Abingdon Health has recorded significant revenue growth alongside narrowed losses in its latest financial results, indicating strategic progress.
- The company, based in York, achieved a 50% increase in revenue, reaching £6.1 million by the end of June.
- Operating losses were reduced to £1.3 million, showcasing effective financial management.
- Three new products moved into manufacturing, aided by partnerships with prominent retail chains.
- Strategic acquisitions and fundraising have bolstered the company’s capacity for future investment.
Abingdon Health, a company specialising in lateral flow technology and publicly listed on the AIM stock market, has reported impressive financial strides. Its revenue surged by over 50%, reaching £6.1 million by the end of June. Concurrently, the company succeeded in narrowing its operating losses significantly to £1.3 million. This financial performance indicates prudent management and effective cost control measures.
The company introduced three of its significant products into the manufacturing phase this year, which focus on areas such as pregnancy diagnosis and providing critical information on sepsis and strokes. This development was further bolstered through a collaboration with Boots, a high street pharmacy chain, launching three new lateral flow tests.
In addition to product development, Abingdon Health strategically acquired two companies: IVDeology and Compliance Solutions (Life Sciences). These acquisitions, complemented by a £5.6 million fundraising effort concluded in August, are set to expand the company’s analytical laboratory services and fuel further product development.
According to the Chief Executive, Chris Yates, the company’s focus remains on leveraging its strengths in lateral flow technology. Yates expressed confidence in the firm’s ability to deliver comprehensive services due to these acquisitions and further laboratory expansions. “As a CRO/CDMO focused on lateral flow technology, we believe we are well-placed to support a broad range of customers,” he stated. Yates also highlighted the priority of achieving positive cash flow through strategic cost management, achieving this milestone in the fourth quarter of FY2024.
Sales increased notably in the UK and Ireland, as well as in the US and Canada. However, the firm experienced a decline in revenue from Europe. In terms of staffing, there was a modest increase, bringing the total headcount to 85.
Abingdon Health’s strategic initiatives and financial management highlight its potential for continued growth and shareholder value.
