Author: Fiona Craig

Blencowe Resources Plc (LSE:BRES) has reported graphite outcrops across approximately 25 kilometres of strike at its Orom-Cross project in northern Uganda, following the completion of a second-phase exploration programme targeting areas beyond its existing deposits.

The company said surface mapping and sampling confirmed graphite occurrences across seven previously identified geophysical targets, with selected grab samples from three targets returning grades exceeding 20% total graphite content (TGC).

The exploration areas are located within Blencowe’s existing mining and exploration licences, approximately 10 kilometres or less from the proposed processing plant.

The findings indicate the presence of graphite mineralisation outside the four deposits that underpin the project’s December 2025 Definitive Feasibility Study (DFS).

Blencowe said its immediate priority remains securing funding for the first phase of development at Orom-Cross, while additional exploration of the wider targets will proceed in stages.

Seven Geophysical Targets Assessed Across Orom-Cross

The second-phase exploration programme followed earlier geophysical surveys and exploratory drilling at the Iyan and Beehive deposits.

Blencowe commissioned surface mapping and sampling in September 2026 to assess the remaining geophysical targets and determine whether they could warrant more detailed investigation.

The programme covered approximately 95% of the identified target areas.

According to the company, all seven targets examined showed evidence of graphite at surface, with several containing extensive outcrops similar to those identified at the project’s four previously drilled deposits.

The mapping also identified soil characteristics comparable with those covering the existing mineralised areas.

Blencowe said the results support further investigation of the targets, although additional drilling and geological assessment will be required to establish the extent, grade and continuity of any potential deposits.

Grab Samples Return Graphite Grades Above 20% TGC

Selective grab sampling identified graphite grades exceeding 20% TGC at three exploration targets: GT-02b, GT-03b and GT-04.

The company said the samples were collected from outcrops showing indications of higher-grade mineralisation rather than through systematic sampling across the entire mapped area.

As a result, the reported grades represent selected sampling locations and should not be interpreted as average grades for the wider targets.

GT-03b and GT-04 are located entirely within Blencowe’s existing exploration licences.

Most of GT-02b lies within the company’s current mining licence, with the remaining portion covered by its exploration licences.

Blencowe did not provide a complete assay breakdown for the individual samples or disclose the number of samples returning grades above 20% TGC.

Further exploration will be needed to determine whether the identified high-grade occurrences extend across larger areas or at depth.

Exploration Identifies Potential Extensions Beyond Existing Mine Plan

The newly mapped graphite occurrences extend along a trend of approximately 25 kilometres, including areas outside the four deposits currently included in the Orom-Cross development plan.

Blencowe’s December 2025 DFS was based on an initial mine life of 15 years using mineralisation from the deposits drilled to date.

The latest exploration programme identifies additional targets beyond that initial mine plan, providing areas for potential future resource assessment.

The company said the results are consistent with its broader geological interpretation of the Orom-Cross project and its previously identified exploration potential of between two billion and three billion tonnes of graphite mineralisation.

This figure represents an exploration-scale estimate of potential mineralisation, rather than a defined mineral resource or reserve.

The latest surface findings do not establish that graphite mineralisation is continuous across the entire 25-kilometre trend, nor do they demonstrate that the additional targets can be economically mined.

Blencowe intends to assess the wider targets through further exploration before determining whether they can contribute to future mine development.

Orom-Cross Holds JORC Resource of 64.3 Million Tonnes

Orom-Cross is an established graphite development project in northern Uganda, where Blencowe has completed a Definitive Feasibility Study and is progressing towards a potential production decision.

The project has a JORC-compliant Measured, Indicated and Inferred Mineral Resource of 64.3 million tonnes grading 6.03% TGC.

It also has a reported Mineral Reserve of 23.08 million tonnes grading 5.18% TGC.

The mineral resource and reserve figures are reported separately and should not be added together.

The existing development plan is based on shallow, open-pit mining, with the company expecting relatively limited waste removal and the potential for free-dig operations in parts of the deposit.

The project also contains larger-flake graphite, which Blencowe has identified as a component of its proposed product offering.

A 21-year mining licence was issued by the Ugandan government in 2019.

The latest exploration targets are located within the company’s existing licence areas and are not currently included in the mine plan supporting the DFS.

Blencowe Continues Discussions with Potential Strategic Partners

Blencowe said the additional exploration results will form part of its ongoing discussions with prospective strategic partners interested in long-term graphite supply.

Interim Chief Executive Officer Iain Wearing said the mapping programme had identified graphite occurrences across the wider licence area and provided further targets for future exploration.

He also highlighted the proximity of the identified areas to the proposed processing facility.

The company considers the potential for additional mineralisation beyond the initial mine plan relevant to discussions concerning future production capacity and supply arrangements.

However, the newly identified targets remain at an early exploration stage, and no additional mine life or production capacity has been established from the latest results.

Blencowe has not announced any new binding supply agreements or funding commitments in connection with the exploration update.

Phase 1 Project Funding Remains Immediate Priority

Blencowe confirmed that securing financing for the first phase of Orom-Cross development remains its principal near-term objective.

The company intends to continue investigating the wider geophysical targets through a staged exploration programme, following the approach previously used at the Northern Syncline and Camp Lode deposits.

That process involved progressing from initial geophysical identification and surface exploration towards drilling and more detailed technical assessment.

The latest programme has established the presence of graphite outcrops across multiple targets beyond the current development area, including selected samples grading above 20% TGC.

Further work will be required to determine whether these occurrences support additional mineral resources and whether they could be incorporated into future mining operations.

Blencowe said it will provide further updates as exploration progresses and continues its work towards financing the initial Orom-Cross development.

BSF Enterprise Plc (LSE:BSFA), has announced that its subsidiary, Lab-Grown Leather Ltd (LGL), has entered structured, partner-funded evaluation programmes with two international luxury fashion houses to assess its cultivated leather material, Elemental Lux.

The agreements follow earlier technical discussions and preliminary material assessments, with the programmes now progressing towards industrial tanning validation, mechanical testing and prototype manufacturing.

Under the first agreement, LGL has produced and delivered initial cultivated skin samples and submitted invoices for the associated milestone payments.

A second agreement establishes a multi-stage evaluation programme, including material characterisation, tanning trials and the planned production of larger leather sheets for prototype development during the first half of 2027.

BSF said the programmes could provide a basis for future commercial proof-of-concept and supply agreements, subject to the results of the technical evaluations.

Two Luxury Brands Begin Funded Material Evaluation Programmes

Lab-Grown Leather has progressed its commercial engagement with two independent global luxury fashion companies through formal evaluation and material transfer agreements.

The companies, which have not been identified, are assessing Elemental Lux cultivated leather for different applications within the luxury leather goods market.

The first agreement covers the production and delivery of engineered cultivated skin samples for internal quality assessments and evaluation of the material’s biological structure.

LGL confirmed that the initial samples have been delivered and that milestone invoices have been submitted.

Under the second agreement, the subsidiary is supplying calibrated material accompanied by biological characterisation data for testing within the partner’s existing industrial processes.

BSF described the arrangements as a progression from preliminary testing towards defined technical programmes with funded development activities.

The company has not disclosed the financial value of either agreement or the amount of the milestone payments invoiced.

Industrial Tanning Trials Assess Material Characteristics

The initial phase of the evaluation programme focuses on the biological characteristics of Elemental Lux and its compatibility with established leather processing methods.

Under the second luxury partner agreement, the cultivated material is undergoing proprietary tanning trials within an industrial tannery environment.

The tests are intended to assess chemical uptake, thermal stability, collagen matrix structure and dye uniformity.

These characteristics will help determine whether the cultivated material can undergo processing techniques used in conventional leather manufacturing.

The programme also includes biological profiling to assess the material’s composition and consistency.

BSF said the findings from this phase will inform the specifications and production requirements for subsequent testing.

The initial evaluation and tanning optimisation activities are currently underway.

Mechanical Testing and Luxury Product Prototypes Planned for H1 2027

The second phase of the programme is scheduled for the first half of 2027 and will involve the production and delivery of larger cultivated leather sheets.

LGL plans to supply material measuring approximately A4 dimensions to its second luxury partner for mechanical testing and physical prototype manufacturing.

The testing programme will assess tensile strength, elongation, tear resistance and stitch-tear strength using dual-axis ISO mechanical testing methods.

Results will be compared with conventional bovine leather controls to evaluate the cultivated material’s performance against established leather characteristics.

The partner also intends to manufacture physical prototypes in an artisan workshop environment.

These assessments will examine properties including texture, flexibility, drape, workability and edge-finishing performance.

BSF said the prototyping programme could subsequently be extended across both luxury partner agreements.

The company has not confirmed the specific products that will be manufactured during the evaluation phase.

Technical Results to Determine Potential Commercial Supply Agreements

BSF said the evaluation programmes are designed to establish whether Elemental Lux meets the minimum performance and usability requirements specified by the luxury partners.

The results will be used to assess the material’s suitability for further product development and determine the production specifications needed for potential commercial applications.

If the second phase is completed successfully, LGL intends to progress discussions towards formal commercial proof-of-concept and supply agreements.

The company is targeting potential agreements during 2027, although their completion will depend on the outcome of the technical programmes and further commercial negotiations.

BSF has not announced any binding long-term supply commitments or provided forecasts for potential revenue from the luxury fashion partnerships.

Elemental Lux Uses 3D Bio-Tissues’ Collagen Production Technology

Elemental Lux is produced using cultivated collagen matrices developed through technology associated with 3D Bio-Tissues, another business within the BSF Enterprise portfolio.

The manufacturing process incorporates proprietary macromolecular crowding formulations designed to support the development of engineered biological tissue.

BSF previously announced that the technology had received a US patent allowance on 20 October 2026.

The company said the intellectual property development relates to the platform used in producing LGL’s cultivated leather materials.

The current commercial programmes are intended to evaluate whether these materials can meet the processing and performance requirements of established luxury leather manufacturers.

BSF Enterprise Outlines Next Commercial Development Stages

Che Connon, Chief Executive Officer of BSF Enterprise, said the agreements represent a further stage in the commercial development of Elemental Lux.

He explained that the programmes now involve defined technical deliverables funded by the luxury partners, including tanning trials, mechanical benchmarking and the planned delivery of larger material sheets for prototype manufacturing.

Management views the programmes as a means of establishing the technical requirements for potential longer-term supply arrangements.

BSF Enterprise operates across tissue engineering, cellular agriculture and other biotechnology applications, with Lab-Grown Leather forming part of its cultivated biomaterials activities.

The next stages for LGL include completing the initial tanning and biological assessments, progressing mechanical testing and supplying materials for prototype fabrication during the first half of 2027.

Any subsequent commercial supply agreements will depend on the results of these evaluations and the partners’ decisions to proceed with further development.

One Health Group plc (LSE:OHGR) reported a 17% increase in revenue to £18.3 million for the six months ended 30 September 2026, compared with £15.6 million in the corresponding period last year, supported by higher NHS patient referrals, consultations and surgical activity.

The independent provider of NHS-funded surgical procedures reported a 24% increase in new patient referrals to 11,275, while the number of surgical procedures rose 13% to 4,517.

Underlying EBITDA for the first half of the financial year ending March 2027 is expected to exceed the £1.18 million recorded in the equivalent period of FY2026.

One Health confirmed that its full-year revenue and underlying EBITDA expectations remain unchanged, with management citing market consensus of £33.2 million to £34.0 million in revenue and £2.6 million in underlying EBITDA.

The company also reported progress on construction of its first dedicated surgical hub, which is expected to open in spring 2027.

NHS Patient Referrals Increase 24% to 11,275

One Health reported 11,275 new NHS patient referrals during the six-month period, an increase of 24% from 9,111 a year earlier.

The number of consultations rose by 24% to 29,755, compared with 23,927 in the corresponding period of FY2026.

Surgical procedures increased 13% to 4,517 from 4,009, reflecting higher patient activity across the group’s operating network.

The company said activity during the first half exceeded both the equivalent period last year and the second half of FY2026.

Management attributed the increase partly to its focus on undertaking more procedures earlier in the financial year, with the aim of reducing exposure to potential changes in NHS commissioning activity during the second half.

One Health provides NHS-funded surgical services to patients referred through the Patient Choice framework, which allows eligible patients to select an alternative provider for their treatment.

The company reported that postoperative patient feedback averaged 99% positive during the first six months of the year.

Revenue per Consultant Rises 17% as Operating Network Expands

One Health increased its network of outreach clinics to 46 at 30 September 2026, compared with 40 a year earlier, representing growth of 15%.

The number of surgical operating facilities increased 17% to 14 from 12.

The group reported 82 consultants, excluding anaesthetists, compared with 80 in the corresponding period last year.

The consultant pool has been reduced from 88 at March 2026 as part of management’s efforts to increase productivity.

A further 12 consultants are under consideration within the company’s recruitment pipeline to support future activity.

Annualised revenue per consultant increased 17% to £446,000, compared with £391,000 a year earlier.

The company said the increase reflected higher activity levels and changes to its consultant network.

First-Half EBITDA Expected to Exceed £1.18 Million

One Health expects underlying EBITDA for the six months ended 30 September 2026 to be higher than the £1.18 million reported in the corresponding period of FY2026.

The company has not yet disclosed a specific EBITDA figure for the latest reporting period.

Management said the expected increase reflects higher patient activity and operational developments across the group.

Revenue increased to £18.3 million from £15.6 million, with growth recorded across referrals, consultations and completed surgical procedures.

The company expects to publish its formal half-year financial results in late November 2026.

First Surgical Hub Scheduled to Open in Spring 2027

One Health reported continued construction progress at its first dedicated surgical hub, with the building shell now weather-tight.

The facility remains scheduled to open in spring 2027.

According to the company, the hub is intended to increase the surgical capacity available to the group in an area where NHS patient demand exceeds existing treatment capacity.

The development forms part of One Health’s strategy to expand its operating facilities and increase the number of NHS-funded procedures it can provide.

The company has also identified a potential location for a second surgical hub, which will undergo further preliminary assessment.

Additional sites are being considered as part of its longer-term expansion plans.

One Health has not announced a construction timetable or financial commitment for the proposed second facility.

NHS Waiting Lists Remain a Factor in Demand for Surgical Services

One Health highlighted continuing demand for elective treatment capacity within the NHS.

The company cited national referral-to-treatment waiting-list figures showing an increase from approximately 7.1 million pathways in March 2026 to 7.3 million in May and around 7.4 million in August.

Approximately 111,000 pathways involved waits exceeding one year as of August 2026, according to figures referenced by the company.

Management expects independent-sector providers to continue contributing to NHS efforts to address waiting lists.

One Health also noted that it has historically experienced additional NHS activity during the final quarter of its financial year, when NHS organisations seek to meet annual operational and waiting-list objectives.

The company said any additional activity during the second half of FY2027 is neither contracted nor guaranteed.

NHS England Reorganisation May Affect Local Commissioning

One Health also addressed the planned reorganisation of NHS England and the transfer of its functions into the Department of Health and Social Care.

The restructuring was announced in March 2025 and, subject to parliamentary approval, is expected to be completed by March 2027.

The changes include reductions in administrative and commissioning positions across NHS England and Integrated Care Boards.

One Health acknowledged that the reorganisation could create temporary disruption to local commissioning arrangements.

Management said the group’s activity during the first half, its range of referral routes and its established NHS relationships provide a basis for managing potential changes in commissioning processes.

The company has not quantified any expected financial impact from the reorganisation.

One Health Maintains FY2027 Revenue and EBITDA Expectations

One Health confirmed that it remains on track to meet current market expectations for the financial year ending March 2027.

Management identified consensus revenue forecasts of between £33.2 million and £34.0 million, alongside underlying EBITDA expectations of £2.6 million.

Chief Executive Officer Adam Binns said the increase in first-half activity reflected higher numbers of patients choosing One Health following GP referrals and growth across the company’s operating network.

He also highlighted the continuing NHS waiting-list backlog and the potential for additional treatment activity from NHS trusts during the second half, while acknowledging that such work is not guaranteed.

The company intends to continue expanding its surgical capacity and outreach network, with the opening of its first surgical hub scheduled for spring 2027.

One Health’s next scheduled financial update will be its half-year results, expected in late November 2026.

CLS Holdings plc (LSE:CLI) has announced that it expects to leave the UK Real Estate Investment Trust (REIT) regime on 31 December 2026 following changes to its share ownership structure.

The property investment company said recent changes in its shareholder base mean it no longer satisfies a legislative requirement for REIT status relating to the classification of a company as a close company.

CLS confirmed that the ownership changes were outside its control and that the anticipated departure from the REIT regime will affect the tax treatment of the company and its UK subsidiaries.

The group said its existing property investment and management strategy will remain unchanged.

Share Ownership Changes Affect REIT Eligibility

CLS Holdings explained that companies operating under the UK REIT regime must satisfy several legislative conditions to maintain their tax status.

One requirement is that a REIT must not qualify as a close company under the relevant legislation.

Following recent changes in its share ownership, CLS said it no longer meets this condition and consequently expects to exit the regime at the end of December 2026.

The company did not provide further details about the ownership changes or identify the shareholders involved.

The expected departure relates specifically to the group’s eligibility for REIT tax treatment rather than changes to its property portfolio or operational activities.

CLS has not announced any modifications to its investment objectives or property management arrangements as a result of the development.

UK Corporation Tax Exemptions to End from January 2027

Following the anticipated exit, CLS Holdings and its UK subsidiaries will no longer benefit from the corporation tax exemptions available under the REIT regime.

From 1 January 2027, the group’s UK rental profits and profits arising from property sales will become subject to the standard UK corporation tax rate.

Under its existing REIT status, qualifying property rental income and gains from property disposals are generally exempt from UK corporation tax, provided the applicable legislative conditions are satisfied.

The change will therefore alter the tax treatment of the group’s UK property activities from the beginning of 2027.

CLS did not quantify the expected financial impact of losing REIT status or provide estimates of additional corporation tax liabilities.

The actual effect on future earnings and cash flows will depend on the group’s taxable profits and property transactions after the change takes effect.

Future Dividends to Be Paid as Ordinary Distributions

CLS Holdings also outlined changes to the treatment of shareholder dividends following its expected departure from the REIT regime.

The company said future distributions will generally be classified as ordinary dividends rather than Property Income Distributions (PIDs).

An exception is expected for the final dividend relating to the 2026 financial year.

CLS anticipates that this distribution will be paid wholly or partly as a PID to satisfy the requirements applicable before its departure from the REIT regime.

The company did not announce any changes to dividend amounts, payment dates or its wider distribution policy.

The distinction between ordinary dividends and PIDs is relevant to the tax treatment of distributions received by shareholders.

Property Investment and Management Strategy Remains Unchanged

CLS Holdings emphasised that its expected REIT exit concerns the tax status of the company and its UK subsidiaries.

The group confirmed that its property investment and management strategy will not be affected by the change.

The announcement did not identify any planned property disposals, acquisitions or operational restructuring associated with the anticipated loss of REIT status.

CLS expects the change to become effective on 31 December 2026, with the revised corporation tax treatment applying from 1 January 2027.

The company has not provided financial guidance reflecting the expected change in tax status.

First Class Metals PLC (LSE:FCM) has reported additional gold assay results from the northeastern extension of the Roy prospect at its Sunbeam property in Ontario, Canada, identifying mineralisation across approximately 300 metres of strike.

The latest exploration work follows the company’s previously announced discovery of visible gold associated with a grab sample containing 32,100 grams per tonne (g/t) of gold.

Follow-up sampling returned eight grab samples exceeding 5g/t gold, including a highest reported grade of 17.3g/t.

The newly identified mineralised zone is located approximately 1.1 kilometres northeast of the historic Roy shafts and remains open along strike in both directions.

First Class Metals is preparing additional surface exploration work at Roy while progressing plans for a drilling programme along the Pettigrew trend.

Follow-Up Sampling Identifies Gold Mineralisation Across 300 Metres

First Class Metals reported that its latest prospecting activities have identified gold mineralisation extending approximately 300 metres along the Roy northeastern trend.

The programme included the collection of 21 outcrop samples across more than 100 metres of the trend.

Of these samples, 17 returned gold grades of at least 0.5g/t, while eight exceeded 5g/t. The highest grade recorded in the latest sampling programme was 17.3g/t.

The results follow the earlier discovery of a grab sample containing 32,100g/t gold, which was associated with visible gold mineralisation.

Further occurrences of visible gold were identified near the original discovery location, with specimens retained for examination.

The company said the latest assay results confirm the presence of gold mineralisation beyond the initial sampling location.

However, grab samples are selective samples and may not be representative of average grades across the wider mineralised structure. Additional systematic sampling and drilling will be required to establish the continuity, width and extent of mineralisation.

Roy Gold Zone Located 1.1 Kilometres Northeast of Historic Shafts

The newly identified gold anomaly is situated approximately 1,100 metres northeast of the historic Roy shafts within the wider Sunbeam exploration property.

First Class Metals said the mineralised trend remains open to both the northeast and southwest, with several sections having received limited systematic exploration.

Recent prospecting identified additional quartz outcrops and sheared host rocks along the interpreted structure.

The sampled locations lie broadly between two soil survey lines that previously returned anomalous gold and lead values.

The company also identified several historic blast pits in the area, although it reported no obvious evidence of exploitation at these locations.

Other historic workings, identified as BG43 and BG45, are located approximately two and three kilometres farther northeast, respectively.

First Class Metals intends to extend prospecting along the Roy lineament, initially towards the limits of the existing soil sampling and very low frequency (VLF) geophysical survey grid.

Further exploration is also planned southwest towards Lequyer Lake and the historic Roy shafts.

Geological Targeting Combines Soil Surveys, LiDAR and Historic Data

First Class Metals said the Roy extension was identified through an exploration approach combining soil geochemistry, LiDAR interpretation, structural geology and historical exploration information.

The company used these datasets to identify prospective areas along the Roy trend before undertaking follow-up fieldwork and sampling.

According to First Class Metals, the results provide further information supporting its interpretation of the geological structure associated with the gold occurrences.

The company has also completed geophysical work undertaken by Rosor, with interpretation of the results expected to assist in identifying areas for additional exploration.

Similar exploration methods are being applied to other prospective structures across the Sunbeam property, including the Pettigrew trend.

The company has not yet reported a mineral resource estimate for the newly identified Roy extension.

Surface Stripping and Channel Sampling Planned at Roy

First Class Metals has engaged a local contractor to establish access to the Roy visible gold zone and undertake surface stripping.

The planned work will involve removing vegetation and overburden to expose additional bedrock along the mineralised trend.

Once the area has been prepared, the company intends to carry out washing, geological mapping and systematic channel sampling.

These activities are designed to provide more detailed information about the distribution and continuity of gold mineralisation across the exposed structure.

The programme will also allow further examination of the geological relationship between the original visible gold discovery and the additional mineralised outcrops identified during follow-up prospecting.

First Class Metals said further fieldwork will depend partly on weather conditions and the time available during the exploration season.

No specific completion date for the stripping and channel sampling programme was provided.

Pettigrew Drilling Programme Expected to Begin Following Rig Mobilisation

Alongside the Roy exploration activities, First Class Metals is preparing to advance drilling at the Pettigrew trend.

The company expects a drilling rig to be mobilised to the site around the end of October 2026.

The planned programme will investigate targets identified through the company’s exploration activities, including geological and geophysical assessment.

First Class Metals also intends to apply its combined geological targeting approach to the Pettigrew survey grid.

The company has not disclosed the planned number of drill holes, total drilling metres or expected completion date in its latest announcement.

First Class Metals Plans Further Exploration Along Roy Trend

Chief Executive Officer Marc J. Sale said the follow-up sampling results had identified gold mineralisation over approximately 300 metres of strike, with additional exploration required to assess potential extensions.

He noted that the newly identified zone lies more than one kilometre from the historic Roy shafts and was located using the company’s geological targeting approach.

Management intends to continue investigating the Roy structure in both directions, including the ground between the latest discovery and the historic workings.

The company also plans to assess whether similar geological characteristics occur elsewhere on the Sunbeam property.

The latest results establish the presence of high-grade gold in selected surface samples, but the extent and economic significance of the mineralisation remain to be determined.

Further channel sampling, geological mapping and drilling will be necessary to assess the prospect’s potential for a mineral resource.

Bioventix plc (LSE:BVXP) reported revenue of £13.0 million for the financial year ended 30 June 2026, a decline of 0.8% from £13.1 million in the previous year, while profit before tax increased 1% to £10.2 million.

The UK-based developer and supplier of monoclonal antibodies for clinical diagnostics reported profit after tax of £7.6 million, unchanged from FY2025, with both revenue and after-tax profit slightly ahead of market expectations, according to the company.

Revenue from Tau and neurology-related antibody royalties increased from £75,000 to £257,000, reflecting increased use of the company’s products in research assays associated with Alzheimer’s disease diagnostics.

Bioventix maintained its total annual dividend at 150 pence per share and ended the financial year with cash balances of £5.3 million, compared with £5.1 million a year earlier.

Revenue Declines 0.8% as Currency Movements Affect Reported Results

Bioventix reported annual revenue of £13.0 million, compared with £13.1 million in FY2025, while profit before tax rose to £10.2 million from £10.1 million.

On a constant currency basis, using average exchange rates from the previous financial year, revenue would have reached £13.3 million and profit before tax £10.5 million.

The company estimated that exchange rate movements reduced reported revenue by approximately £300,000 during the year.

Around 50% to 60% of Bioventix’s sales are directly or indirectly linked to the US dollar, with the remainder primarily exposed to the euro and Asian currencies.

The company also recorded an exchange gain of approximately £62,000 arising from currency movements between invoicing and settlement.

Bioventix said it does not currently consider currency hedging beneficial to its longer-term operations, meaning future exchange rate movements may continue to affect sterling-denominated results.

The business generated approximately £8 million in cash during the year, with almost all of that amount distributed to shareholders through dividends.

Vitamin D Antibody Revenue Falls 4% Amid Changes in Chinese Market

Bioventix reported a 4% decline in revenue from its vitD3.5H10 vitamin D antibody to £6.35 million.

The company attributed the reduction partly to conditions in downstream diagnostic markets, particularly China.

Bioventix identified changes in Chinese government procurement policies, the country’s emphasis on domestic suppliers and increased competition from local antibody manufacturers as factors affecting its business.

Sales to Chinese customers declined slightly during FY2026, and management expects further reductions in revenue from the market, although China is anticipated to remain a significant contributor to future sales.

Troponin antibody revenue was approximately £1.4 million, broadly unchanged from the previous financial year.

The company reiterated that revenue associated with its Siemens troponin contract is scheduled to end in June 2032 under existing contractual arrangements.

Separately, a progesterone antibody contract terminated during FY2026, removing approximately £400,000 in annual revenue from future reporting periods.

Bioventix said its established antibody portfolio continues to face changes in customer demand and contractual arrangements, while newer neurology-related products are contributing an increasing share of revenue.

Tau and Neurology Royalties Increase to £257,000

Revenue from Tau and other neurology-related antibody royalties increased to £257,000 in FY2026, compared with £75,000 in FY2025.

The increase was primarily associated with greater use of Bioventix antibodies in research-use-only diagnostic assays developed by three high-sensitivity testing platform companies working in Alzheimer’s disease diagnostics.

Bioventix currently manufactures five Tau-related sheep monoclonal antibodies at scale, with two additional eMTBR antibodies moving towards large-scale production during the fourth quarter of calendar 2026.

The company expects further royalty opportunities as established diagnostic manufacturers develop and introduce p-Tau217 assays for research and potentially routine clinical applications.

Bioventix identified Roche Diagnostics, Siemens Healthineers, Beckman Coulter, Abbott Diagnostics, Mindray and Fujirebio among the established diagnostic companies active in this market.

Management believes some future assays from these manufacturers will incorporate Bioventix antibodies, although the timing and commercial contribution of potential product launches remain uncertain.

Alzheimer’s Diagnostic Research Expands Into Additional Biomarkers

Bioventix continues to develop antibodies for neurological diagnostic applications through its research collaboration with the University of Gothenburg, which began in 2020.

The programme includes antibodies targeting Tau proteins associated with Alzheimer’s disease, alongside work on newer biomarkers such as eMTBR-Tau.

According to the company, eMTBR-Tau assays are being developed to help assess later-stage disease associated with Tau protein accumulation, potentially complementing existing p-Tau217 tests.

Bioventix said these assays could have applications in clinical assessment, patient selection for trials and monitoring of neurological conditions, subject to further development and validation.

The company’s research programme also covers vascular dementia, less common forms of dementia and peripheral neuropathies.

Separately, Oslo-based Pre-Diagnostics and its clinical collaborators have developed two research-use amyloid beta assays incorporating Bioventix antibodies.

These assays are being investigated for potential applications relating to amyloid-related imaging abnormalities, a recognised side effect associated with certain Alzheimer’s disease treatments.

Bioventix said its neurological diagnostic research remains a central part of its longer-term product development strategy.

Bioventix Maintains Annual Dividend at 150 Pence Per Share

Bioventix declared a second interim dividend of 80 pence per share, unchanged from the corresponding distribution in FY2025.

Combined with the first interim dividend of 70 pence per share, the total dividend for FY2026 is 150 pence per share, matching the previous financial year.

The company reported year-end cash balances of £5.3 million, compared with £5.1 million at 30 June 2025.

Bioventix also noted that royalty payments relating to the second half of FY2026, received between July and September 2026, had increased its cash position following the financial year-end.

The shares will trade ex-dividend from 5 November 2026, with the record date set for 6 November. The second interim dividend is scheduled for payment on 20 November 2026.

Additional Research Includes Environmental Monitoring Applications

Outside clinical diagnostics, Bioventix continued work on environmental monitoring products during FY2026.

The company is developing a lateral flow assay designed to detect paracetamol as a potential indicator of sewage contamination in rivers and lakes.

Bioventix aims to develop a test capable of identifying contamination equivalent to 0.1% to 1.0% of raw sewage in freshwater.

The company intends to undertake field trials with volunteer groups to investigate relationships between paracetamol concentrations and the presence of E. coli.

It is also progressing a pyrene-based lateral flow testing system for industrial pollution monitoring, with further trials involving firefighters planned for 2027.

Bioventix Expects Neurology Revenue to Offset Pressure on Established Products

Bioventix expects the financial year ending 30 June 2027 to follow a broadly similar pattern to FY2026, with its established antibody business facing continued changes in downstream markets.

Management anticipates that revenue from Tau and other neurology-related antibodies will increasingly contribute to the group’s sales as new diagnostic products are developed and commercialised.

The company cautioned that the timing of revenue growth from neurological diagnostics remains difficult to forecast.

Bioventix also continues to develop antibody products using new testing formats, including work on cortisol and vitamin D assays.

The company ended FY2026 with 14 employees, representing 12 full-time equivalents, following one retirement and the recruitment of a graduate during the year.

Bioventix said its future development activities will focus on maintaining its established diagnostic antibody business while expanding its portfolio of products for neurological testing.