Lateral flow developer Abingdon Health has announced growing revenues and narrowed losses in full year results.
The York-baed firm, which is listed on the AIM stock market, said revenues grew more than 50% to £6.1m in the year to the end of June, which its operating losses narrowed significantly to £1.3m.
It said three of its products – helping to diagnose pregnancy and provide information on sepsis and strokes – had gone into manufacturing during the year and the company had benefited from the launch of three lateral flow tests with high street pharmacy chain Boots.
This year had also seen it acquire two firms, IVDeologoy and Compliance Solutions (Life Sciences), while a £5.6m fundraise completed in August would be used for investment in product development, analytical laboratory service expansion and for working capital.
Chief executive Chris Yates said: “As a CRO/CDMO focused on lateral flow technology with a well-established track record of bringing products from ‘idea to market’ we believe we are well-placed to support a broad range of customers. The recent acquisitions of IVDeology and Compliance Solutions (Life Sciences), and the further investment in expanding our analytical laboratory service mean that we can now offer more a comprehensive service.
“Our key financial priorities are to grow our revenues and reduce our cashburn through continued close cost management, therefore moving the company to a positive cashflow position, having achieved a cashflow positive quarter in Q4-FY2024. We are confident that our contract services customer base and our current growing pipeline means we are well positioned to grow our business and deliver shareholder value going forward.”
The results show that Abingdon saw a big rise in sales in both UK and Ireland, and the US and Canada, but a fall in revenues from Europe. Headcount rose slightly to 85, the company said.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
