Interim Results - six months ended 30 June 2026
Summary by AI BETAClose X
Diaceutics PLC
("Diaceutics" or the "Company")
Interim Results for the six months ended 30 June 2026
Building the intelligence and engagement infrastructure for the future of diagnostic-driven commercialization
Five measures of improving business quality
· Annual Recurring Revenue** ('ARR') up 79% to £29.4 million.
· Revenue grew 22% on a constant currency basis to £17.5 million.
· Order book up 38% to £43.7 million with £15.7 million contracted for H2 2026 delivery.
· Delivered revenue, contracted revenue and the risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates*** at 31 August, up from 91% at 30 June.
· Gross margin increased to 85%, and free cash flow improved by £3.1 million to a positive £0.7 million.
Two indicators of the opportunity ahead
· Official launch of Diaceutics' market repositioning in "Precision For All" in September 2026 expanding the addressable therapy universe from approximately 250 precision medicine therapies to more than 1,100 diagnostic-driven therapies.
· Relay (formerly PMx) gains significant pipeline traction with material increases in ARR from existing customer relationships (ARR increased from £2.6 million at contract inception to £4.3 million at 30 June 2026), and new customers in final stages of contract negotiations.
New York, Belfast and London, 22 September 2026 - Diaceutics PLC (AIM: DXRX), the intelligence and engagement company unlocking the full potential of diagnostic-driven therapies, today announces its unaudited results for the six months ended 30 June 2026.
Ryan Keeling, Diaceutics' Chief Executive Officer, commented: "The way therapies are commercialized is changing. As more medicines depend on clinical intent signals, traditional broad-based commercial models are becoming less effective. Diaceutics has now built the intelligence and engagement infrastructure for this new era of diagnostic-driven commercialization and we are seeing the impact of this change in our performance. This validation comes as our opportunity expands materially. Precision For All extends the relevant therapy universe from approximately 250 precision medicines to more than 1,100 diagnostic-driven therapies. Relay (formerly PMx) is also demonstrating how our complete system can create deeper and longer-duration enterprise relationships.
The first-half results provide growing evidence that customers are adopting this model, with ARR increasing 79%, NRR reaching 149%, gross churn reducing to 6% and our order book increasing 38%. Importantly, that momentum has continued into the second half. By the end of August pipeline coverage had increased to 107% of the FY 2026 median consensus revenue estimates (91% at end of June).
This progression gives the Board confidence in delivering against its expectations.
With customers staying longer, expanding across more brands and adopting a broader range of our capabilities, we believe Diaceutics is becoming a more embedded, scalable and predictable business, with an increasingly strong foundation for growth into 2027 and beyond."
Financial Highlights:
|
|
H1 2026 £000's |
H1 2025 £000's |
Change |
|
Revenue |
17,456 |
14,564 |
+20% |
|
Revenue growth constant currency basis |
22% |
22% |
0 ppts |
|
Annual Recurring Revenue (ARR)** |
29,413 |
16,442 |
+79% |
|
Net Revenue Retention (NRR)** |
149% |
118% |
+31 ppts |
|
Order book |
43,675 |
31,701 |
+38% |
|
Order book visibility for next 6 months |
15,728 |
9,018 |
+74% |
|
Gross profit |
14,861 |
12,087 |
+23% |
|
Gross profit margin |
85% |
83% |
+2 ppts |
|
Adjusted EBITDA* |
1,056 |
57 |
+999 |
|
Adjusted EBITDA margin |
+6.0% |
+0.4% |
+5.6 ppts |
|
EBITDA* |
-655 |
-475 |
-180 |
|
EBITDA margin |
-4% |
-3% |
-1 ppts |
|
Loss before tax |
-3,968 |
-3,013 |
-955 |
|
Investment in data |
2,215 |
2,820 |
-21% |
|
Free cash flow* |
724 |
-2,358 |
+3,082 |
|
Cash and cash equivalents |
8,102 |
10,384 |
-2,282 |
* EBITDA is earnings before interest, tax, depreciation and amortization. Adjusted EBITDA removes share-based payment charges and exceptional items. Free cash flow is net cash inflow from operating activities less capital expenditure less the payment of lease liabilities.
**Annual Recurring Revenue (ARR) is the value of recurring subscription revenue at a specific point in time that is expected to be recognized from contracts over the next twelve months. Net Revenue Retention (NRR) is the net percentage increase in customer ARR over the prior twelve months. Gross ARR churn is the total of all customer account ARR reduction over the prior twelve months as an absolute number or percentage.
*** Median analyst consensus estimates for FY 2026 revenue are £46.7 million.
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· |
Revenue increased 20% to £17.5 million, or 22% on a constant currency basis.
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|
· |
ARR increased 79% to £29.4 million, with NRR of 149% and gross ARR churn reduced to 6%.
|
|
· |
Order book increased 38% to £43.7 million, with £15.7 million contracted for H2 2026 delivery.
|
|
· |
Gross profit increased 23% to £14.9 million, with gross margin expanding to 85%.
|
|
· |
Adjusted EBITDA increased to £1.1 million, demonstrating emerging operating leverage.
|
|
· |
Positive free cash flow of £0.7 million; no debt and £8.1 million of cash, leaving the Group fully funded to deliver its organic growth strategy.
|
Strategic and Commercial Highlights:
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· |
Diaceutics continues to work with 18 of the top 20 global pharma companies, supporting 55 customers across 103 therapeutic brands.
|
|
· |
Precision For All proposition expands the Company's market opportunity from traditional precision medicine into the broader universe of diagnostic-driven therapies.
|
|
· |
Signal ARR grew by 46% in the first 6 months of 2026 and is used across 55 brands (Jun-25: 36).
|
|
· |
Continued investment in DXRX, proprietary data assets and AI-enabled analytics strengthened the Group's intelligence and engagement platform.
|
|
· |
Repositioning launched to market, presenting Diaceutics as the intelligence and engagement company unlocking the full potential of diagnostic-driven therapies.
|
|
· |
Commercial and delivery model redesigned to support scale, clearer accountability, improved customer delivery and greater operating leverage.
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|
· |
Launch of dedicated Growth function to identify and develop opportunities outside the routes to market served by our core pharmaceutical commercial organization.
|
Current Trading & Outlook:
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· |
Relay (formerly PMx) gains significant pipeline traction with material ARR increases in existing customer relationships, and new customers in final stages of contract negotiations.
|
|
· |
Delivered revenue, contracted revenue and the risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates*** at 31 August, up from 91% at 30 June.
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· |
Embedding the redesigned operating model, including AI across DXRX and core workflows, to support scale, productivity and data defensibility.
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· |
Maintaining disciplined organic growth, recurring revenue expansion, cash conversion and cost control.
|
|
· |
The Board remains confident in delivering against its 2026 expectations.
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Analyst Presentation:
A webinar presentation for analysts and investors will be held at 1400 BST (0900 EDT) on Tuesday, 22 September 2026. Those wishing to attend can register their interest using the following link:
https://us06web.zoom.us/webinar/register/WN_UrTI-vTlSKWPJJwd7_9KlA
Enquiries:
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Diaceutics PLC |
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Ryan Keeling, Chief Executive Officer Nick Roberts, Chief Financial Officer |
Tel: +44 (0)28 9040 6500 investorrelations@diaceutics.com
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Canaccord Genuity Limited (Nomad & Broker) |
Tel: +44 (0)20 7523 8000 |
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Simon Bridges, Andrew Potts, Harry Rees |
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About Diaceutics
At Diaceutics, our mission is to redefine commercialization for diagnostic-driven therapies, so every eligible patient is found, diagnosed and receives the right therapy at the right time. Since 2005, we have combined diagnostic intelligence, expert insight and targeted engagement to help biopharma teams see where patients are being missed and close the gaps between testing, treatment decisions and therapy adoption. Today, we work with 21 of the top 30 pharma companies, and the therapies we support touch 1 in 10 American lives. We envision a future where precision is not the privilege of the few, but the standard for all.
Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). With the publication of this announcement, this information is now considered to be in the public domain. The person responsible for making this announcement on behalf of the Company is Nick Roberts, Chief Financial Officer.
CEO Statement
Building the infrastructure for diagnostic-driven commercialization
The way biopharma companies bring therapies to market is changing. As medicines become more precise, their commercial success increasingly depends on events within the diagnostic pathway: whether the right patient is identified, whether the appropriate test is ordered, whether the result is understood and whether the treating physician acts while the opportunity remains open. Traditional commercial models were not designed to see and address those gaps with the required precision.
Diaceutics is now built for this change. We have created an integrated intelligence and engagement system that helps biopharma companies find eligible patients, understand where they are being missed and activate the physicians who can change their treatment.
Our data provides the proprietary diagnostic intelligence. The DXRX platform converts that intelligence into scalable products and workflows. Signal identifies where patient and commercial opportunities are being missed. Physician Engage and Lab Engage translate insight into targeted action. Relay (formerly PMx) packages the system together within a customer's launch and commercialization strategy.
The result is a connected model:
Find the patient. Remove the barrier. Activate the physician. Improve therapy adoption. Measure the outcome.
This is the strategic opportunity in front of Diaceutics: to become the essential commercialization platform for diagnostic-driven therapies.
Strong trading momentum into H2
I am proud that we are an inherently ambitious Company and set ourselves challenging goals at every turn, and there is no doubt that we have made meaningful progress across almost every objective and the measure we set ourselves. Revenue grew 22% on a constant currency basis, ARR increased 79% to £29.4 million, gross ARR churn reduced to 6%, NRR increased to 149% and the order book grew 38% to £43.7 million. We have continued to develop Relay (formerly PMx), relaunched our brand positioning, broadened the market we can address through Precision For All and maintained discipline control of our costs and cash. The business today is stronger, more predictable and better positioned for scale than it was at the beginning of the year.
Importantly, the momentum we saw in H1 has continued into the second half.
By the end of August our delivered revenue, contracted revenue and risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates (vs 91% at 30 June). There is still work to do to convert that pipeline into revenue, but the strength and maturity of the opportunities in front of us give me real confidence in the year.
Alongside delivery for the current year, we are increasingly focused on the quality of the revenue base we are carrying into 2027 and beyond. Our contracted forward order book continues to build, supported by multi-year subscription and enterprise agreements, giving us increasing visibility beyond the current financial year. At 30 June 2026, the contracted order book attributable to FY27 and later periods stood at £27.9 million, compared with £22.7 million at 30 June 2025.
Better retention and deeper customer relationships
One of the most encouraging developments this year has been the improvement in retention.
Gross ARR churn reduced to 6% from 19% in the prior-year period. This reflects better account planning, earlier renewal activity, a stronger client success model and, importantly, customers increasingly using a broader range of Diaceutics capabilities.
We have also seen therapeutic brands that stopped using Diaceutics during 2025 return during 2026. In a number of these cases, the original pause reflected customer budget timing, procurement decisions, internal restructuring or changes in brand strategy rather than dissatisfaction with our products. As those commercial needs re-emerged, customers came back to Diaceutics, in some cases adopting a different or broader part of our product portfolio.
That matters because it reinforces our view that the value of our diagnostic intelligence becomes increasingly embedded within customers' commercialization models. As customers use Diaceutics to identify patients and target physicians more precisely, they can make structural changes to their own commercial model, including how they deploy sales resources. That increases both the value we create and the depth of the relationship.
Today, we work with 18 of the top 20 global pharmaceutical companies and support 55 customers across 103 therapeutic brands. We continue to see meaningful opportunity to increase the number of brands we support within existing customers as well as the number of Diaceutics products adopted by each brand.
Expanding our market through Precision For All
The improvement in our commercial model comes at an important point. The market Diaceutics was built to serve is expanding materially. We describe this broader opportunity as Precision For All. We believe precision will move from being the privilege of a relatively small number of therapies towards becoming a commercial standard across a much wider part of medicine. Precision For All is our vision for that future and our strategy for enabling it: applying diagnostic intelligence, real-world healthcare data and targeted engagement so that every eligible patient can be identified, diagnosed and receive the right therapy at the right time.
The principle is straightforward. The capabilities we have built over more than two decades in precision medicine - diagnostic data, patient identification, physician intelligence and targeted engagement - are increasingly relevant across a much larger universe of therapies where diagnosis, testing behavior and patient identification influence commercial success.
We estimate that this expands the universe of therapies we can address from approximately 250 traditional precision medicine therapies to approximately 1,100 diagnostic-driven and diagnostically enabled therapies.
Importantly, this is not simply a future market opportunity as we are already generating revenue outside our traditional precision medicine market. In H1 2026, 22% of revenue was generated from Precision For All brands (H1 2025: 12%), compared with 75% from our traditional precision medicine market (H1 2025: 84%). We are now working with 30 Precision For All brands across therapeutic areas including central nervous system disorders, cardiovascular disease, autoimmune disease and infectious disease.
This is why the repositioning matters. We are not changing what Diaceutics is good at; we are applying the same differentiated data, technology and commercial capabilities to a substantially larger addressable market.
We formally launched the refreshed Diaceutics positioning in September under the proposition:
Diaceutics - the intelligence and engagement company unlocking the full potential of diagnostic-driven therapies.
Relay (formerly PMx) becoming a repeatable growth engine
A central part of our proposition is PMx, which we have now rebranded as Relay.
Relay brings together our proprietary diagnostic intelligence, physician identification, targeted engagement, scientific expertise and peer-to-peer education into an integrated commercialization model. Rather than selling individual products independently, it allows Diaceutics to become embedded in a customer's commercialization strategy across the therapy lifecycle.
Our first two Relay partnerships have continued to expand through upsell opportunities and, at 30 June, accounted for £4.3 million of ARR, compared with ARR at contract inception of £2.6 million, and one Relay partnership of £1.4 million of ARR at 30 June 2025.
The Relay pipeline has also continued to develop. At end of August, we had 31 Relay opportunities representing approximately £65 million of potential ARR and two new Relay customers in final stages of contract negotiations, one biotech and one large pharma. We believe the Relay model can materially increase the revenue opportunity per therapeutic brand while at the same time creating deeper and longer-duration customer relationships.
Our ambition remains to make Relay an increasingly important part of the way Diaceutics works with its largest customers.
Opening additional growth opportunities
We have also launched a dedicated Growth function, led by Susanne Munksted, to identify and develop opportunities outside the routes to market served by our core pharmaceutical commercial organization.
The purpose is not to distract from the core business. It is to give a focused team responsibility for testing new customer segments, propositions and markets using capabilities we have already built.
I am pleased that the team has already made significant inroads securing the first commercial opportunities, and while still early, this provides important initial validation that the Diaceutics model can create value across a broader range of customers and use cases.
We will remain disciplined in how we pursue these opportunities. New growth initiatives must demonstrate strategic fit, repeatability, attractive economics and the potential to create meaningful value to Diaceutics before we invest to scale them.
Scaling revenue faster than the cost base
As the business grows, one of the most important measures for me is whether revenue can grow materially faster than the resources required to support it.
The two major operating inputs into our model are data and people. We are increasingly demonstrating that both can scale efficiently.
Our proprietary diagnostic data network is built through long-term relationships with laboratory partners. Where we acquire data commercially, those arrangements are generally structured around access to the underlying dataset rather than consumption by individual customers. This means that as more customers and products use the same data asset, revenue can grow without the corresponding data cost increasing on a linear basis. Our H1 2026 data investment reduced 21% period on period against a backdrop of revenue increasing 20% and ARR 79%.
The same principle increasingly applies to our people model. We have invested in standardized workflows, automation and technology so that higher customer and data volumes do not require equivalent increases in headcount. As a result, our H1 2026 people costs (excluding share based payments and variable pay) increased 10% period on period against a backdrop of revenue increasing 20% and while gross margins increased to 85% (H1 2025: 83%) and Adjusted EBITDA margin increased to 6.0% (H1 2025: 0.4%).
This remains central to our capital allocation approach. We will continue to invest where we believe there is a clear opportunity to increase recurring revenue, strengthen our data advantage or create operating leverage, but we intend to do so with discipline.
Data spend vs Revenue scale
Data is one of the most important assets we invest in, and we are beginning to demonstrate the scalability of that investment. In H1 2026, total data spend was £2.2 million, compared with £2.8 million in H1 2025, a reduction of around 21%, while revenue increased 20% to £17.5 million. As a result, data spend reduced from around 20% of revenue in H1 2025 to around 13% in H1 2026.
It is important to note that we do not intend to reduce our investment in data; quite the opposite. Our objective is to continue investing at around 15% of revenue as the business grows. The important point is that the value we can generate from that investment scales. Much of the data we acquire is available to us under fixed or access-based commercial arrangements rather than being priced according to individual customer consumption. We believe maintaining data investment at approximately 15% of revenue gives us the right balance between continuing to strengthen our proprietary data advantage, enabling top-line growth, and delivering increasing operating leverage.
AI is becoming part of how Diaceutics scales
AI is now creating measurable operating leverage in the Diaceutics model. Over the last 12 months, the volume of diagnostic data processed through our platform increased by 12%, while the human effort required per million records reduced by 28% and the unit cost of processing fell by 18%. More than 98% of diagnostic test classification is now automated, compared with 24% historically. This means we can support a materially larger data estate, more therapeutic brands and more customers without requiring a corresponding increase in headcount or data-processing cost. As revenue scales, we expect this productivity benefit to contribute directly to further margin expansion.
During the period revenue has grown by 22% while the people and data-processing resources required to support that revenue have grown by only 3%, with AI responsible for a meaningful part of that productivity improvement.
Over time, I expect this combination of proprietary data and AI-enabled workflows to become an increasingly important part of both our differentiation and our operating leverage.
Organizing for the next stage of growth
We have also continued to evolve the organization around this next stage of the business.
The changes implemented during 2026 bring Sales, Client Services, Client Success, Product, Marketing, Data and Commercial Operations into a clearer end-to-end customer model. The purpose is simple: make it easier to sell, deliver, evidence value, renew and expand.
We are also strengthening product leadership through the appointment of a new Chief Product & Technology Officer. The role brings Product, Technology and Data together under one executive agenda, with responsibility for product strategy, the DXRX platform, our Reveal data engine and the use of AI across the business.
This is an important appointment. As Diaceutics moves from individual products and services toward a more integrated commercialization platform, product strategy, technology, data and AI need to operate as one system.
Delivering growth with financial discipline
Growth only creates value if we manage the economics of that growth properly.
We therefore continue to apply tight discipline to operating costs, data investment, working capital and cash. Cash at 30 June was £8.1 million, up from £7.3 million at the end of 2025, with no debt, leaving the Group fully funded to execute its organic growth strategy.
We have also strengthened forecasting, contract-to-cash governance and commercial discipline during the year. This includes earlier focus on invoicing and payment terms, tighter oversight of material collections and greater linkage between commercial decisions, revenue recognition and cash.
Our objective is not simply to grow faster. It is to build a business in which recurring revenue increases, customer relationships deepen, margins expand and growth converts predictably into cash.
H2 2026 Outlook
I enter the final months of 2026 with real confidence.
We have a stronger recurring revenue base, lower churn, deeper customer relationships, a growing multi-year order book and a substantially broader addressable market. Relay (formerly PMx) is developing into a repeatable enterprise growth engine, Precision For All is already creating new revenue opportunities, and we are increasingly demonstrating that our data, technology and people model can support growth without costs increasing at the same rate.
Delivered revenue, contracted revenue and the risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates at 31 August 2026, compared with 91% at 30 June. Pipeline is not contracted revenue and execution remains important.
The business is progressing well against our goals at the 2026 midway point, and based on the current trading position, the Board remains confident in delivery of our FY26 expectations. Just as importantly, the quality of the revenue, the strength of the forward order book and the opportunities now developing across Relay and Precision For All give us increasing confidence in the growth of Diaceutics into H2 2026 and beyond.
Financial Review
CFO Statement
H1 2026 was an important period in Diaceutics' financial progression, demonstrating strong revenue growth, significantly improved recurring revenue quality, emerging operating leverage and, most importantly, positive free cash flow. Revenue increased 20% to £17.5 million, or 22% on a constant currency basis, while ARR increased 79% to £29.4 million. The order book increased 38% to £43.7 million, providing enhanced visibility into the second half of the year.
These results reflect the continued execution of our strategy to build a higher-quality, more predictable and more scalable business. Net Revenue Retention increased to 149%, gross ARR churn reduced to 6%, and as a result, recurring revenue represented 61% of revenue over the trailing twelve-month period (55% for the same period to June 2025). These enhanced metrics, driven as much by customer renewals and retention as it was upselling to new customer brands and expanding revenue per existing brand, was the result of a focus on customer excellence through our service and delivery model. The combination of growth, retention and revenue visibility is giving us much greater confidence in the durability of future revenues and the Group's ability to scale with discipline.
The Group remains focused on disciplined organic growth, recurring revenue expansion, cash conversion and cost control. We ended the period with no debt, cash of £8.1 million, and are targeting cash of at least £8.0 million at the 2026 year end, in line with analyst consensus estimates of £8.0 million.
Growing and Scaling the Business
Revenue increased 20% to £17.5 million in H1 2026, or 22% on a constant currency basis. This growth was delivered alongside a material improvement in revenue quality, with ARR increasing 79% to £29.4 million and the order book increasing 38% to £43.7 million.
Recurring revenue represented 61% of revenue over the trailing twelve-month period, reflecting continued progress toward a higher-quality and more predictable revenue base, and recurring revenue in H1 2026 grew 42% to £12.5 million (H1 2025: £8.1 million). ARR increased to £29.4 million, underpinned by NRR of 149%, gross ARR churn of 6% and customer ARR expansion of £13.3 million from brand wins and brand upsell, demonstrating that customers are staying longer, expanding their relationships and increasingly committing through recurring, multi-year contracts.
The business is both growing overall revenue at a strong rate and transitioning that revenue to a greater recurring proportion. The transition to recurring revenue changes the broader timing of revenue recognition, with a greater proportion of income recognized over the life of customer contracts rather than upfront, and while the ARR growth in H1 2026 was significant, much of the revenue related to this will be realized in H2 2026 and beyond. As a result of the two combined factors, high growth and transition to recurring revenue, the overall split of revenue is forecast to be between H1:H2 will likely be 38:62, similar to 2024 and 2025, with 107% visibility on achieving FY 2026 median analyst consensus revenue estimates at 31 August 2026. We anticipate this split to start to move more in favor of H1 from 2027 as the proportion of revenue switching from project based to recurring contracts steadies.
The Group continues to observe a higher weighting of revenue and profitability in the second half of the financial year. Of the £43.7 million order book at 30 June 2026, £15.7 million is contracted for H2 2026 delivery. Together with the recurring revenue base and pipeline, this gives the business strong visibility towards meeting full year revenue expectations***.
Gross Profit and Margins
Gross profit increased 23% to £14.9 million in H1 2026, with gross margin expanding to 85%. This reflects the continued scalability of the Group's platform-led model and the benefits of disciplined delivery execution as revenue grows.
The high gross margin profile is supported by the DXRX platform, proprietary data assets and increasingly repeatable delivery processes. While the Group continues to invest in platform capability, AI enablement, data assets and customer engagement, management remains focused on ensuring that growth translates into improving profitability and cash generation.
EBITDA and Profitability: building a sustainable growth model
|
|
H1 2026 £000's |
H1 2025 £000's |
|
Operating loss |
(4,016) |
(3,179) |
|
- Depreciation & Amortization |
3,361 |
2,704 |
|
EBITDA |
(655) |
(475) |
|
EBITDA margin |
(3.8%) |
(3.3%) |
|
|
|
|
|
Adjustments for: |
|
|
|
- Redundancy costs |
303 |
105 |
|
- M&A costs |
485 |
- |
|
- Share based payment charge |
924 |
427 |
|
Adjusted EBITDA |
1,057 |
57 |
|
Adjusted EBITDA margin |
6.1% |
0.4% |
Adjusted EBITDA increased to £1.1 million in H1 2026, compared with £0.1 million in H1 2025, representing an Adjusted EBITDA margin of 6.1%. This improvement reflects the operating leverage beginning to emerge from the Group's revenue growth, recurring revenue model and disciplined cost management.
The reported operating loss was £4.0 million, after depreciation and amortization of £3.4 million (H1 2025: £2.7 million). Adjustments to EBITDA included redundancy costs of £0.3 million (H1 2025: £0.1 million), M&A costs of £0.5 million (H1 2025: nil) and a share-based payment charge of £0.9 million (H1 2025: £0.4 million).
The M&A costs were specifically related to professional fees incurred of £0.5 million (H1 2025: nil and FY 2025: £0.5 million) in respect of the isolated strategic US acquisition which was explored in late 2025 and discussions ceased in H1 2026.
Customer Quality and Market Exposure
The Group's revenue base remains strongly aligned to the US biopharma market, with 96% of H1 2026 revenue generated from US-based customers compared to 95% in H1 2025. This reflects the continued importance of the US as the largest and most dynamic market for diagnostic-driven therapy commercialization.
Average ARR per customer increased to £754,000, compared with £685,000 in the prior period, while ARR per brand was £446,000, compared with £329,000 in the prior period. Revenue per customer increased to £765,000 from £662,000 over a trailing twelve-month period. Revenue per brand over a trailing twelve-month period was £401,000, compared with £387,000 in the prior period. The lower growth in revenue per brand reflecting the strong growth in the number of ARR brands in the period, the revenue of which will, for the most part, flow into future periods. The concentration of customer revenue has continued to diversify with 62% of the H1 2026 revenue coming from the top 10 customers (H1 2025: 72%) and one customer had revenue between 10% and 15% of the H1 2026 revenue (2025: three). These metrics demonstrate the continued growth in the number and depth of customer relationships.
Diaceutics continues to work with 18 of the top 20 global pharma companies, supporting 55 customers across 103 therapeutic brands over the past twelve months (H1 2025: 50 customers across 89 brands). Of the 103 therapeutic brands Diaceutics worked with over the past twelve months, 30 were in the segment we have defined as Precision For All, the remaining being in the more established Precision Medicine segment. This is the first time we have reported against our identified addressable markets, and we look forward to discussing market capture progress in future periods.
The breadth of engagement, together with improved retention and expansion metrics, supports the Group's strategic focus on deeper enterprise relationships, expansion into the Precision For All market segment and recurring revenue growth.
Maintaining Financial Discipline while Investing for Growth
Investment Discipline
We continue to invest selectively in the capabilities that support long-term growth and differentiation, including AI, data assets, DXRX platform capability, sales and marketing effectiveness and the operating model required to scale. AI and platform development investment in H1 2026 was £1.3 million (H1 2025: £1.3 million) of which 100% was expensed to the profit and loss in both years.
Investment in our data asset was £2.2 million in H1 2026 (13% of revenue), down 21% compared to £2.8 million in H1 2025 (19% of revenue). This investment supports the development of Reveal, our proprietary data engine, and strengthens the defensibility, scalability and commercial relevance of the DXRX platform. The higher H1 2025 investment predominantly reflects a change in claims data provider in that period where the Company ran parallel claims data providers for service continuity. We will continue to invest in our proprietary data engine, investing at around 15% of revenue as the business grows, and this will see the H2 2026 data investment increase proportionately but stay at or below this threshold. Management believe that the 15% benchmark is best in class, most US healthcare data vendors being between 30% to 50%.
In terms of our people and their capability and efficiency, we have invested in standardized workflows, automation and technology so that customer growth and data volumes do not require equivalent increases in headcount. As a result, our H1 2026 people costs (excluding share based payments and variable pay) increased 10% period on period to a total spend of £10.5 million in H1 2026 (H1 2025: £9.6 million) against a backdrop of revenue increasing 20%. This helped contribute to gross margins increasing to 85% (H1 2025: 83%) and Adjusted EBITDA increased to 6.0% (H1 2025: 0.4%). People costs in H1 2026 have dropped to 60% of revenue vs 66% in H1 2025.
Cash Generation and Working Capital Discipline
Cash generation is a key focus, and an important validation point for Diaceutics' shift toward sustainable profitability. In H1 2026, the Group generated positive free cash flow of £0.7 million, a £3.1 million improvement compared with H1 2025 demonstrating that the improvement in profitability is beginning to translate into cash, not only Adjusted EBITDA.
The Group ended the period with no debt and cash of £8.1 million (30 June 2025: £10.4 million). We remain fully funded to deliver our organic growth strategy and are targeting at least £8.0 million of cash at the 2026 year end, in line with analyst consensus of £8.0 million.
The Group's working capital, consisting of trade receivables and accrued income, is £18.0 million compared to £11.4 million at 30 June 2025 and £19.7 million at 31 December 2025. The increase in working capital at the end of 2025, particularly accrued revenue which represents work performed and revenue booked but where the customer invoice has not yet been issued, has remained high at 30 June 2026. This was driven by the larger customer deals which we booked in late 2025, which had favorable customer invoicing terms, and are being invoiced and recovered through 2026. Although at an elevated level, the Company continues to invoice and recover balances within its normal trading terms, and given its largely blue-chip, global pharma customer base, has no concerns over the recoverability of this working capital balance through to the end of 2026 where it expects to revert to more normalized levels.
To support improved free cash flow generation through H1 2026 and into H2, we have strengthened working capital discipline through more favorable customer invoicing terms, tighter billing and collections processes and disciplined supplier payment management. These actions, along with the aforementioned unwind of working capital from late 2025 customer deals with extended invoicing terms, is expected to see improved cash conversion during H2 2026.
Execution, Discipline and Sustainable Growth
Our financial priorities for FY2026 and beyond remain clear: deliver disciplined organic growth, expand recurring revenue, improve cash conversion and maintain tight control of the cost base - delivery of this will continue to demonstrate the growth and scale potential in the business being realized. H1 2026 provides clear evidence that the business is progressing against these priorities, with strong revenue growth, improved retention, positive Adjusted EBITDA and positive free cash flow.
We will continue to invest selectively in the capabilities that support long-term value creation, including DXRX, Reveal, AI-enabled analytics, proprietary data assets and commercial execution. These investments will be made with discipline, ensuring that growth translates into stronger profitability, improved cash generation and a more scalable operating model.
As we enter the second half of the year, the strength of our recurring revenue base, order book, customer retention and cash position gives us confidence in delivery against our FY2026 expectations and in the continued progression of Diaceutics toward a more predictable, scalable and cash-generative business.
Condensed Profit and Loss Account
for the six months ended 30 June 2026
|
|
Notes |
Six months to 30 June 2026 (Unaudited) £000's |
Six months to 30 June 2025 (Unaudited) £000's |
Year ended 31 December 2025 (Audited) £000's |
|
|
|
|
|
|
|
Revenue |
2 |
17,456 |
14,564 |
38,437 |
|
Cost of sales |
|
(2,595) |
(2,477) |
(6,958) |
|
Gross profit |
|
14,861 |
12,087 |
31,479 |
|
Administrative expenses |
|
(18,941) |
(15,435) |
(31,691) |
|
Other operating income |
3 |
64 |
169 |
255 |
|
Operating (loss)/profit |
|
(4,016) |
(3,179) |
43 |
|
Finance Income |
|
74 |
195 |
317 |
|
Finance costs |
|
(26) |
(29) |
(58) |
|
(Loss)/profit before tax |
|
(3,968) |
(3,013) |
302 |
|
Income tax credit/(charge) |
4 |
1,199 |
612 |
(205) |
|
(Loss)/profit for the financial period |
|
(2,769) |
(2,401) |
97 |
All activities in the current and prior periods relate to continuing operations.
Condensed Statement of Comprehensive Income
for the six months ended 30 June 2026
|
|
|
Six months to 30 June 2026 (Unaudited) |
Six months to 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
£000's |
£000's |
£000's |
|
(Loss)/profit for the financial period |
|
(2,769) |
(2,401) |
97 |
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
137 |
(640) |
(354) |
|
Total comprehensive loss for the period, net of tax |
|
(2,632) |
(3,041) |
(257) |
All activities in the current and prior periods relate to continuing operations.
Earnings per share
for the six months ended 30 June 2026
|
|
Note |
Six months to 30 June 2026 (Unaudited) |
Six months to 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
Pence |
Pence |
Pence |
|
Basic (loss)/earnings per share |
6 |
(3.27) |
(2.84) |
0.11 |
|
Diluted (loss)/earnings per share |
6 |
(3.27) |
(2.84) |
0.11 |
Condensed Balance Sheet
as at 30 June 2026
|
|
Notes |
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
ASSETS |
|
£000's |
£000's |
£000's |
|
Non-current assets |
|
|
|
|
|
Intangible assets |
7 |
15,746 |
15,362 |
16,080 |
|
Right of use assets |
|
2,027 |
1,090 |
1,108 |
|
Property, plant and equipment |
8 |
493 |
621 |
556 |
|
Deferred tax asset |
|
4,482 |
2,886 |
2,902 |
|
|
|
22,748 |
19,959 |
20,646 |
|
Current assets |
|
|
|
|
|
Trade and other receivables |
9 |
20,944 |
13,512 |
21,256 |
|
Income tax receivable |
|
359 |
568 |
762 |
|
Cash and cash equivalents |
|
8,102 |
10,384 |
7,344 |
|
|
|
29,405 |
24,464 |
29,362 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
52,153 |
44,423 |
50,008 |
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Equity |
|
|
|
|
|
Equity share capital |
12 |
170 |
170 |
170 |
|
Treasury shares |
|
(312) |
(312) |
(312) |
|
Translation reserve |
|
(843) |
(1,266) |
(980) |
|
Profit and loss account |
|
39,735 |
38,649 |
41,602 |
|
TOTAL EQUITY |
|
38,750 |
37,241 |
40,480 |
|
Non-current liabilities |
|
|
|
|
|
Lease liability |
|
1,818 |
905 |
882 |
|
Provision for dilapidations |
|
74 |
93 |
95 |
|
|
|
1,892 |
998 |
977 |
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
10 |
11,184 |
5,951 |
8,254 |
|
Lease liability |
|
276 |
229 |
270 |
|
Income tax payable |
|
51 |
4 |
27 |
|
|
|
11,511 |
6,184 |
8,551 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
13,403 |
7,182 |
9,528 |
|
TOTAL EQUITY AND LIABILITIES |
|
52,153 |
44,423 |
50,008 |
Condensed Statement of Changes in Equity
for the six months ended 30 June 2026
|
|
Equity share capital |
Treasury shares |
Translation reserve |
Profit and loss account |
Total |
|
|
£000's |
£000's |
£000's |
£000's |
£000's |
|
|
|
|
|
|
|
|
At 1 January 2025 |
170 |
(312) |
(626) |
40,625 |
39,857 |
|
Loss for the period |
- |
- |
- |
(2,401) |
(2,401) |
|
Other comprehensive loss |
- |
- |
(640) |
- |
(640) |
|
Total comprehensive loss for the period |
- |
- |
(640) |
(2,401) |
(3,041) |
|
Transactions with owners recorded directly in equity |
|
|
|
|
|
|
Share based payments |
- |
- |
- |
425 |
425 |
|
Total transactions with owners |
- |
- |
- |
425 |
425 |
|
At 30 June 2025 (unaudited) |
170 |
(312) |
(1,266) |
38,649 |
37,241 |
|
Profit for the period |
- |
- |
- |
2,498 |
2,498 |
|
Other comprehensive income |
- |
- |
286 |
- |
286 |
|
Total comprehensive income for the period |
- |
- |
286 |
2,498 |
2,784 |
|
Transactions with owners recorded directly in equity |
|
|
|
|
|
|
Share based payments |
- |
- |
- |
490 |
490 |
|
Deferred Tax Credit |
- |
- |
- |
(35) |
(35) |
|
Total transactions with owners |
- |
- |
- |
455 |
455 |
|
At 31 December 2025 (audited) |
170 |
(312) |
(980) |
41,602 |
40,480 |
|
|
|
|
|
|
|
|
At 1 January 2026 |
170 |
(312) |
(980) |
41,602 |
40,480 |
|
Loss for the period |
- |
- |
- |
(2,769) |
(2,769) |
|
Other comprehensive income |
- |
- |
137 |
- |
137 |
|
Total comprehensive income/(loss) for the period |
- |
- |
137 |
(2,769) |
(2,632) |
|
|
|
|
|
|
|
|
Transactions with owners recorded directly in equity |
|
|
|
|
|
|
Share based payments |
- |
- |
- |
940 |
940 |
|
Deferred Tax Credit taken directly to equity |
- |
- |
- |
(38) |
(38) |
|
Total transactions with owners |
- |
- |
- |
902 |
902 |
|
|
|
|
|
|
|
|
At 30 June 2026 (unaudited) |
170 |
(312) |
(843) |
39,735 |
38,750 |
Condensed Statement of Cash Flows
for the six months ended 30 June 2026
|
|
Notes |
Six months to 30 June 2026 (Unaudited) |
Six months to 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
|
(Loss)/profit before tax |
|
(3,968) |
(3,013) |
302 |
|
|
|
|
|
|
|
Adjustments to reconcile profit/(loss) before tax to net cash flows from operating activities |
|
|
|
|
|
Net finance income |
|
(48) |
(164) |
(259) |
|
Amortization of intangible assets |
7 |
3,118 |
2,494 |
5,355 |
|
Research and development tax credits |
|
- |
- |
(62) |
|
Depreciation of right to use asset |
|
156 |
124 |
291 |
|
Depreciation of property, plant and equipment |
8 |
84 |
83 |
166 |
|
Decrease/(increase) in trade and other receivables |
|
1,178 |
3,863 |
(5,151) |
|
Increase/(decrease) in trade and other payables |
|
1,917 |
(3,139) |
643 |
|
Share based payments |
|
924 |
425 |
1915 |
|
Cash generated from operations |
|
3,361 |
673 |
2,200 |
|
Tax paid |
|
(12) |
(68) |
(1,021) |
|
Net cash inflow from operating activities |
|
3,349 |
605 |
1,179 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Purchase of intangible assets |
|
(2,425) |
(2,767) |
(6,377) |
|
Purchase of property, plant and equipment |
|
(21) |
(55) |
(71) |
|
Finance interest received |
|
74 |
195 |
317 |
|
Net cash outflow from investing activities |
|
(2,372) |
(2,627) |
(6,131) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Leasehold repayments |
|
(179) |
(141) |
(333) |
|
Net cash outflow from financing activities |
|
(179) |
(141) |
(333) |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
798 |
(2,163) |
(5,285) |
|
Net foreign exchange movements |
|
(40) |
(197) |
(115) |
|
Opening cash and cash equivalents |
|
7,344 |
12,744 |
12,744 |
|
Closing cash and cash equivalents |
|
8,102 |
10,384 |
7,344 |
Notes to the Condensed Financial Statements
for the six months ended to 30 June 2026
1. Summary of material accounting policies
Basis of preparation
The condensed financial statements have been prepared in accordance with the recognition and measurement requirements of UK adopted International Accounting Standard 34, 'Interim Financial Reporting'.
The condensed financial statements should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2025. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
The condensed financial statements have been prepared under the historical cost convention, except for the fair value of certain financial instruments which are further detailed in note 11.
The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2025.
These condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of Directors and have been delivered to the Registrar of Companies. The audit report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
There have been no significant related party transactions in the period which have materially affected the financial position or performance of the Company, or changes to related party transactions in the period which were disclosed in the prior annual report.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these condensed financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements and are summarized below.
Sources of estimation uncertainty
|
Source of estimation uncertainty |
Description |
|
Useful Economic Life (UEL) of intangible assets |
The assessment of UEL of data purchases and platform require estimation over the period in which these assets will be utilized and is based on information on the estimated technical obsolescence of such assets and latest information on commercial and technical use. The platform has been assessed to have a UEL of ten years, platform algorithms six years and data three years. |
|
Impairment of assets |
The assessment of the recoverable amount of property, plant and equipment, intangible assets and right-of-use assets is made in accordance with IAS 36 Impairment of Assets. The Group performs an annual review in respect of indicators of impairment, and if any such indication exists, the Group is required to estimate the recoverable amount of the asset. The Group considered whether there had been any indicators of impairment during the year ended 31 December 2025 which would require an impairment review to be performed. Based upon this review, no impairment indicators were identified, and accordingly no impairment charge was recognized in the year. The Group has considered whether there have been any indicators of impairment during the six-month period to 30 June 2026 which would require an impairment review to be performed. Based upon this review, the Group has concluded that there are no such indicators of impairment as 30 June 2026. |
|
Discount rate |
Application of IFRS 16 requires the Group to make significant estimates in assessing the rate used to discount the lease payments in order to calculate the lease liability. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including the Group commercial borrowing rate. |
|
Revenue |
In revenue recognition for certain Scientific & Advisory Services where the input method is used to determine the revenue over a period of time, a key source of estimation will be the total budgeted hours to completion for comparison with the actual hours spent. |
|
Attrition rate |
In the calculation of Share Based Payments and related costs charge an assessment of expected employee attrition is used based on expected employee attrition and where possible actual employee turnover from the inception of the share option plan. |
|
Vesting probability and period |
In the calculation of Share Based Payments and related costs charge an assessment of expected probability that certain performance criteria will be met within the vesting time period and the length of the vesting period. |
Critical accounting judgements
|
Accounting policy |
Description of critical judgement |
|
Revenue |
In determining the performance obligations for the data consultancy service component of Insight & Engagement Solutions, judgment may be required in interpreting the contract wording and customer expectation of the data consultancy as a separately identifiable and distinct service, if the contract is not explicit. The transaction price associated with the performance obligation components of Insight & Engagement Solution services is determined by reference to the contract and change orders. Where the contract does not determine the transaction price for performance obligations, judgement may be required to determine the transaction price. These judgements include allocating transaction prices to data consultancy services based on an adjusted market assessment approach with the residual transaction price allocated to the retrospective and prospective data license performance obligations pro-rated depending on the data license period of coverage. |
|
Deferred tax |
In assessing the requirement to recognize a deferred tax asset, management carried out a forecasting exercise in order to assess whether the Group will have sufficient future profits on which the deferred tax asset can be utilized. This forecast required management's judgment as to the future performance of the Group. |
|
Intangible assets |
The Group capitalizes costs associated with the development of the DXRX platform and data lake. These costs are assessed against IAS 38 Intangible Assets to ensure they meet the criteria for capitalization. |
Going Concern
The financial performance and balance sheet position at 30 June 2026 along with a range of scenario plans to 31 December 2028 has been considered, applying different sensitivities to revenue. Across these scenarios, including at the lower end of the range, there remains significant headroom in the minimum cash balance over the period to 31 December 2028 and therefore the Directors have satisfied themselves that the Group has adequate funds in place to continue operational existence for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements.
2. Revenue and segmental analysis
For all periods reported the Group operated under one reporting segment but revenue is analyzed under two separate products/service lines.
a) Revenue by major product/service line
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
Insight & Engagement Solutions |
13,316 |
11,053 |
28,562 |
|
Scientific & Advisory services |
4,140 |
3,511 |
9,875 |
|
|
17,456 |
14,564 |
38,437 |
b) Revenue by geographical area
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
North America |
16,749 |
13,842 |
35,848 |
|
UK |
218 |
615 |
766 |
|
Europe |
400 |
106 |
1,790 |
|
Asia and rest of world |
89 |
1 |
33 |
|
|
17,456 |
14,564 |
38,437 |
c) Revenue by timing of recognition
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
Point in time |
4,923 |
1,783 |
17,170 |
|
Over time and input method |
12,533 |
12,781 |
21,267 |
|
|
17,456 |
14,564 |
38,437 |
The contract assets and liabilities in relation to contracts with customers are as follows:
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
Contract assets |
|
|
|
|
Accrued revenue |
9,897 |
4,486 |
9,834 |
|
|
|
|
|
|
Contract liabilities |
|
|
|
|
Deferred revenue |
1,585 |
1,357 |
313 |
Order book
The aggregate amount of the transaction price allocated to product and service contracts that are partially or fully unsatisfied as at the reporting date ('order book') are as follows:
As at June 2026
|
|
2026 |
2027 |
2028+ |
Total |
|
|
£000's |
£000's |
£000's |
£000's |
|
Insight & Engagement Solutions |
11,776 |
16,199 |
10,023 |
37,998 |
|
Scientific & Advisory services |
3,952 |
1,410 |
315 |
5,677 |
|
|
15,728 |
17,609 |
10,338 |
43,675 |
As at June 2025
|
|
2025 |
2026 |
2027+ |
Total |
|
|
£000's |
£000's |
£000's |
£000's |
|
Insight & Engagement Solutions |
6,722 |
10,859 |
8,059 |
25,639 |
|
Scientific & Advisory services |
2,297 |
3,166 |
599 |
6,062 |
|
|
9,019 |
14,025 |
8,658 |
31,701 |
3. Other operating income
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
Government grants |
63 |
123 |
193 |
|
Research and developments credits |
- |
40 |
62 |
|
Other income |
1 |
6 |
- |
|
|
64 |
169 |
255 |
4. Income tax
Income tax expense is recognized at an amount determined by multiplying the loss before tax for the interim reporting period by management's best estimate of the weighted-average annual income tax rate, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the condensed financial statements may differ from management's estimate of the effective tax rate for the annual financial statements.
The Group's consolidated effective tax rate in respect of continuing operations for the six months ended 30 June 2026 was 30.2% (six months ended 30 June 2025 was 20.2%).
The difference to the corporation tax rate of 25% reflects share-based payments of £131,000, UK R&D net tax credit of £23,000, disallowable expenses £45,000, an adjustment in respect of prior periods of £83,000, £16,000 of higher rate taxes and a £431 debit movement in deferred tax not recognized.
UK corporation tax is calculated at 25% (2025: 25%) of the taxable profit or loss for the period. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The UK tax rate increased from 19% to 25% on 1 April 2023. This will have a consequential effect on the group's future tax charge. The deferred tax asset is recognized on the basis that the Group has forecasted sufficient profits on which the deferred tax asset will be utilized in future periods.
Tax losses carried forward amount to £3,575,774 (H1 2025: £3,348,580) within Diaceutics PLC. The Group has tax losses carried forward arising in subsidiary undertakings. Due to the uncertainty of the recoverability of the tax losses within these subsidiaries, a potential deferred tax asset of £138,000 (H1 2025: £135,000) has not been recognized. All other deferred tax assets and liabilities have otherwise been recognized as they arise.
5. EBITDA
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
Operating (loss)/profit: |
(4,016) |
(3,179) |
43 |
|
Adjusted for: |
|
|
|
|
Depreciation and amortization |
3,361 |
2,704 |
5,812 |
|
EBITDA |
(655) |
(475) |
5,855 |
6. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Earnings attributable to shareholders
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
Earnings for the purposes of basic and diluted earnings per share being net (loss)/profit attributable to owners of the Company |
(2,769) |
(2,401) |
97 |
|
Adjusted earnings for the purposes of basic and diluted earnings per share |
(2,769) |
(2,401) |
97 |
Number of shares
|
|
Six months to 30 June 2026 Number |
Six months to 30 June 2025 Number |
Year ended 31 December 2025 Number |
|
|
|
|
|
|
Ordinary Shares in issue at the end of the period |
84,988,836 |
84,812,636 |
84,912,435 |
|
|
|
|
|
|
Weighted average number of shares in issue |
84,926,947 |
84,793,746 |
84,834,336 |
|
Less Treasury Shares |
(252,063) |
(252,063) |
(252,063) |
|
Weighted average number of shares for basic |
84,674,884 |
84,541,683 |
84,582,273 |
|
Effect of dilution of share options and warrants granted |
- |
- |
543,381 |
|
Weighted average number of shares for diluted |
84,674,884 |
84,541,683 |
85,125,654 |
Earnings and Diluted Earnings per share
|
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
|
Pence |
Pence |
Pence |
|
Basic |
|
(3.27) |
(2.84) |
0.11 |
|
Diluted |
|
(3.27) |
(2.84) |
0.11 |
The group has outstanding share options which can dilute basic earnings per share. These were not included in the calculation of diluted earnings per share during the period because they are antidilutive. They were dilutive for the year ended 31 December 2025 therefore were taken into account for the calculation of diluted earnings per share.
7. Intangible assets
|
|
Patents and trademarks |
Datasets
|
Platform |
Software |
|
|
|
£000's |
£000's |
£000's |
£000's |
£000's |
|
Cost |
|
|
|
|
|
|
At 1 January 2025 |
1,147 |
14,929 |
13,580 |
1,029 |
30,685 |
|
Foreign exchange |
17 |
(759) |
(139) |
(6) |
(887) |
|
Additions |
- |
2,820 |
5 |
90 |
2,915 |
|
At 30 June 2025 |
1,164 |
16,990 |
13,446 |
1,113 |
32,713 |
|
Foreign exchange |
19 |
142 |
77 |
1 |
239 |
|
Additions |
20 |
3,201 |
221 |
20 |
3,462 |
|
At 31 December 2025 |
1,203 |
20,333 |
13,744 |
1,134 |
36,414 |
|
|
|
|
|
|
|
|
Foreign exchange |
(7) |
359 |
21 |
- |
373 |
|
Additions |
2 |
2,215 |
329 |
27 |
2,573 |
|
At 30 June 2026 |
1,198 |
22,907 |
14,094 |
1,161 |
39,360 |
|
Patents and trademarks |
|
Platform |
Software |
|
|
|
£000's |
£000's |
£000's |
£000's |
£000's |
|
Amortization |
|
|
|
|
|
|
At 1 January 2025 |
1,141 |
8,837 |
4,595 |
699 |
15,272 |
|
Foreign Exchange |
17 |
(373) |
(59) |
(2) |
(417) |
|
Charge for the period |
1 |
1,754 |
683 |
56 |
2,494 |
|
At 30 June 2025 |
1,159 |
10,218 |
5,219 |
753 |
17,349 |
|
|
|
|
|
|
|
|
Foreign exchange |
19 |
74 |
31 |
- |
124 |
|
Charge for the period |
4 |
2,117 |
680 |
60 |
2,861 |
|
At 31 December 2025 |
1,182 |
12,409 |
5,930 |
813 |
20,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Exchange |
(7) |
154 |
14 |
1 |
162 |
|
Charge for the period |
7 |
2,357 |
691 |
63 |
3,118 |
|
At 30 June 2026 |
1,182 |
14,920 |
6,635 |
877 |
23,614 |
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
At 30 June 2026 |
16 |
7,987 |
7,459 |
284 |
15,746 |
|
|
|
|
|
|
|
|
At 31 December 2025 |
21 |
7,924 |
7,814 |
321 |
16,080 |
|
|
|
|
|
|
|
|
At 30 June 2025 |
5 |
6,770 |
8,227 |
360 |
15,362 |
The Group considered whether there have been any indicators of impairment during the year ended 31 December 2025 which would require an impairment review to be performed. Based upon this review, no impairment indicators were identified, and accordingly no impairment charge was recognized in the year.
8. Property, plant and equipment
|
|
Office Equipment |
Leasehold Improvements |
Total |
|
|
£000's |
£000's |
£000's |
|
Cost |
|
|
|
|
At 1 July 2025 |
879 |
532 |
1,411 |
|
Foreign exchange translation |
1 |
- |
1 |
|
Additions |
16 |
- |
16 |
|
At 31 December 2025 |
896 |
532 |
1,428 |
|
Foreign exchange translation |
- |
- |
- |
|
Additions |
20 |
- |
20 |
|
At 30 June 2026 |
916 |
532 |
1,448 |
|
|
|
|
|
|
Depreciation |
|
|
|
|
At 1 July 2025 |
589 |
201 |
790 |
|
Foreign exchange translation |
(1) |
- |
(1) |
|
Charge for the period |
57 |
26 |
83 |
|
At 31 December 2025 |
645 |
227 |
872 |
|
Foreign exchange translation |
(1) |
- |
(1) |
|
Charge for the period |
57 |
27 |
84 |
|
At 30 June 2026 |
701 |
254 |
955 |
|
|
|
|
|
|
Net book value |
|
|
|
|
At 30 June 2026 |
215 |
278 |
493 |
|
At 31 December 2025 |
251 |
305 |
556 |
|
At 30 June 2025 |
290 |
331 |
621 |
9. Trade and other receivables
|
|
30 June 2026 |
30 June 2025 |
31 Dec 2025 |
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
Trade receivables |
8,143 |
6,880 |
9,872 |
|
Accrued revenue |
9,897 |
4,486 |
9,834 |
|
Derivative financial instrument |
- |
635 |
119 |
|
Other receivables |
290 |
329 |
382 |
|
Prepayments |
2,614 |
1,182 |
1,049 |
|
|
20,944 |
13,512 |
21,256 |
10. Trade and other payables
|
|
30 June 2026 |
30 June 2025 |
31 Dec 2025 |
|
|
£000's |
£000's |
£000's |
|
Creditors: falling due within one year |
|
|
|
|
Trade payables |
4,135 |
1,073 |
1,537 |
|
Accruals |
4,400 |
2,827 |
5,816 |
|
Derivative financial instrument |
182 |
- |
38 |
|
Other tax and social security |
567 |
423 |
415 |
|
Deferred revenue |
1,585 |
1,357 |
313 |
|
Deferred grant income |
73 |
91 |
82 |
|
Other payables |
242 |
180 |
53 |
|
|
11,184 |
5,951 |
8,254 |
11. Financial instruments
|
|
30 June 2026 |
30 June 2025 |
31 Dec 2025 |
|
|
£000's |
£000's |
£000's |
|
|
|
|
|
|
Financial assets at amortized cost |
|
|
|
|
Trade receivables |
8,143 |
6,880 |
9,872 |
|
Contract assets |
9,897 |
4,486 |
9,834 |
|
Other receivables |
290 |
329 |
382 |
|
Cash at bank and in hand |
8,102 |
10,384 |
7,344 |
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at amortized cost |
|
|
|
|
Trade payables |
(4,135) |
(1,074) |
(1,537) |
|
Lease liability |
(2,094) |
(1,134) |
(1,247) |
|
|
|
|
|
|
|
|
|
|
|
Financial assets/(liabilities) at fair value |
|
|
|
|
Derivative financial instrument - Foreign currency forward contract |
(182) |
635 |
119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instrument - Foreign currency forward contract
The group has entered into a number of foreign currency derivative contracts during the period. The nominal value of the Group's forward contracts is £17,064,113 (30 June 2025: £11,550,537) principally to sell US Dollars.
The foreign currency forward contracts are categorized as level 2 within the fair value hierarchy.
The Group's foreign currency forward contracts are not traded in active markets. These contracts have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract. The effects of non-observable inputs are not significant for foreign currency forward contracts.
Fair value measurement on these derivatives as at the period end is (£182,000) (30 June 2025: £635,000).
12. Share capital
|
|
330 June 2026 |
30 June 2025 |
31 Dec 2025 |
|
|
£000's |
£000's |
£000's |
|
Allotted, called up and fully paid |
|
|
|
|
84,988,836 (Jun 2025: 84,812,636; Dec 2025: 84,912,435) Ordinary shares of £0.002 each |
170 |
170 |
170 |
|
|
|
|
|
Treasury shares are shares in Diaceutics PLC that are acquired and held by the Diaceutics Employee Share Trust for the purpose of issuing shares under relevant employee share option plans.
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