Health firm sees full-year revenues rise 52%

Full-year revenues at Abingdon Health will be 52% than last year, the firm said in a trading update today.

The firm said it had made strong commercial progress across all divisions, and unaudited revenues in the year to 30 June were £6.1m. Second half revenues were particularly strong – up 55% in first-half revenues, and up 27% on the second half of 2023.

The firm, which specialises in lateral flow testing,  had launched three Boots own-brand tests, for vitamin D, iron and a saliva pregnancy test. Its acquisition of regulatory service specialist IVDeology added around £100,000 to its revenues.

Its contract development and manufacturing (CDMO) division  earned £5.5m of the overall revenues. Abingdon said its proposition is resonating well with customers across a range of sectors, including self-testing, and animal, plant and environmental testing.

Chief executive Chris Yates said, “We are pleased to report another year of growing revenue performance with FY 2024 revenues 52% ahead of FY 2023. We were particularly pleased to achieve positive cashflow in Q4 2024.

“Our key focus is to build a focused, high quality, sustainable, profitable business and we are making great strides towards this. We believe with our lateral flow focus, our comprehensive CDMO service proposition and growing self-test distribution platform that we are well placed to deliver further revenue growth in FY 2025 and beyond.”