Abingdon Health Plc (ABDX) Earnings Call Transcript & Summary

Good morning, and welcome to the Abingdon Health plc interim results investor presentation. [Operator Instructions] The company may not be in a position to answer every question it receives in the meeting itself. However the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Chairman, Chris Hand. Good morning to you, sir.

Good morning, and good morning, everyone, and thanks for joining this presentation of Abingdon Health's interim results for the period to December '24. I'm Chris Hand, and I'm one of the founders of Abingdon Health. I'm the Executive Chairman of the company and a bit of background on me, and I have 30 years' experience in the medical diagnostics industry, particularly in the development and commercialization of rapid diagnostic tests such as those that we develop and manufacture at Abingdon Health. Previously, I co-founded another lateral flow-based testing company, Cozart plc, which we sold to Concateno back in 2007. And then my background, as I said, is in medical diagnostics and rapid testing. I'm joined today by Tom Hayes, our new CFO, and I'll ask Tom to introduce himself.

Yes. Thanks, Chris. So I'm Tom Hayes, joined Abingdon Health as CFO in January '25. I'm a chartered accountant by background. I previously spent 10 years as FD of another AIM-listed group, Northern Bear plc. And prior to that, my experience has been in large accountancy firms and advisory roles, mostly in corporate finance.

Thanks, Tom. So in terms of the presentation today, we'll give an introduction. I want to give some information on Board changes, which we announced earlier this week. We'll then go through the interim results highlights and come on to talking about some specific items in terms of our activities in the U.S.A., some product developments we've been doing during half 1, and then we'll come on and give a summary and outlook. In terms of Abingdon Health, we're a dedicated lateral flow research, development and manufacturing company. That's our focus. Over the past year and particularly in half 1 of this financial year, we've added to our service offering to our customer base. We've added regulatory and analytical laboratory services. The acquisition of CS Life Sciences has significantly increased our service offering, which we'll come on and talk about. But I think it's important to illustrate that we're really a one-stop shop for our customer base from regulatory through to commercialization, packaging design and services, that's what our customers desire. But yes, in summary, we do every aspect of lateral flow development and manufacture from idea through to commercialization. We'll talk about some Board changes we've made, which will drive our next phase of growth. And then as I said earlier, we'll be looking at Abingdon Health USA and the establishment of a base in Madison, Wisconsin. So for Board changes, Chris Yates, who founded the company with me and has been CEO for the past 10 years at Abingdon, has been appointed President of Abingdon Health USA. It's a big move for us, as you'll see setting up in the U.S.A. Chris is a Director of Abingdon Health USA, and he'll look after our activities there as well as our global commercial operations. So yes, that's a good move that Chris has led basically. And so he'll run that, and he'll step down from the Board of the plc. In terms of the Board of Abingdon Health plc, we're really pleased to have Dr. Katie Brenner joining us. Katie is going to join as a Non-Executive Director in April. She's based in Madison, Wisconsin, which is where our new Abingdon Health facility is, and she has expertise in lateral flow testing. She created a company called bluDiagnostics, which was a company which specialized in testing for female fertility using lateral flow and an associated app. And she sold that company to Amazon back in 2020 and stayed with Amazon for 4 years until she left the end of last year. You can see from the slide, she's -- as well as that experience, she's well qualified in the same sector, PhD in Bioengineering from Caltech and degrees from Stanford in Electrical Engineering. So we're really pleased that Katie is joining, and we're really pleased that Chris has accepted the role of President, Abingdon Health USA. The rest of the Board stays as was. Mary Tavener is our Senior Non-Executive Director. She's an accountant by qualification, and she's got experience in other AIM-listed entities as CFO. And then Max Duckworth is a Board observer who is based in the U.S.A. and is helping us with the whole Madison activity. Operational highlights for H1. We'll come on and look at the finances shortly. Some of the operational highlights we have listed here. I've mentioned CS Life Sciences already. We acquired that company in August '24 for GBP 2.7 million. There's a maximum payment of GBP 3.2 million, which is based upon future performance of CS Life Sciences. We opened our analytical laboratory in Doncaster in December '24. And what that analytical laboratory does is it forms a bridge between our CDMO activity. So in other words, the development of lateral flow products and the regulatory aspect of what we do. So the analytical laboratory generates performance evaluation data, which is what is required to create a technical file and submit that to either the FDA or for IVDR in the European Union and similarly for other jurisdictions. And the analytical lab does that, but it also does work for third parties, again, linking into our regulatory services to create data for other tests. Opening of the U.S. CDMO service site in Madison will be fully established in the next couple of weeks. We announced this in half 1. We've since taken the site, fitted out the commercial office and development and small-scale manufacturing lab, and that will be fully operational in the next couple of weeks in April. CS Life Sciences. The idea of acquiring CS was to bolster our regulatory approval and to add another piece in the jigsaw for Abingdon's one-stop shop for our customer base. Recent contract wins have illustrated the benefit of this combination of Abingdon with CS. We announced a GBP 500,000 win with a global diagnostics business in half 1. That's since been extended to over GBP 1 million contract, and that will run throughout half 2 and into financial year '26. And I think this is a good example of how some of the contracts we're winning now will start to smooth out what is historically for us, lower half 1 versus half 2 because some of these contracts are more long-lived and will flow across the different periods of our reporting. Similarly, with the $2 million contract to continue the development of 4 sexually transmitted disease tests and do the regulatory approval and performance evaluation of those. This is a great example of what I've just been talking about of bringing the regulatory, analytical performance evaluation, clinical validation and contract development all together to bring these products through to market. Some other illustrations of the movement into half 2. Half 1 was -- you'll see when we come to the numbers, was a slower period for us, which is historically what happens with us, but we think that will now start to change. And some example -- other examples of activities in half 1 include the -- working towards the announcement of the malaria test, which we announced in January. That's a grant award where we're working with other prestigious entities such as the Pasteur Institute in Paris, amongst others. And what we'll be doing here is developing a lateral flow test to detect a certain type of malaria, which we will then transfer for manufacturing to Senegal. So again, that's a longer-term project. And then another couple of announcements we've made as we move into H2. The saliva pregnancy test, which we partner with Salignostics to manufacture and sell. We've launched that now in Germany. Abingdon has exclusive rights to sell this product in Germany as well as the U.K., and we can also sell it in other countries such as Poland and Austria. And that will be own branded for the German market, and we'll be selling that into the major retail entities in Germany. And then the final thing on this slide is a very important move for us, where we're looking to remove the plastic from lateral flow test. There's a lot of waste generated in the medical industry, medical diagnostics and obviously, lateral flow. What we're doing here is to initially focus on pregnancy testing and exchange the plastic in those pregnancy tests and also fertility tests for bio-based materials, which will degrade. So they can be thrown into landfill normal rubbish or into composting and they'll basically biodegrade and won't create landfill waste, which we think is a very important step. And we're getting a lot of interest from our current customer base and future customers in the use of these products.

Thanks, Chris. So moving on to the financial highlights. So revenue in the period was GBP 3.1 million versus GBP 2.4 million in the prior period, which represented continued growth. However, we did see a change in mix during half 1, which was a couple of factors. With the CDMO revenues, they were down at GBP 1.3 million compared to GBP 1.9 million prior year, which Chris has mentioned earlier, is really what we see is a bit of a slowdown in decision-making and some delays in projects. However, we are confident that will come back in H2. But that decrease has been offset by an increase in regulatory revenues, which is a combination of the core business and also the acquisitions of IVDeology and then CS Life Sciences last August. So we saw an increase in regulatory revenue to GBP 1.3 million from GBP 0.3 million in prior period. And the balance was an increase in lateral flow product sales to GBP 0.5 million, which is really consistent with some of the launches that we've made recently. We've also noted the successful placing a retail offer in August last year, which raised GBP 5.2 million net for us. Moving on to the bottom line performance. We had an adjusted EBITDA loss of GBP 1.9 million in the period, which we -- I think we always saw the current financial year as an investment in new product development and growth initiatives, which is what's driving that. But our expectation for H2 is that we'll see significantly higher revenue performance and a reduced EBITDA loss. So the statement that we made in the interim results is that we -- that increased H2 revenue mean that we're confident in achieving the full year revenue forecast of GBP 8.6 million. And then looking further ahead, we're targeting cash flow positive situation in calendar year '26 and without the need for additional funding.

Thanks, Tom. We've got a couple of slides now about our expansion into the U.S.A. We've opened the commercial office and R&D laboratories during quarter 4 of calendar '24. And as I said, they'll be fully operational in April. You can see in the picture, that's where we're based inside that building, which is located on the University Research Park at the University of Wisconsin at Madison. It's a very biotech-heavy state for us. One of the reasons we've moved there is the infrastructure for biohealth and biotech. There are -- pretty much any biohealth company you can name have a base in Wisconsin. And there's a very strong infrastructure there for us to recruit staff and to link into customers. What we're finding already is certain of our current customers and future customers based in the U.S. would prefer to interact with a U.S. supplier, and that's one of the reasons we've moved to -- or set up in the United States. It's a foothold for us, a small development and manufacturing lab and the commercial office, but there's a lot of scope to expand there as and when we need to with incoming work from our customer base. And the U.S.A. might be an obvious statement, but it's the largest market globally for medical diagnostics. It's about 40% of the market with an increasing number of our customers being based in the U.S.A. As I said earlier, Chris Yates will be the Head of our U.S.A. operations in addition to being the Chief Commercial Officer globally. We've recruited a site lead in Madison, Tanya Quint, who has 15 years' experience in medical diagnostics in the Wisconsin area. So we're very pleased to have Tanya on board. Very pleased Chris is doing this new role and using his skills as we want to expand our activities. And yes, we've got a lot of high hopes for this facility, and we're starting to see positive impact already with some customers now coming to us because we can build them from the U.S.A. We've mentioned product development briefly already. When we took some investments into the company back last summer, we said there were certain areas where we wanted to invest and improve some of the products we were making for our customer base, but also for internal uses, and I've got the 3 examples listed here. The first relates back to some of our activities with sexually transmitted diseases, where in certain cases, you require a very highly sensitive test. The way we're approaching that is the combination of molecular diagnostics where we can enhance and expand the presence of an analyte, so the PCR-type testing, but we're combining that with the ease of use and simplicity of lateral flow. Abingdon Health already has a product called PCRD, which is the back end of that process, which we sell as a stand-alone product to our customers. But what we're doing here is combining the front end, in other words, the molecular diagnostics to create an easy-to-use on-site highly sensitive hybrid of molecular testing and natural flow. The sustainable housing project is well advanced. We've got prototypes for the pregnancy test using cassettes made from biomaterials rather than plastic. Our plan is to have that ready for submission to the regulatory authorities just past the summer of this year. That process will then take several months to go through FDA submission. And our expectation and hope is that all that process will be complete by Q1 of '26 to allow us to release the product for sale in the U.S.A. in Q1 of '26. And then the third area of development, the AppDx is something we've been developing for a while. It's something we've now turned our attention back to both from a customer pool and also because the technology is there to be used for our existing and future customer base. And what the AppDx does is basically do what would be done visually by using a smartphone and doing it without subjectivity and allowing the reading of more complex tests such as semi-quantification or where we're looking for more than one test parameter at the same time, which is more difficult to do visually. So what the AppDX does is use deep learning and AI-driven algorithms to capture and interpret the results of a lateral flow test and to output that result. We've shown it's greater than 99% accurate. The test is -- all of the system is patent protected. We've got one patent granted and one pending. And the way that we'll monetize this is in -- via the initial setup, so we would bespoke the algorithms for a particular test, so for a particular customer's test. And then there would be the licensing and usage-based pricing in addition to that as well as on-demand data services. So this product is ready. It will be commercially launched in half 2. In fact, it will be launched during April. And we've got customers -- current customers and future customers that are already expressing an interest in applying this to their tests. So to summarize, we've got an enhanced integrated service offering, which we've built up over half 1 of this year. We acquired IVDeology last financial year and then Compliance Solutions in August. The cross-selling is beginning with those. We've mentioned the GBP 500000-plus contract. And across many of our current contracts we're working with both CS, IVDeology and Abingdon Health altogether alongside the analytical lab, which is where additional investment has happened during half 1 as well as the investment we've just been discussing in Abingdon Health USA. The Board anticipates continued growth in half 2. Lots of things have been happening in half 1, which haven't yet impacted the revenue. But as I said, these will now also hopefully smooth our seasonal ups and downs with half 1 and half 2 and will flow into financial year '26 and beyond. And we're confident as a Board in meeting the market revenue expectations for financial year '25 of GBP 8.6 million. We're targeting cash flow positive in calendar '26 without the requirement for further funding. So that concludes the presentation.

Yes. Thank you very much, Chris. We've got a number of pre-submitted questions for both you and Tom, which we can run through. [Operator Instructions] Let's go with the first question regarding FOFH, so your customer Find Out From Home. It's really a request for more information about them. They're a private company. The investor has noted there's not a lot of public information about them. What is their experience? How are they funded? What's their online presence? Can you provide a little background on that?

Yes. Sure. Find Out From Home are a company -- they're a private company, as you said, Paul, and they're based in the U.S.A. They're pre-revenue. We're their development partner and manufacturing partner for a number of sexually transmitted disease tests. And they're funded and owned by a high-net-worth individual. They don't have a website, you're right because they're pre-revenue, and it's premature to have such a presence. But in terms of expertise, it's a good example of taking a step back and looking at what Abingdon Health brings to its customer base. I mean, basically, that's what we bring. We bring the expertise. We bring the lateral flow expertise, the regulatory expertise and the ability to help a customer bringing a product through with a route to market. And we're working alongside Find Out From Home, who own the IP and own the idea in the same way as we do with many other customers. So yes, I mean, we can't -- I'm not at liberty to tell you more details about a private company. I can tell you that, yes, we will shortly be a shareholder in that company, which we've announced previously based upon working for fee for equity. And Chris Yates will shortly be a director of that company. But as it stands at the moment, it's private. And yes, there's not a lot more I can say about it other than that we're working with them and have been working with them for some time, and we'll continue to do so as we bring their products through to market.

You just touched on, Chris, another question from an investor about Chris Yates and his status as a director. I think you said he was about to -- he's becoming one. The investor asked, is he a director already?

As of today, no, but the intention is that he will be, and that will happen very shortly, and we'll announce that as it concludes.

There's quite a few questions on Find Out From Home, so I'll put them all together. You announced a further FOFH contract win in December. Could you confirm, will Abingdon be paid for the work in cash and not in stock?

Yes, it will be. It's a cash transaction.

Also, we've asked the question regarding Chris, and there was one more regarding how much of the FOFH contract will be recognized within the period?

A nonmaterial amount in that we announced the contract on December 17. Obviously, our half ends at the end of December. So very little. So we're actively working on the project now. It will go beyond half 2, but we'll be recognizing revenue from that project during half 2 and into the next financial year, too.

So there was a follow-up question from Mark. Why are we not a shareholder already is the question. But I think you...

Yes, we -- the agreements are in place -- there's a technical situation with the company being set up from a change from one type of entity to an inc. So it's an administrative factor, but all the agreements are in place for us to be a shareholder as we previously announced.

And that perhaps answers the second part of the question from Mark, which is why Chris Yates isn't a director yet.

Same reason.

But that's on the cards.

Yes. simply there's no point changing from one -- yes, it's an administrative matter, which is being -- which will be done very shortly.

Could you -- if you could to the Salistick, could you confirm about whether Abingdon exclusively makes Salistick or parts of it? And do you generate revenue whether it's distributed by yourselves or whether it's distributed by somebody else?

Yes. Without breaching any -- I mean, obviously, we have confidentiality agreements with Salignostics and all our other customers. What I can tell you is that, yes, we do manufacture the lateral flow element of the Salistick, and we manufacture that in companies where -- sorry, not companies, countries where we're distributing the product and in countries where we don't. So I think, yes, that's what I can say about that.

Okay. This was a subject of a pre-submitted question and also a very similar question from Mark regarding about H1 to H2 growth and the forecast you have in the market. So if you were to strip out the contribution from CS and IVDeology, the results show a period drop in H1 revenue. And the assumption from the question is that if you're forecasting 8.6% for the full year, does that not indicate that you're going to be flat or a drop in revenue? Are you able to comment on whether you expect to see H1 to H2 growth in the business?

Yes. I think when we -- the commentary on the results says we have -- it's been a challenging H1, and we've talked a bit about the reasons for that. But we're expecting a much stronger performance in H2, both in terms of the CDMO revenue stream and also continued growth from CS and the regulatory side. So we're not seeing the same headwinds on decision-making that we were seeing a few months ago. And we -- just to reiterate, I think we're confident in the 8.6% forecast for the full year.

Thank you. Whilst we're talking about the forecast for the full year, investors asked, we understand you're looking at GBP 8.6 million in terms of revenues, but you are able to give any guidance to shareholders regarding profit forecasts.

Yes, of course. So the house broker has a forecast EBITDA loss of GBP 2.75 million for the full year FY '25. And then in the next financial year ending June '26, their forecast is breakeven at EBITDA level.

A question regarding cross-selling with CS and IVDeology. Part of the drive for acquiring it was to give you access to cross-selling opportunities. How many contracts have you had through this activity as a result of bringing the group together?

Yes. We haven't disclosed the number of contracts that we've gained as a result of that. But what I can tell you is that within a month of us acquiring CS Compliance Solutions, we are working on a project. And there are many projects that we're working on now that have come either through Abingdon or through Compliance Solutions or through IVDeology, where all 3 entities are working together, including working with our analytical laboratory, which -- I mean, I mentioned earlier that's the reason for the analytical laboratories to mesh these things together, and we're seeing that happening in practice where we're getting clients even coming direct to the analytical laboratory who require the regulatory service and/or product development. So yes, the cross-selling is very much happening since acquisition.

I suspect there is a question for you, Tom. With the margins consistent with current levels, what target revenue would you need to reach the 2026 breakeven?

Yes, sure. So that really follows on from the previous question around FY '26. So again, coming back to the house brokers forecasts. In FY '26, revenue forecast is GBP 12.6 million. So we're anticipating continued growth on the back of all the investment we've made this year. And that would be breakeven at EBITDA level. Then moving on to the following financial year, FY '27, there's a revenue forecast of GBP 15.85 million and GBP 1.6 million EBITDA profit.

I'm still on -- 2 parts of this question, partly about revenue and part about cash flow breakeven. So the first part of it is regarding CDMO revenues. They fell compared to H1 last year. Is it possible for you to elaborate a bit on that? And then the second question from the same investor was prior to the acquisitions, you were forecasting cash flow breakeven in 2025, but now it's 2026. If you haven't made those acquisitions, is it those acquisitions that's made you recalibrate that? Or is there something else? Could you comment on whether that shows that it's a backward step or are you doing something else that's impacting your breakeven?

Yes. There are a number of points there. I mean, half 1, we've explained how there were headwinds, which have basically eased and we're taking in orders which are flowing into half 2. But in terms of the loss versus previously in cash flow breakeven, we've gone through a program of investment for growth, so medium -- in the medium term, the short to medium term, the investments we've made in the things we've spoken about today, whether it be acquisition and cross-selling, the analytical lab establishment, the establishment of activity in the United States and indeed, the product developments are all investments in growth, which we'll see medium term, but also in the shorter term, too. So yes, we -- it's not a backward step. It's an investment in growth and in growth -- yes, short to medium term.

On that, there was a follow-up question about headwinds. What exactly was causing these headwinds? Are you able to explain that and explain why you now are confident that you're no longer facing them?

I think what we can explain is what we saw in practice, which was that our customers and future customers were taking long to decide to move forward than they would ordinarily. And we put that down to moving things happening on a macro scale, such as elections in the United States and other things -- other global factors. And the reason we're confident that those have slowed and eased is because of the contracts that are now coming through, which we've been working on throughout half 1 and that we've announced recently. So I've given examples today such as the Find Out From Home and the Salistick for Germany and there are other contracts like that are now coming through, but will impact half 2, although we've been working on them in half 1.

Thank you. You previously -- we're going to turn to the U.S. now. You previously said that historically, about 1/3 of revenue came from the U.S. and that a significant minority of CS customers are U.S. customers. Clearly, you're trying to grow that market. Could you please explain why U.S. revenues remain broadly flat when compared to H1 '24, especially given that H1 '25 includes at least 4 months of CS revenue. The question is also is the trough effect delaying decision-making?

Yes. I think we've sort of covered that with the previous question. Yes, I think it's difficult to know why. But yes, that's our assumption is that there were decision-making delays caused by things like the change of government in the U.S.A. I mean we had obviously a change of government in the U.K., too. And it just creates uncertainty in people wondering if their funding is available, which they've now seen they have. And in terms of the amount of revenue we're gaining from the U.S. Our lab in the U.S. isn't operational yet. As I said, it will be operational in the next couple of weeks. We are already seeing customers coming to us because we've got a U.S.A. base. There was one customer I spoke to myself who said, if we could invoice and do work from the U.S.A., then the order could be given to us. And so that's now happened. So I think it's a question of timing and these things impacting now as we're moving into H1 and financial year '26.

And one investor noted that you're now reporting contract development and manufacturing revenues as a combined number. Are you able to give a breakdown of what they are as you did in the previous period so that...

Yes. We haven't disclosed that breakdown. And the reason for that is that there's quite a lot of blurring between the different activities within CDMO, so contract development and manufacturing. The way the process works is we will develop a product for our clients alongside our clients. And then the next phase is really a hybrid between development and manufacture, where we're scaling up the product to manufacture, a process we call technical transfer, where we're making larger volume of the product where scaling it up, putting it on our automated equipment, and then we're manufacturing it. So really, we -- in terms of reporting, we will continue to streamline the different revenue streams, and we see contract development and manufacturing as one revenue stream.

Thank you. I think on Slide 13, you may have addressed this, but the question was about AppDx and how you expect to see that contributing to the future growth of the company in the lateral flow market. I think you talked a little bit on the slide about revenue generation.

Yes. I did. I think it brings an extra dimension to lateral flow testing and the ability to test in current and new markets where we're removing that subjectivity from a visual read. I mean my background, I mentioned at the beginning of the presentation, is in drugs of abuse testing using a handheld reader. And that created a whole new market by being able to measure on-site using saliva in places you couldn't normally do that sort of testing. And that now goes across into other sectors that Abingdon is active in, whether that's veterinary testing on site or the ability to test for a disease or a critical condition in an ambulance and send the result ahead to A&E or critical care. So yes, it gives an extra dimension where -- and makes more complex testing with lateral flow easier. So yes, an ability to, therefore, expand the market and expand our customer base.

Just a couple of more questions. One investor has asked about why it is so difficult for you to give more information about what you're working on, who you might be working with. Some shareholders, therefore, are investing based on less information than they would hope to have. Given these results, what details are -- do you have or can you give to shareholders to help for them to continue to support?

Yes. As I've noted earlier, pretty much everything we do as a company is governed by nondisclosure agreements. We're working with clients to bring innovation and new products to the market. They're not going to want that publicly announced until they're ready to do so. I mean they are our customers, we're their contract developers and contract manufacturers. And I think we announce when we're able to. So I think to say we don't announce is a bit harsh in that we've announced recently a few things such as the infectious disease test development in December. We've announced the malaria project in January, and we've announced the Salignostics expansion into Germany recently. So yes, subject to nondisclosure agreements, we'll announce what we're working on when we can. But yes, we basically can't go against the confidentiality with our customer base.

Thank you. The very final question is a simple one. Can we see the house broker's research? My answer for that is to direct people towards Research Tree online, you can register there. If any of the investors are struggling to get hold of research with Research Tree, you do drop us an e-mail at [email protected], and we'll be able to help. I was premature. There is another question. So one more. Are you able to give any idea of how many CDMO projects? This is, I think, a direct response to your previous statements. You might not -- you might have confidentiality, but can you give a rough idea of how many CDMO projects you're working on or that you have previously? Is it growing? Is there a pattern?

I think by saying that we're expanding our revenues into half 2 illustrates that we're working on more projects. But I think over and above that, what's important is the projects are starting to become larger. So the example, again, I'll come back to the Find Out From Home one for $2 million. That's a large contract for us. And yes, we're bringing in more and more contracts. But yes, we haven't disclosed the number we're working on, but we anticipate continued growth, which is -- which relates to the house brokers forecast for revenue.

Thank you, Chris. That's the end of the Q&A. Just to reiterate again to investors, if there are any further questions or any help you can provide, please e-mail us at [email protected], we will be able to come back to you. But if you don't mind, Chris, I was going to hand over to you, and you can provide a brief summary to end the session.

Yes. Thank you, Paul. Yes, first of all, thank you, everyone, for joining the presentation and for your support as shareholders. Half 1 was a headwind-laden half for us. But as I've been saying, we believe we've come through that now. We're very confident with future growth in half 2. And the acquisitions we've made, IVDeology and Compliance Solutions are really meshing in well to our one-stop shop for customers. Coupling that with the other activities of the analytical lab in Doncaster, which is up and running and bringing -- and already operating, bringing in revenue, and the establishment of U.S.A. means we're well placed now for this next phase of growth. The movement of Chris Yates to run that is a good positive step for us for growth. I'd like to thank Chris for his efforts over the past 10 years as CEO, too. And yes, we think we're very confident in the future, excited at the prospects and look forward to half 2 and beyond.

Perfect. That's great. And thank you very much for updating investors today. Can I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. On behalf of the management team of Abingdon Health plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.

Thank you.

Thank you.