City briefs: Abingdon Health; Aptamer Group; and more
Medical diagnostic tests producer, Abingdon Health, has forecast a rise in revenues ahead of its Annual General Meeting today.
Chris Yates, CEO of the York-based company, said his previous forecast to shareholders in October that the firm was well positioned to meet the growing demand of the lateral flow tests market is proving to be the case.
He pointed to the number of customers and projects Abingdon is now working with, along with its continued revenue growth.
Yates added: “We will provide a more comprehensive trading update in January 2024, but I am pleased to note that our revenue for H1 FY23/24 will be significantly higher than revenue for H1 FY22/23.
“We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY23/24 and beyond.
“Our ongoing priority is moving the company to a positive cash flow position based on continued revenue growth and stringent cost control.”
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Biotech business, Aptamer Group, which develops Optimer ® binders that can be used as synthetic alternatives to antibodies, notes it has it has made significant technical and commercial progress since it was recapitalised in August.
In an update ahead of its Annual General Meeting today, the York-based company adds its progress since August includes: “A reduction of the cost base, streamlining of the production processes for increased production capacity and a reduction of material requirements from customers.
“The group has continued to build and convert the commercial pipeline, including the recent announcement of a partnership with a genetic medicines company for Optimer development to support targeted delivery of new medicines.”
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Wetherby-headquartered textiles wholesaler and retailer, Leeds Group, says it has conditionally agreed to sell the entire issued share capital of its German subsidiary, Hemmers-Itex Textil Import Export GmbH, to a subsidiary of Nooteboom Bidco BV for about £657,000.
This sum is based on the net assets of Hemmers as of 30 November 2023, excluding properties, less an agreed discount.
Leeds Group will retain three properties currently owned by Hemmers which have an aggregate net book value of £5,209,000.
The disposal is subject to approval by Leeds shareholders at a general meeting and competition clearance from the German Cartel Office.
Leeds Group explains: “Hemmers has been loss making for a number of years and the Board have looked at various options available to return Hemmers to profitability.
“In the year to 31 May 2023, Hemmers had turnover of £24,290,000 (2022: £23,998,000) and had a loss before taxation of £793,000 (2022: £781,000).
“For some time, the Board has believed Hemmers, in the long-term, is not able to operate as a profitable standalone entity and that the best interests of Hemmers would be better served as part of a larger organisation reflecting the general consolidation that is taking place in the textile market and thereby offering economies of scale in terms of purchasing and sales.
“The Board has held discussions with a number of interested parties and consider that proposed sale is the best deal available.
“The Board believes the proposed sale is in the best interests of the company, shareholders and Hemmers and will recommend shareholders vote in favour of the proposed sale.”
