- Niox Group
- 24 March 2026 13:06:41
Source: Sharecast
Revenue rose 17% to £48.7m in the year ended 31 December, or 15% at constant currency, supported by a 7% increase in clinical revenue to £38.6m and a 77% surge in research revenue to £10.1m.
Adjusted EBITDA increased 21% to £16.7m, with the margin improving to 34% from 33%, reflecting operational leverage.
Operating profit rose to £10.7m from £7.7m, while profit before tax increased to £11.2m from £7.8m.
Profit for the year nearly doubled to £7.0m from £3.7m.
Cash at the year end stood at £19.9m, up from £10.9m, after the payment of a £5.0m dividend.
The AIM-traded firm’s board recommended a final dividend of 1.55p per share, up from 1.25p a year earlier.
Operationally, the group sold 7.2m Niox FeNO tests during the year, up 9%, while its clinical device installed base grew 7%, reflecting increased adoption by healthcare providers.
Niox said it strengthened its US commercial capabilities with a dedicated direct sales team and highlighted that around 93% of insured lives in the US now have coverage for FeNO testing.
The research division delivered record sales, driven by a rise in clinical trials focused on chronic obstructive pulmonary disease, which the company said represented a significant future growth opportunity as evidence for FeNO testing expands beyond asthma.
During the year, Niox launched its next-generation Niox PRO device, with initial sales recorded in December, and began early-stage development of a home-use device, Niox MyNO.
Post period-end, the group noted a reimbursement increase for FeNO testing in Japan, while trading in early 2026 has started well.
“I am pleased to report that 2025 has been another excellent year for Niox,” said chairman Ian Johnson.
“The clinical business continued to perform well driven by robust demand and the research business saw a notable uplift in revenues, driven by a surge in clinical trials for COPD.
“This is an exciting development for the Company and a clear demonstration of the growing evidence for the use of FeNO beyond asthma.”
Chief executive Jonathan Emms added that 2025 was “a year of significant progress” for Niox, both operationally and strategically, marked by strong revenue growth.
He said the clinical business benefited from “record levels of testing during the year” and continued expansion of the installed base, while the research division was supported by a “marked rise in COPD-related clinical trials”.
Looking ahead, Emms said the company expected sustained demand for FeNO testing and remained confident in its ability to deliver further growth and shareholder value.
At 1228 GMT, shares in Niox Group were up 5.18% at 57.22p.
Reporting by Josh White for Sharecast.com.
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