Robust pipeline of opportunities and rising revenues at medical tests maker
Medical diagnostics tests producer, Abingdon Health, has reported revenues of £2.4m for H1 2024 (H1 2023: £1.1m) in its interim results for the six months ended 31 December 2023.
The firm also recorded a pre-tax loss of £1.2m (H1 2023: £2.4m pre-tax loss) and gross profit of £1.3m (H1 2023: £0.3m).
Chris Yates, CEO, said: “We are pleased with H1 2024 revenue growth of 117% and look forward to building on this in H2 2024.
“We are encouraged by the growth Abingdon’s dedicated lateral flow CDMO (contract development and manufacturing organisation) service continues to generate with our international customer base and we are pleased to have onboarded a number of new customers since the end of H1 2024.
“Our strategy remains on building our capabilities to support our customers in all the areas required to bring their lateral flow project from ‘idea to commercial success.’
“Our focus is to continue to grow our commercial pipeline, increase revenues, proactively manage costs, to achieve profitability and generate positive cashflow.”
York-based Abingdon Health aims to support the increase in need for rapid results across many industries and locations and produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing.
It notes that trading in the first two months of H2 2024 has been robust.
The business says it expects H2 2024 revenue will be significantly improved compared with H1 2024. As a result, FY 2024 revenues are expected to be materially higher than FY 2023 revenues of £4m.
