Cambridge Nutritional Sciences (AIM:CNSL), the specialist medical diagnostics company focused on personalised nutrition testing, reported a pre-tax loss of £4.4m for the year ended 31 March, down from a £1.6m profit a year earlier, after taking a £3m goodwill impairment.
Revenue fell to £7m from £8.3m, a decline the company attributed to delayed buying decisions among distributors and customers amid challenging global trading conditions.
Earnings (adjusted EBITDA) swung to a loss of £0.4m from a £0.4m profit, while gross margin improved to 67.8% from 65.3% on lower scrap costs and better labour efficiency.
Cash and deposits fell to £2.6m from £4.9m, reflecting investment in fixed assets and adverse working capital movements.
The company completed a UK restructuring in March, cutting headcount to 58 full-time equivalents from 76 at the start of the year, with board members also taking a voluntary 10% salary reduction.
UK testing volumes grew 11%, and Indian revenue rose 23% in sterling terms, offsetting weaker performance from distributors in the Americas and Europe.
"We are entering the new year on a much stronger footing, ready to turn immense potential into tangible growth," said Chair Carolyn Rand.
The company's IVDR registration project, which will also transition production to new manufacturing technology, remains on track for completion in 2027.
