvements in H2 are not expected immediately.

Outlook
CNSL anticipates full-year sales to be lower than the previous year, citing longer sales cycles for new customers and slower commercialisation of FoodPrint® in the USA. The Company continues to invest cash to support new initiatives, including IVDR development and the new Gut Detective® product. The management remains focused on converting pipeline agreements into orders and delivering sales growth in the second half of the year.

Share Performance of CNSL

CNSL was trading 15.09% lower at 2.25 GBX per share as of 10 November 2025.