LONDON, June 30, 2026, 23:02 (BST)
- NIOX shares jumped 7.19% to 59.60p on Tuesday, beating the FTSE AIM All-Share’s 0.27% move.
- The shares remain 26.4% under Keensight Capital’s dropped 81p-a-share bid. The average price target from five analysts is 81.2p.
- About 64% of NIOX’s 2025 sales growth came from research revenue, topping the contribution from the clinical segment. Reuters calculated the figures from company data.
NIOX Group Plc (LON:NIOX) ended Tuesday at 59.60 pence, up 4.00p, or 7.19%. Trading volume was 2.87 million shares. The company’s market value stood at roughly 250.7 million pounds, according to ADVFN. London’s market was already closed by reporting time. London Stock Exchange hours run 0800 to 1630.
NIOX jumped, leading the small-cap market. The FTSE AIM All-Share closed at 772.17, rising 0.27%. The FTSE 100 finished up 0.12% at 10,497.12.
| June 30 close | Level | Day change |
|---|---|---|
| NIOX Group | 59.60p | up 7.19% |
| FTSE AIM All-Share | 772.17 | added 0.27% |
| FTSE 100 | 10,497.12 | gained 0.12% |
Revenue mix got less attention. Research sales to pharma companies and contract research outfits made up just 21% of 2025 revenue but delivered around 64% of the year’s increase. Clinical still led with a 38.6 million pound base. Most of the gain, though, came from research.
| Revenue line | 2025 | 2024 | Change | Share of group revenue gain |
|---|---|---|---|---|
| Clinical | £38.6 mln | £36.1 mln | up £2.5 mln | 36% |
| Research | £10.1 mln | £5.7 mln | up £4.4 mln | 64% |
| Total | £48.7 mln | £41.8 mln | up £6.9 mln | 100% |
Chief Executive Jonathan Emms said in March the research unit saw gains from more COPD clinical trials. He also said around 93% of insured U.S. patients now have FeNO test coverage, an important point as U.S. adoption is one of the group’s top growth targets.
The stock hasn’t shaken the old bid. Back in April 2025, Reuters said Keensight Capital had offered to buy NIOX for 345.8 million pounds, 81p a share. Keensight walked away. At Tuesday’s close, the stock was 21.4p under that bid, a 26.4% gap.
| Valuation marker | Reuters calculation |
|---|---|
| Market cap at Tuesday close | £250.7 mln |
| Discount to 81p offer | -26.4% |
| Discount to 77.60p one-year high | -23.2% |
| Premium to 54.00p one-year low | +10.4% |
The gap isn’t only about bid memory. NIOX said 2025 revenue came in 17% higher at 48.7 million pounds, while adjusted EBITDA rose 21% to 16.7 million pounds. Year-end cash stood at 19.9 million pounds. Based on Tuesday’s market cap, shares change hands at roughly 15.0 times 2025 adjusted EBITDA, not counting the cash.
NIOX Group reported cash of £22.3 million as of April 30 in its latest operating update, with trading so far this year said to be in line with management’s expectations. The final dividend of 1.55p per share, to be paid June 22, comes to about £6.5 million. After accounting for that payout, the cash position comes to £15.8 million, before any other cash changes in May or June.
| Cash and earnings yardstick | Figure |
|---|---|
| Cash as of April 30 | £22.3 mln |
| Minus final dividend set for June 22 | £6.5 mln |
| Pro-forma cash, not counting other cash flows | £15.8 mln |
| Pro-forma equity value without cash | £234.9 mln |
| Pro-forma EV compared to 2025 adjusted EBITDA | 14.1x |
| Pro-forma EV versus 2025 revenue | 4.8x |
Free cash flow is the more telling measure for the stock right now. NIOX reported £15.4 million in net cash from operations for 2025. The company spent £1.5 million on property, plant, and equipment and intangible assets, leaving about £13.9 million in post-capex cash. Compared to the market cap on Tuesday, that works out to a 5.5% cash-flow yield, not including the dividend cost.
NIOX said in May it signed a 10-year exclusive supply deal with its FeNO sensor supplier. The company also said a trading update for the six months to June 30 is coming in mid-July.
