Corporate News

CNSL (AIM: CNSL), the specialist medical diagnostics company focused on delivering a personalised approach to nutrition for better health, announces its audited results for the year ended 31 March 2024, a year that has seen the establishment of a robust foundation for the future after transitioning out of a diverse group structure.

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

 

Financial highlights

• Revenues for continuing operations up 30% to £9.8m (2023: £7.5m)
• Gross margin improved to 61.9% (2023: 47.0%)
• Adjusted EBITDA* £0.2m (2023: EBITDA loss of £2.0m)
• Operating loss of £0.8m (2023: £3.2m) – stated after net exceptional costs of £0.2m (2023: £0.5m)
• Cash and deposits £5.4m (2023 £5.1m)

Operational highlights

• CNSLab productivity improvements have increased capacity and halving guaranteed turnaround times to customers
• Improvements in FoodPrint® production processes have increased maximum output of tests by 11%
• Improved production yields have led to a reduction in scrap by 27%
• Investment in automation to further improve productivity and reduce production costs
• UK lab sales increased by 58%, driven by increased consumer demand through white-label partnerships
• UK deployment of MyHealthTracker digital app to practitioner base
• New plc name established to reflect the Group’s focus on personalised nutrition
• Well-funded to drive future growth

All references to financial performance and associated comparative data in the report relate to continuing operations

* Adjusted for exceptional items and share-based payment charges; see Chief Executive and Financial Review section

 

Commenting, Carolyn Rand, Chair of CNSL, said: “I am delighted to report that this proved to be a good year for Cambridge Nutritional Sciences. Through substantial commitment across the whole organisation, we have reduced production backlogs and delivered stronger financials with a 30% sales growth. We achieved a substantial gross margin improvement enabled through improved efficiencies and productivity meaning a positive adjusted EBITDA in the financial year.

We have continued to reshape and restructure the Group throughout the year, consolidating improvements by strengthening the senior leadership team, investing in business system upgrades and continuous improvement projects, and preparing the business for the future.”

 

Contacts: 

Cambridge Nutritional Sciences plc	www.cnsplc.com
Jag Grewal, Chief Executive Officer	[email protected]
Cavendish Capital Markets Limited	Tel: 020 7220 0500
Geoff Nash/Edward Whiley/George Dollemore (Corporate Finance)
Nigel Birks / Harriet Ward (ECM)

About Cambridge Nutritional Sciences plc

Cambridge Nutritional Sciences plc (AIM: CNSL) is the specialist medical diagnostics company focused on delivering a personalised approach to nutrition for better health.