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Oxford Nanopore Technologies shares plummeted 20% after the biotech company admitted that revenues would fall short of its own expectations, hit by a triple whammy of weaker sales in China, disruption in the Middle East and the timing of customer orders in the Americas.

Trading in the first half was below management expectations, the Didcot-based company said. It produces gene sequencing technology, devices used to identify viruses and spot variants in the genetic makeup of humans, animals and plants.

Revenue in the first half is expected to come in at £116.5m, up 12% year-on-year at constant currencies.

In China, revenues fell 16%, reflecting tougher export control restrictions and changes to commercial operations, and the conflict in the Middle East, where revenue declined 14%.

Sales grew 12% in the Americas, although growth was slower than anticipated due to the timing of customer orders and contract wins.

Francis Van Parys, the chief executive, said:

While first half revenue growth was below our expectations, we have continued to make good operational progress in the period, delivering further improvements in gross margin and disciplined cost control, keeping us on track to achieve adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) breakeven during 2027.

We continue to see encouraging momentum across our strategic growth markets, particularly clinical and biopharma.

Oxford Nanopore, which was spun out of Oxford university in 2005 by three scientists who met at the university, still expects “a materially stronger second half”.