Corporate News

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

Strong revenue increase, 2022 sales backlog cleared and FoodPrint® yields significantly improved; Company firmly on track to meet market expectations for the full year.

CNS (AIM: CNSL), the specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces its unaudited interim results for the six months ended 30 September 2023.

Download To view a full version of the results in  PDF format  click here

H1 Financial Highlights:

• Revenue increased 44% to £4.9m (H1 2022: £3.4m).
• Gross margin increased to 62.7% (H1 2022: 54.0%), largely due to production efficiencies & product mix
• Adjusted EBITDA¹ £0.0m (H1 2022: restated loss £0.4m).
• Loss before tax £0.7m (H1 2022: restated loss £0.8m).
• Loss on discontinued operations £ Nil (H1 2022: restated loss of £1.2m).
• Cash balance £4.4m (H1 2022: £2.7m).

Operational Highlights:

• in operations with FoodPrint® yields significantly improved.
• First USA laboratory commercialising FoodPrint®.
• MyHealth Tracker roll out expanding to all UK customers and installed in one European country.
• Microbiome menu expansion moving into trial phase in UK.
• Creation of a continuous improvement function to build on the work done by Chartwell Consulting.
• Appointment of new independent Non-Executive Director, Carolyn Rand.
• Successful name change to Cambridge Nutritional Sciences Plc (AIM: CNSL), better reflecting the standalone business.

Outlook:

• Company is on track to meet market expectations for the full year.
• Healthy pipeline of sales, adding sales from three new countries with demand expanding via our scientific educational programmes.
• MyHealth Tracker UK customer roll out expected in H2; international roll out to commence in FY25.
• Well-funded to deliver on our strategic objectives.
• Further USA Laboratories expected to commercialise FoodPrint® in FY25.
• The Board remains confident that the Company has a compelling case regarding the dispute with DHSC but there have been no material developments. The Board continues to vigorously pursue its substantial counterclaim for losses incurred.

¹Adjusted for exceptional items, amortisation of intangible assets and share based payment charges.

Commenting on the results, Jag Grewal, Chief Executive officer, said:

“The first half of this year delivered encouraging performance in both financial and operational terms. It is particularly reassuring to see improvements in the operational side of the business yielding tangible results. We continue to build a new foundation as a standalone business and believe we have the right strategy and vision to build on a leadership position in the exciting market of personalised health and nutrition.”

Investor presentation

Simon Douglas, Chair, and Jag Grewal, CEO, will provide a live presentation relating to the Interim Results via the Investor Meet Company platform today at 4:30pm GMT. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet Cambridge Nutritional Sciences PLC via:
https://www.investormeetcompany.com/cambridge-nutritional-sciences-plc/register-investor  
The investor presentation will be available later this morning on the Company website:
https://www.cnsplc.com/financials/presentations
The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014

 

Contacts: 

Cambridge Nutritional Sciences PLC	www.cnsplc.com
Jag Grewal, Chief Executive	via Walbrook PR
Cavendish Capital Markets Limited	Tel: 020 7220 0500
Geoff Nash / Edward Whiley / George Dollemore (Corporate Finance)
Nigel Birks / Harriet Ward (ECM)
Walbrook PR Limited	Tel: 020 7933 8780 or [email protected]
Paul McManus / Charlotte Edgar	Mob: 07980 541 893 / Mob: 07884 664 686/
Sam Allen	Mob: 07502 558 258

About Cambridge Nutritional Sciences plc

Cambridge Nutritional Sciences plc (AIM: CNSL) is a specialist medical diagnostics company focused on industry-leading Health and Nutrition products.