Niox Group AIM:NIOX
- Founded
- 2006 · Oxford, England
- Incorporated
- United Kingdom
- Chief executive
- Jonathan Emms
- Employees
- 95
- Reports in
- GBP
- Companies House
- 05822706
Medical devices company focused on FeNO (fractional exhaled nitric oxide) breath testing for asthma diagnosis and management through its NIOX VERO device and consumables, sold to clinics and research customers worldwide. Formerly Circassia Group, refocused solely on the profitable NIOX franchise.
Read straight from the annual reports
66.8p at close on 2 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 34.6 | |||||||||||
| Gross profit | later 25.5 | |||||||||||
| Operating profit | vs (44.8) | later (82.2) | later (63.8) | |||||||||
| Adjusted operating profit | — | vs (43.8) | later (37.2) | later (18.5) | — | — | — | — | — | |||
| Exceptional items | vs 1.0 | later 36.2 | later 5.5 | — | — | — | — | — | ||||
| Net finance cost | vs (0.80) | later 0.10 | ||||||||||
| Profit before tax | later (74.2) | later (27.6) | ||||||||||
| Adjusted profit before tax | — | vs (37.8) | later (38.0) | later (22.1) | — | — | — | — | — | |||
| Tax charge | later (13.7) | |||||||||||
| Profit for the year | ||||||||||||
| EBITDA | ||||||||||||
| Adjusted minus statutory PBT | — | — | — | — | — | — | ||||||
| Basic EPS | ||||||||||||
| Diluted EPS | ||||||||||||
| Adjusted EPS | — | — | — | |||||||||
| Dividend per share | — | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Clinical FeNO testing volume growth and installed base expansion
NIOX installed base grew 7% year-on-year; total FeNO tests sold across Clinical and Research rose 9% to 7.2 million (2024: 6.6 million)
page 9Research business pharmaceutical-sponsored trials, especially COPD
Research revenue grew 77% to £10.1m (2024: £5.7m), driven by an unprecedented level of pharmaceutical company-sponsored studies in asthma and COPD
page 30Higher mix of device-heavy Research sales
Gross margin fell to 69% (2024: 72%) primarily due to a higher mix of device-heavy research sales
page 31Operating leverage on fixed cost base
Adjusted EBITDA margin rose to 34% (2024: 33%) reflecting strong operational leverage as revenue grew faster than opex
page 7£300k charge: One-off administrative costs associated with withdrawn Keensight bid
page 32The FeNO market remains highly attractive; NIOX anticipates sustained demand in Clinical driven by respiratory health focus, growing FeNO adoption in asthma and expanding COPD research. The 2026 financial year has started well.
page 16Note 28 discloses no post balance sheet events other than the proposed final dividend of 1.55p per share (see note 23)
page 116Board recommends a final dividend of 1.55 pence per share (2024: 1.25 pence), subject to shareholder approval at the AGM on 21 May 2026, payable 22 June 2026. A £5.0m final dividend (2024 declared) was paid in June 2025 (2024: £4.2m paid). No formal stated dividend policy beyond Board recommendation each year based on cash generation and balance sheet strength
page 76RSM UK Audit LLP (senior statutory auditor Andrew Williams) issued an unmodified/unqualified opinion on 23 March 2026 that the financial statements give a true and fair view. Key audit matters: revenue recognition (Group) and valuation of investments in subsidiaries (Parent Company). Group overall materiality £580,000 (3.5% of adjusted EBITDA); audit coverage 83% of revenue, 98% of total assets, 90% of adjusted EBITDA. Directors concluded the going concern basis is appropriate based on 12-month cash flow forecasts and a modelled downside (no sales growth) scenario, with no material uncertainty identified
page 79- Cyber security - failure to detect/respond to cyber-attacks could disrupt services, compromise data and cause financial/reputational lossp.41
- Supply chain - reliance on third parties for materials, finished products and shipping; geopolitical developments (tariffs, sanctions, trade disputes) may disrupt supplyp.41
- Commercial success - better-resourced competitors could develop more effective/cheaper products; loss of payer coverage could impact salesp.42
- Compliance with healthcare regulations - complex, strictly enforced marketing and device regulations across jurisdictionsp.42
Read from C000911-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 30 Mar 2027