Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Ha, no. Told them I was going to a funeral (which may well be true once I tell Mrs Muck about my paper ABDX loss yesterday)
Mucks the FNG ....White no sugar please !!!
You putting an appearance in then ??
Cubed are still posting vacancies for ABDX - this one was posted today
https://jobs.cubedresourcing.co.uk/vacancies/2334/senior-technical-transfer-scientist.html
Nice to see them boosting tech transfer resource...
Good point PL, thank you.
PoI, the forecast will assume (hopefully correctly) that the Covid peak has been and gone. A $10.2bn market is worth pursuing so it was good to hear that there are a pipeline of non covid tests being developed.
Somewhat ironically, the guy I spoke with at Cubed just called me to check whether or not I could make a production operative training day with ABDX on Thursday!
“The lateral flow testing market is forecast to be worth $10.2bn by 2025.”
I would have hoped the worldwide market would be larger than that between now and 2025?
Chris Yates, Chief Executive Officer of Abingdon Health, commented:
"The Company is continuing its manufacturing expansion, after the successful completion of the first phase, in order to meet market demand for lateral flow testing. This expansion is not only for the AbC-19™ rapid test, but also for the expected demand from our contract service partners, both for COVID-19 and non-COVID assays. The lateral flow testing market is forecast to be worth $10.2bn by 2025, and Abingdon remains well-positioned to be the 'go-to' provider for high quality rapid tests."
Drop way overdone though. The issue with payment from DHSC will be sorted and future volumes/revenue will be driven by the AVCT test, which can drive 100% of existing capacity if they wish.
I think it interesting that Abingdon are staffing up to crank out the Abc-19 tests when they’re not getting paid for them and haven’t landed all the orders to support the production, especially as these tests have a shelf life.
I imagine they are trying to build up a stock of AbC-19 tests they can draw down while repurposing almost all their production lines to run the Avacta antigen test? Otherwise I don’t see the need from this trading update to be going all out with night shifts to make them right now.
And by eck our govt really are a shower of corrupt incompetent b*tards aren’t they? Needless to say, if they don’t pay out and ABDX need to reduce costs, it could slow down the ramp up of Avacta test production. Hopefully it’s just an error of incompetent administration rather than a lack of intent to pay.
Sleepydave - there are obviously different parts of the govmt but the only bit that's been helpful here is the political will to bring co-operation to the table - UKRTC and UKRATC. Even that you could arguae is a fly trap if it gets you set up and enthusiastic to work through government channels only to be stuck by their slow moving systems. Clearly not paying Abingdon in all this time constitutes a new low and coupled with what they seem to have done with NYCT it seems that all the emphasis on buying British is actually at least 50 per cent hollow and certainly takes second place to Delboyishness and Chumocracy in the current administration.
I got a chunk of Abingdon at 54 because its now a good recovery play - its can sell ABC abroad well enough (and for higher margins) and irrespective of Govmt will do extremely well from its partnership with Avacta. Even if it takes a year I expect it to get back above a quid and eventually march on. I expect it will get the money from govmt one way or another and judging from the expansion of staffing it is still able to act in a sufficiently free way to reasonably tee up its future earnings if not as well as it might have expected.
Excellent point about their year starting in June.
Ouch.....:(
I’ve just purchased some @ .55. Not loads but the the drop seems well overdone to me.
that was some drop at open
And all the while they continue to buy and pay for a “trap” tests made in the hithole that gave us this horrible virus in the first place.....Staggering,simply staggering
Terrible update for holders. The DHSC proving to be an absolute shambles.
Down beat RNS from ABDX is all the starker when juxtaposed with the huge current increase in their staffing (thanks Muck).
I'd say its definitely us.
The government seem to be biting off their own nose to spite their face.
That's two listed diagnostic companies we know of NCYT and ABDX who have contractual issues with them.
AS doing well imo not to risk being beholden to them.
Entangled - worth also noting that ABDX's financial year starts in June
Not really the way to demonstrate that you are supporting the great British diagnostics industry. Bloody criminal, I'd say.
Entangled, I think this time it might very well be us!! The Month of May will be with us before you know it. Exciting weeks ahead, GL All!!
Indeed, that’s a bit worrying for consortium members who may have been spending up front.
Disgusting really. Makes you appreciate what the consortium are up against.
Handjob not so keen to open the cheque book. So much for govt contracts!
"The Company has still not been able to establish from the DHSC when the outstanding debts in relation to this contract will be paid, as well as other monies owed in relation to the procurement of components on the DHSC's behalf by Abingdon. As at 27 April 2021, Abingdon has outstanding invoices with the DHSC totalling £6.7m (including VAT) with monies being overdue by between 79 and 135 days. This includes £5.15m (including VAT) for the 1 million AbC-19™ rapid tests which were delivered by early January 2021 and are currently being used by the DHSC within the UK Biobank study. So far as the Board is aware there is no contractual basis for the DHSC to withhold payment on products they have accepted and are using. As such, the Board continues to seek resolution to this matter. If the outstanding and overdue sums are not paid in the short-term, then Abingdon may need to reduce its cost base. As at 26 April 2021 the Company's cash balance was £7.7m."
From ABDX trading update today:
“Contract service for partners
In addition, Abingdon continues to work with contract service partners on the transfer of assays to large-scale manufacture and the Company has three such projects, two COVID-19 assays and one non-COVID-19 assay, currently within this process. Subject to successful completion the Board expects that these will lead to meaningful manufacturing revenues in the next financial year.”
Is it us?
GLA