Niox Group reports half-year profit boost, announces tender offer

Niox Group PLC on Tuesday reported lower revenue but increased profit for its first half, and announced plans to return up to £12.5 million to shareholders through a tender offer.

The Oxford, England-based medical device developer's pretax profit for the six months ended June 30 was £6.0 million, up from £5.9 million the year before.

Adjusted earnings before interest, tax, depreciation or amortisation, which excludes share-based payment expenses, decreased to £8.3 million from £9.2 million. Niox said this reflected "lower Research revenue and well-controlled operating expenditure, despite continued investment in the US commercial organisation and product development."

Revenue decreased to £24.0 million from £25.2 million. Clinical revenue, which represents sales to physicians and hospitals for use in clinical practice, increased to £20.6 million from £20.0 million. Research revenue, from pharmaceutical companies and contract research organisations using Niox products in clinical studies, decreased to £3.4 million from £5.2 million. This reflected "the normalisation of clinical trial activity following an exceptionally strong comparative period," Niox said, also citing its decision to prioritise Clinical inventory.

Niox had £16.8 million in cash as of June 30, with no debt, compared with £11.8 million a year earlier.

"I am pleased to report that the group delivered a resilient first half performance despite an exceptionally strong comparative period," commented Chief Executive Jonathan Emms, "while making significant strategic progress, including obtaining CE Mark and UK [Medicines & Healthcare Products Regulatory Agency] approval for NIOX PRO, successfully managing the transition from NIOX VERO to NIOX PRO and completing the deployment of our US field-based sales organisation.

"We expect the second half of the year to be stronger than the first. The board remains confident of delivering full-year revenue and adjusted Ebitda in line with current consensus market expectations."

Also on Tuesday, Niox announced a proposed tender offer to return up to £12.5 million to shareholders, under which it will repurchase up to 15.6 million shares at 80 pence each.

Niox shares closed up 3.7% at 68.00p in London on Tuesday.

Niox noted that implementing the tender offer will require shareholder approval at a general meeting, currently scheduled for October 21. Its board unanimously recommends that shareholders vote in favour of the tender offer resolution.

Niox expects to open the tender offer on Wednesday and announce the results on October 22.

"As previously announced, Niox's stated intention is to return 80% of free cash flow to shareholders in the medium term, through ordinary dividend payments and additional cash returns," the company said. "Looking forward, the board will continue to assess ongoing opportunities to return capital to shareholders, alongside the capital needs of the group, through the remainder of the current financial year and into FY27."

Copyright 2026 Alliance News Ltd. All Rights Reserved.