Healthy revenues and strong pipeline of opportunities at medical tests developer

Medical diagnostics tests maker, Abingdon Health, says its revenues more than doubled to £2.4m (H1 2022/3 £1.1m) in the six months ended 31 December 2023.

In a trading update today, the York-based firm explains this growth was driven by its contract service customer base across lateral flow research & development, technical transfer, manufacturing, analytical and regulatory services.

Looking forward into H2 2023/4 the business adds it is confident in its prospects for the second half of the financial year and beyond, under-pinned by both projects already underway and its near-term pipeline.

Chris Yates, CEO, said: “We are pleased to report triple digit revenue growth in the first six months of the financial year.

“We remain focused on continuing to drive revenue growth and strengthening our position as a leading lateral flow contract development and manufacturing organisation.

“We look forward to continuing to support the product development plans of our existing customers and we are also encouraged by the breadth and depth of the pipeline of contract service opportunities we are pursuing.

“We also remain highly focused on reducing our cash-burn in FY23/24 and beyond. Our priority remains in moving the company to a positive cash flow position based on continued revenue growth and stringent cost control.”