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Angle PLC on Tuesday reported ‘lower than expected’ revenue for the first half of 2025, with trading hurt by customer delays tied to ‘challenging external conditions’.
The Guildford, England-based liquid biopsy company reported a pretax loss of £9.7 million for the six months that ended June 30, widening from £8.3 million a year earlier.
Shares in Angle slumped 35% to 3.73 pence on Tuesday morning in London.
Driving the bottom line weakness was a 23% decline in revenue to £796,000 from £1.0 million, coming in ‘lower than expected’, with customer delays tied to ‘challenging external conditions’, hitting Angle’s top line.
Conditions cited by the company include limited access to capital, US policy volatility and uncertainty over tariffs for both pharma and medtech companies.
However, Angle did state that its existing pipeline of opportunities presents ‘substantial potential’ for growth across a range of customers, including both large pharma and large medtech.
Angle also faced increased costs throughout the period, as operating costs rose 14% to £10.1 million from £8.9 million, further hampering the bottom line.
Looking ahead, Angle said the persistence of customer delays in the second-half will constrain revenues ‘significantly’, with them expected to be in excess of £1.5 million and with revenues shifting into 2026.
Angle reported full-year revenue in 2024 of £2.9 million.
Chief Executive Andrew Newland commented: ‘We have acted decisively to build a strategy for long-term growth whilst maintaining a sharp focus on cost discipline and operational efficiency and successfully delivered on our contracts with large pharma.
‘Our priority now is to capitalise fully on ongoing discussions with large pharma, large medtech, and major healthcare providers. Notwithstanding the continued challenging external conditions, we remain confident in Angle’s ability to deliver long-term value, advancing cancer diagnostics and treatment worldwide.’
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