Abingdon Health (LSE:ABDX) — Interim Results

0:01 Good morning, ladies and gentlemen, and welcome to the ABDON HEALTH PLC half year results investor presentation. Questions are encouraged. They can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, we would just like to submit the following poll. And if you'd give that your kind attention, I'm sure the company

0:31 would be most grateful. And I would now like to hand you over to Executive Chairman, Chris Hand. Chris, good morning, sir. Good morning, and good morning, everyone. Thank you for joining this half year results presentation of ABINGDON HEALTH. These are the results to the 12/31/2025. So I'm Chris Hand. I'm one of the founders of ABDON HEALTH and executive chairman, a role I took up

0:56 about a year ago to allow my cofounder Chris Yates to focus on our global commercial activities and our USA expansion. My background is in medical diagnostics, thirty years plus in medical diagnostics and specifically rapid testing, which I did both within ABINGDON and previously at a company called COZARD where we specialized in drugs abuse testing using lateral flow. I'm joined today by my colleague Tom Hayes, who's CFO.

1:27 Thanks, Chris. Good so good morning, everyone. So I'm Tom Hayes. I joined ABDXN Health just over twelve months ago now as chief financial officer. Previously, I was group finance director for another enlisted business, Northern Bear PLC for for circa ten years. And my background originally is chartered accountancy and and corporate finance services.

1:51 So who we are? Our mission is fast tracking diagnostics and devices to improve lives. We've over the past few years, we've expanded what we offer to our customer base, and you'll see as we go through the presentation that we're offering a full service offering to our customers from regulatory through to quality and analytical services across both diagnostics, which is our specialty. We're a specialist lateral flow testing company, but also increasingly in other areas of med tech. The company was founded in 2008. We're headquartered in York, and we have additional laboratory facilities in Doncaster, also in Yorkshire. And we've recently opened about a year ago development and commercial offices in Madison, Wisconsin, and we'll talk to you about our expansion at that site throughout the presentation.

2:44 So you can see pictures of the three sites there.

2:47 The full service offering is increasingly important. We're and we're starting to differentiate ourselves from other lateral flow and diagnostic CDMOs by being able to offer this full service offering rather than just the development and manufacture of test kits. And we're active in multiple sectors, whether that be human health or veterinary, infectious disease testing, and also adjacent markets such as agri tech and environmental.

3:21 Okay. So just moving on to a financial summary. So we obviously, we published our half year results this morning. And as a as a quick overview, we firstly, with revenues, we've reported total revenues of 4,500,000 for the for the six months, including an element of grant funded income, which is significant growth on h one in the previous year. We reported an adjusted EBITDA loss in the period of 1,700,000, which is on the back of continued investments in the in the overhead base to support future growth. And we we said that we expect results to be weighted towards h two in terms of high higher revenues, and we're targeting a position that's EBITDA profitable and operating cash positive.

4:10 Also, just on the right hand side to note that we we had cash and cash equivalents of 3,700,000 at the end of December, and that's partly on the back of the fundraiser completed last October, which raised 3,200,000 net for investments in the The US operations and also for working capital purposes to allow us to execute the the larger contracts that we've been winning.

4:35 Commercially and operationally, we've made good progress in half one, and that's continuing into half two of of the financial year. We've got continued strong revenue growth across our contract development and manufacturing offering. And as I've touched on earlier, that's been increasingly important to us as we're adding in now the regulatory service offering and the start to finish program management for our customer base. This has been validated by us winning several larger contracts over the past year, and the most recent one we announced on the March 12 to, as I say, give not only develop a lateral flow test, but to do that either in parallel with the development of a pharmaceutical, with our customer or to program management, a larger program, across multiple partners.

5:32 Regulatory services is an important addition to our offering. We've historically offered that, but now we've got a much stronger base of regulatory support following the acquisitions of two companies back in 2004, IVDiology and Compliance Solutions life sciences. So now we've got 40 plus regulatory experts and, of the 125 total staff. And you can see, on this slide, our regulatory services is performing well with a 49% uplift to 1,900,000 for the half, out of the 4,500,000 total that Tom's just noted. Operationally, we we are continuing to expand in Madison.

6:18 We, we opened our development laboratories and commercial office in Madison, Wisconsin on the University Research Park about a year ago, April last year. And based on customer demand, we're now adding manufacturing to that site. So we're adding four manufacturing laboratories right next to our development sites. It's a very good site for us. It's very flexible, and we can we can add those manufacturing labs, which we're in the process of doing right now. And that will allow us to, during this half, look at adding

6:58 performance evaluation services, but also getting ISO accreditation, which is an important part of the whole manufacturing offering. A couple of interesting initiatives that we've been continuing to progress during the first half. ABDX is a is a system we've worked on for a while. It's a smartphone app. It's another tool in the toolbox to offer our CDMO customers. It's patent protected. Another patent would added was added to the portfolio in the half, a European patent to go alongside those we have already in The USA and UK. And that ABDX is something that allows reading of a lateral flow test to avoid the need for a visual interpretation.

7:44 So it's like a reader a mobile reader effectively. And as I say, this is another tool that we can offer to our customer base as part of the whole CDMO offering. And then an interesting initiative we started with a Midlands based company called Symbiotext. They've been supplying us with material derived from red seaweed, and we've been using this to develop lateral flow casings,

8:11 which removes the use of plastic. And I'll come in and tell you a bit more about how that how that works and what we're trying to address in the in the sustainable use of red seaweed rather than plastic. And then, we've got a very strong management team at ABDON, which we've, established over the past few years. That's been further enhanced lately by the internal promotion of two of our managers, Candi Spendettoile, who's been appointed to the role of chief delivery officer, and Natalie Thrush, who've been promoted to chief of staff, both of both of which are important roles, which I'll touch on further into the presentation. I mentioned a recent contract award.

8:59 This is we're we're winning a number of these over the past half and past year and and into this year this half too. This one is a 2,500,000 contract for the project management and expert technical support of a of a large, international program. The majority of the revenues of that 2,500,000 will will actually flow into the next financial year, so starting from July, so into financial year '27, and it will commence basically now. So we'll start the program now, and it will go into '27 for an eighteen month program, which as with other of the the similar programs we're doing of this type gives us good visibility of revenue beyond the short term.

9:52 So what we're doing with that program is we're doing end to end project management. We've we've we've got a very strong project management function now, which I've been talking about of allowing us to offer this one to one stop one stop shop from feasibility through to design and development and verification and validation. It it leverages our not only our lateral flow test development, but the our expertise in clinical diagnostics and the whole regulatory and and quality pathways. So we've said it's strategically important. It's important because it it validates what we're doing in terms of this one stop shop offering. It brings us into a clinical self test sector, which is an important, very large sector for lateral flow, and it demonstrates our expertise managing complex multi stakeholder international diagnostic programs. So it's, it's a validation of what we've been promoting to our CDMO customer base.

10:56 Okay. So just moving on to the financial summary. So this slide is a quick recap on the on the h one numbers with a bit more detail. So we've got the revenue, EBITDA, and cash at the at the top. The graph on the the left hand side is just showing how the revenue breaks down by segment compared to h one in previous year. So the key the key thing from this is that the growth has really come through two two two revenue segments. One's the contract development work on and the other's the regulatory side of the business. And we really, both of those are on the back of the significant contracts that we've won over the past twelve months. The graph on the right hand side is just showing how revenue breaks down by geography, and that's based on where the customer's located rather than where the work's been been done.

11:45 But it shows that the the three key markets for us as in as in previous periods are the The UK, Europe, then the The USA. We'd expect those markets to, you know, continue to be our three key markets. But but given the focus on The US, we'd also expect to have that segment to to grow as a percentage of group revenues over time. Okay. So just moving on to the next slide. So okay. So this this slide is just a sorry. Just hold on one second. So this slide is just an overview of the the revenue on a multiyear basis, just showing how how it's grown over time.

12:31 So the reason we started this slide with f I twenty two is that was the the year that the business really regrouped post COVID and started generating revenues on on non COVID contracts. And it's really showing that we've grown from 1,800,000 in f y twenty two, excluding COVID related revenues, up to 8,400,000 in FY twenty five, and then we've got a forecast of 12,200,000 in FY twenty six. And that's that's really showing that the, you know, the the focus the growth has been it's been a couple of things. Firstly, the contract development revenues have grown quite significantly over time, and we're expecting that to continue in f y twenty six on the back of some significant contracts we've won over the past twelve months. And then also the other thing to note is that we did make two acquisitions during, well, during FY twenty four and FY '25, which is CS Life Sciences in August 24 and IVDiology in May 24, and both of those are focused on the the regulatory segment.

13:41 Okay. So this slide is just a quick summary of announcement we made last week, which is that the shares are going to be listed on the OTCQB market in The USA. So we've completed our application, and we're expecting that to go live next month in in April. Really three probably three three key points around that. The first one is that we we know we're expecting that to improve access to ABDON shares for US investors because it will allow them to trade during US working hours on on the, you know, the OTC market. We're hoping that will give a benefit to liquidity in in ABDON shares. And and thirdly, just to emphasize that it's a relatively low relatively low cost of doing that, and there's no significant additional regulatory or sort of process burden to to to doing that.

14:39 So I mentioned, we've got a strong management team at ABDON. That's been further supplemented by the internal promotion of of two of our, leaders, Natalie Thrush, who's now chief of staff as well as head of HR. Natalie covers, the linkage across all our activities from, throughout the group. She's, had twenty years experience driving operational excellence, across manufacturing and pharmaceutical sectors, and she's an expert in change management and organizational development. So that's aiding us at this point in our growth as is the appointment of Candise Vendettioli to chief delivery officer. I've been talking and will continue to talk about our larger program program management offering that we're bringing through in various larger contracts. Candise manages that program management function across the group.

15:41 Both Natalie and Candice have been with the company for five plus years, and Candice's expertise is in quality and regulatory as well as, running our ABDON analytical site in Doncaster. So I think it's it's great to have people like this in the management team that we can promote to these extended roles, and we're now we're well positioned for the next phase in our growth with our current management team. So back to our specialty, lateral flow technology. It's evolving, and it has evolved both within and post COVID. And people don't really talk about COVID that much with regard to lateral flow now. And certainly, from our point of view, what COVID did was,

16:25 create better awareness of lateral flow from what it can do. The technology evolved, and it's it it it's been in use for a long time. In my personal experience, dates back 25 in lateral flow testing as does the experience of our CTO, Nina Gareth, and COO Mark Jones. They've got a a breadth of expertise in lateral flow. What we're offering now is a very comprehensive testing system for point of contact, whether that's a single biomarker or multiplex testing. So measuring many markers at the same time. It can be qualitative or you can quantify the results both with a either a reader or increasingly with smartphone apps, which such as our app DX.

17:11 And we can apply the sample to many sample types. So whether that's blood, urine, saliva, pretty much anything that you can create a liquid from, you can run on a lateral flow test. And they come in a number of formats. Different particles create flexibility. We note fluorescent labels on this slide, which gives a very high level of sensitivity to be able to take very low levels of substances. And, as I said, they can be visually read. They can be interpreted via a reference card or with a redraw or a smartphone. So it's it's basically to, from an end user's point of view, the tests are very simple to use. Our job as a CDMO is to do the complex chemistry and put these into a device which is very user friendly.

18:02 One of the initiatives we're doing alongside our CDMO offering is to create a more sustainable use of materials. So you can see into on this slide the size of the market. So the lateral flow market in '24 2024 was 8,500,000,000, and that covers the majority of that is clinical testing, includes pregnancy testing. 1,500,000,000 of that in in '24 was pregnancy testing. And that's expected to grow significantly over the next ten years or so to to have the order of 26,000,000,000 US dollars. Now what that does from a from a plastics point of view is with the current 2,000,000,000 plus lateral flow test manufactured annually, with each of those being 10 to 12 grams of of plastic, you've got an awful lot of plastic waste, which generally can't be recycled. So that's 20,000 tons of plastic waste. So by us, in partnership with Symbiotics, who I mentioned earlier, who are providing us with material, we can injection mold these cassettes and offer them as a additional tool to our customer base, whether that's for pregnancy test type, midstream urine devices that you can see in the middle of the slide here, or a more standard lateral flow. We can use our standard injection molding techniques to produce these.

19:30 So I think that's a very important initiative, and we're getting a lot of interest from our customer base on the use of this type of substance. So we've spoken of larger contracts we're winning over the past year or so, and we've spoken of the one stop shop offering.

19:53 One particular area where this is resonating is in the field of companion diagnostics where a pharmaceutical or biotech company is required to develop a diagnostic test alongside the development of their therapeutic products, and to allow data to be collected at the point of care or or point of contact.

20:13 Lateral flow companion diagnostics require a lot of validation. They've they've gotta do that demonstrate clinical relevance and and linkage to the drug. And we are synchronizing our development and approval processes alongside our pharma or biotech customers to to basically synchronize the companion diagnostic development and regulatory approval with their drug process. And our multidisciplinary teams that we now have in place cover all of these areas. So I think what we're doing with this offering is differentiating ourselves now from other lateral flow or diagnostic CDMO competitors by bringing this full highly skilled service offering to our customer base, and that's allowing us to win these larger,

21:13 longer term programs. And companion diagnostics can be applied to many different therapy areas. The ones we have listed on this slide, the ones that we're actively involved in. So that's anything from oncology, so cancer testing through to infectious disease, cardiology, neurology, or or also inflammation and autoimmunity. So each of these areas we're we're into different degrees are active in, but there are others beyond this. I think it just shows the breadth of the market opportunity for us, to offer these this full service offering.

21:55 The next slide shows how that works. So I've spoken of the regulatory synchronization. So as well as developing the lateral flow assay, which we're doing in our York labs and also increasingly in Madison, you can see from this slide, we're doing it, as I say, in parallel with the drug development. So the first phase from a CDX program is to identify the appropriate biomarkers, which is done alongside phase one of the drug development. And then we develop the lateral flow assay, again again in parallel. Analytical and clinical validation is done, again from from ABDON. We use our Doncaster, performance evaluation laboratories to do that. And then that goes all the way through to the

22:47 FDA or IVDR submissions to get regulatory approval. So, again, it's it's all managed and program managed from ABINGDON and in very, very close association with our customer. A bit more detail on how that works, which I think is useful to understand the different elements of what we offer. So, again, drug timeline is at the top of this chart, and you can see that the programs can take multiple years. So they're they're generally of the order of eighteen months to two years. Some can can be longer. It depends on the on the complexity of the program. This one is showing a a longer term development and manufacturing period.

23:34 On the CDX development, the darker green on the slide, what we're doing in house, again, at York or Madison is the proof of concept, the optimization, and the scale up for manufacture. At that point, we move to a stage known as design free. So the product's ready to move through to to technical transfer or TT. That's the scale up process to allow manufacture where we make multiple batches. And then the design verification, performance evaluation are all done to generate data alongside the clinical data. And, operationally, the same clinical studies can be used to evaluate both the the the drug and the diagnostic in parallel.

24:23 So, yeah, so that's that's the sort of program that we're actively engaged in in a with a number of the programs we're working on at the moment. So USA, we we opened the facility just less than a year ago now in Madison, Wisconsin. We've touched on the fact that we're expanding there as we speak. A number of our clients are US based and increasingly so now that we have the development capability in Madison. We have eight people in in our development and commercial offices there in Madison now. That's eight from a total of 125 across the group.

25:09 We've added, six highly skilled scientists to that group over the past few months. And we won't need to add many more people for now for manufacturing. We're recruiting several manufacturing experts as we as we expand our manufacturing at Madison. And we're adding four manufacturing labs right next to our development lab. So it's very convenient and efficient for us. And we raised 3,200,000, in q four, calendar q four last year to aid that expansion, but also to aid cash flow to manage some of these larger projects that we've been talking about. So to summarize, the revenues were 45% up in half one versus the same time last year.

26:03 The EBITDA loss was reduced slightly to 1.7. We've said that we anticipate EBITDA positive and an operating cash flow positive in half two with the the loss in half one being due to increased investment in our infrastructure and scale up. The contracts we're winning, I think, validate our strategy. The 2,500,000 contract we announced on the March 12 is is one of those. And to satisfy customer pull in The USA, we're adding the expansion of manufacturing, which is underway at our site in Madison. Tom's mentioned the OTCQV listing.

26:49 Important to to note, we're still that's a route to AIM. So it's not an alternative to AIM. Yeah. The the OTCQV trading is, is a route for US investors to buy AIM listed shares, and that that's planned to happen in April. And then regarding cash, at the end of the period, had 3,700,000 cash following the 3,200,000 net fundraise in October. And as I've said, we are anticipating a cash flow positive an operating cash flow positive position in h two. So that concludes the presentation. We're happy to answer questions. I know we have some in already.

27:37 Perfect. Chris, Tom, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, can all be accessed via your investor dashboard. Guys, you can see that we have received a number of questions, and thank you to all of those on the call for taking the time to submit their questions. But Paul, at this stage, sir, if I may hand over to you to chair the Q and A with the team. And if I pick up from you at the end, that would be great. Thank you. Thank you. Thank you very much, everyone, for your questions, for the presubmitted ones and those that have come in during the the presentation. We've received a few questions regarding one of your customers find out from home f o f h.

28:28 Yes. There's quite a few questions on that. So I wonder whether you could just give us an overview that maybe addresses those. Yes. Sure. Find Out From Home is a company specializing in self testing for infectious diseases. It's an independent company. ABDON HEALTH has a shareholding in it. And what we've said, I think, the time of our trading update earlier in the year is that Find Out From Home are currently involved in a funding process. That that's independent of ABINGDON. And therefore, currently, we don't have revenue for Find Out From Home in our forecasts, but, obviously, we we maintain our guidance on forecast, but find out from home aren't in there. But, yeah, they're they're raising money to continue the development and regulatory approval process, and that's being done independently. Although, obviously, we offer help if we're asked to.

29:24 So, yeah, we're their manufacturing well, development manufacturing and regulatory approval partners, and we'll continue to be that globally. But, yeah, I mean, the specific details of their funding is really a question for them, but, yeah, we what I can say is they are in a funding process at the moment. And could you say anything about whether their their tests received FDA approval? They haven't. No. That would be part of the next phase is to continue the what we call performance evaluation and regulatory approval, which is a pro and clinical testing, actually Yep. Which requires them to conclude their fundraising process. And in terms of your manufacturing arrangement with them, would that be isn't an exclusive worldwide basis? It is. Yeah. Yeah.

30:13 Thank you very much. We had a question regarding other customers. Are Loop Diagnostics fifty two North and upfront still customers? Yeah. That's an easy that's an easy question, Paul. The answer is yes for all of those. Oh, great. Just some questions on The US. Do you anticipate any further acquisitions or US expansion that would require further funding? Yeah. It's it's not it's not something we're actively looking at. No. We're we're we've invested in our organic expansion in Madison. We're obviously active in the industry. And if if a opportunity were were to present, which was beneficial for our continued growth, we'd look at it, but it's not currently something we're actively pursuing.

31:00 And while you're talking about fundraising, there was question regarding the OTC. Yes. Is the o listing on the OTC, does that suggest that there's a fundraise coming? No. And and, actually, we should really call it OTC trading rather than listing because what OTC QB, which is a specific market, will be traded on, is a route through to AIM. So it allows American investors to trade in American time using US dollars, but the shares are actually it's allowing them to buy shares through into London on AIM. So it's a trading platform. You we could we could raise money on it if should we want to, but that isn't again, that isn't the plan. Staying in The US, you've expanded your manufacturing capacity in The US.

31:51 Is this to support contract development through pilot batch manufacturing, or is it an in anticipation of larger manufacturing orders? It's both of those. So all of the development we do or the bulk of the development we we do, the objective is to bring things through into manufacturing. Now some of those things take longer than others because of the complexity of the development and regulatory process, but the same equipment and the same people can do those those things. Yeah. I'm not sure if you can answer this, whether it might be sensitive, but how does US pricing and margin profile compare to, say, The UK or European business? I'll pick that one up. Yeah. I think it's it's broadly similar is is the is the short answer. Obviously, we don't we don't sort of publish information on margins by, you know, by by segment.

32:43 But the way we're approaching The US businesses is similar to how we, you know, we we deal with UK and European customers. Just another question on FOFH. Are any of their fees owing to ABINGDON contingent on the successful investment rates? Are there any of these? No. No. There's no money at They don't. They don't owe us. No. Thank you. Tom, a question for you, and and perhaps this is regarding what annual revenue levels would produce a positive EBITDA on a full year basis. Obviously, in the statements, you've talked about the second half of this year being EBITDA positive. And maybe you could refer to some of the numbers in the Cavendish initiation note that came out this morning. But that's the question. What what what annual revenue levels delivers profits?

33:34 And maybe you could, for those investors that don't have access to the Cavendish notes, maybe describe what the forecast look like for next year. Yeah. Yeah. That's fine. So, yeah, as as Paul just mentioned, so Cavendish initiated their research coverage this morning, and their they they have revenue guidance is 12,200,000 in f y twenty six plus a small amount of grant funded revenue that sits elsewhere in the profit and loss account. And they have an adjusted EBITDA loss of 1,000,000 in f y twenty six. And then in in f y twenty seven, the revenue guidance is 15,200,000 with an adjusted EBITDA profit of of naught 700,000. And it's it's probably worth mentioning that on the Cavendish do have a research portal that people can can sign up for and then download the research notes. So if anybody would like to look at the detail behind those numbers, then you know, that should be accessible.

34:27 Thank you, Tom. That's at w w w dot carradish dot com. You'll also see there that their target price for ABDON is 19 p. That's based on a a times three multiple of Yeah. Of the 15.2 next year revenue forecast. Yeah. Thank you. You you mentioned in your presentation, Chris, on slide 12 about the seaweed casing option. Yeah. You talked about interest. The question specifically is what is the take up of the seaweed option with customers? Is it too early to say? Or Yeah. It's take up as in being a manufacturer. It's early days for that. You know, we've we've developed prototypes, which you could see on the slide that I showed earlier. And probably we've developed prototypes for both midstream urine, as I said, and the standard cassette.

35:18 We've put what we've put a couple of our own tests into it. The the one I showed on the slide is a test for a plant disease called Phytophthora, and that's really there as a proof point to show customers that they work. Because, importantly, it's not just a case of putting another casing around the lateral flow test. We have to show that that casing doesn't impact the result or the stability of the device, which we've shown doesn't. So the stage we're at in terms of commercializing that is several customers have asked to evaluate the use both as an alternative or addition to their current product, but also in new development programs.

36:03 So it's not gonna be an overnight switch because as with all the things that we work on and develop, we'd have to demonstrate compliance with the regulatory aspects of what we're doing. But what I can say is we're actively promoting that across our customer base. Yeah. Thank you. And this is the last question, but in two parts. It's in in relation to one of your most recent contract awards. First of all, they said congratulations on on that award. You described it as strategically important. The the first question maybe you could address is why is it gonna be paid in US dollars when the customer is UK based? Yeah. But then the question the second follow-up question is, you know, why is it strategically important? Okay.

36:48 The US dollar one is it's basically at the request of the customer. They are UK they are UK based, but it's an international program. We're quite happy to take payment in US dollars. We've got a natural hedging now that we have the two sites, you know, and two sites of operation in The USA and The UK. So it's really, yeah, the customer's request, and we're happy to we're happy to satisfy that request. In terms of strategically importance, I think there are a number of things. One is it validates our it's a strategic proof point for what we're offering, you know, for the platform we've been building, and it validates that both strategically but also financially.

37:34 You know, it's showing we can win these larger programs by having this full service offering. It's it's important that it moves us into the clinical self test market. So but I think I think the key thing is it is it's validated what we set out to do in this differentiation from a classic lateral flow developer and manufacturer by being by by this contract, it's validating that people do require the full service offering that we've been promoting. And it's one of a number of contracts we've won like this, but this one's particularly interesting because it's clinical self test. Thank you, Chris.

38:22 Chris, Tom, Paul, yeah, absolutely. If I may just jump back in there. Thank you very much indeed for being so generous for your time then, addressing all of those questions that came in from investors this morning. And of course, if there are any further questions that do come through, we'll make these available to you after the presentation has ended. But, Chris, perhaps before really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that would be great. Yes, thanks. Well, first of all, thanks to you all for joining the presentation. We've been pleased to present our progress in half one, and thanks for your support as shareholders. We're pleased with where we've got to. We expect half two to be very busy as it it tends to be for us.

39:07 We're well positioned for the continued growth that Tom has spoken of, and we've got a strong management team across the company, including now through into The US, and we're looking forward to half two and beyond for our our continued success. That's great. Chris, Tom, thank you once again for updating investors this morning. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback? On behalf of the management team of ABINGDON HEALTH PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.