Losses widen at medical test developer
Medical tests developer Abingdon Health today announced a boardroom reshuffle as it revealed losses at the group widened in the first half.
The York-based company said revenue for the six months to 31 December rose by 28% to £3.1m, while the adjusted EBITDA loss was £1.9m compared to £1.2m in the same period last year.
However, the company said it expects that revenue and EBITDA will be stronger in the second half following new contracts, a full contribution from recently acquired CS Lifesciences and the ‘seasonality’ of the business.
Abingdon said it is confident in meeting market expectations for revenue of £8.6m for FY2025
The company also revealed that CEO Chris Yates is moving to a new role as president of Abingdon Health USA Inc with overall responsibility for the US business and for commercial activities globally, including recently acquired subsidiaries CS (Life Sciences) Group and IVDeology.
The role of CEO has been incorporated into Chris Hand’s role as executive chairman.
Chris Hand said: “FY 2025 has started very positively for Abingdon as we continued our momentum in executing key strategic milestones such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work on our new US site in Madison which is set to be completed in April.
“Following some temporary headwinds during H1 2025, we were pleased to see growing contract momentum towards the end of the period and into H2, including a $2m contract developing sexually transmitted disease tests. Importantly, that contract utilises each limb of our business, highlighting our ability to provide an integrated, end-to-end solution for our global customer base.
“We believe we now have the foundations in place to build a sustainably profitable company. We are continuing to progress towards achieving our key goal of cashflow breakeven, which we expect to reach during calendar year 2026, without the need for further funding.”
