CAMBRIDGE NUTRITIONAL SCIENCES PLC - Final Results

Cambridge Nutritional Sciences PLC’s latest investor update highlights the challenges faced during FY2026 alongside progress in operational efficiency, sales development and the company’s long-term growth strategy. Revenue declined 16.3% amid weaker international demand, distributor changes and challenging global economic conditions, although the UK and India markets continued to show growth. UK testing volumes increased 11%, while India remained a standout market with strong partner uptake and further opportunities for expansion. Despite lower revenue, gross margin improved by 2.5 percentage points to 67.8%, reflecting better production efficiency, reduced scrap and improved purchasing. Adjusted EBITDA was a £0.4 million loss, while the company undertook a significant restructuring programme designed to reduce its cost base and improve productivity. Manufacturing yield improved substantially from 52.3% to 64.7%, while investment in a new CNS Lab website and cloud-based laboratory information management system is supporting digital growth and customer connectivity. A key strategic priority is the development of the company’s next-generation IVDR-compliant FoodPrint test, with the number of foods targeted to increase from 222 to 290 and submission to the notified body targeted by the end of 2026. Management believes this enhanced product could strengthen CNS’s competitive position and secure access to European and other regulated markets beyond 2029. While near-term trading conditions remain challenging, the company expects continued growth in the UK and India, stable gross margins and sufficient cash to fund the IVDR programme and ongoing operations, with a continued focus on cost reduction, operational efficiency and revenue growth.