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Tks KT well done Abingdonhealth spokesman said
We have worked with UK manufacturers to support the resilience of UK diagnostics.
A couple yes the rest no they've not.
Immensa health covid contract award yesterday...... Immensa health testing scandle.. Good law case..... Immensa health owners
Abingdon was founded in 2008 and was floated on Aim, the London Stock Exchange’s junior market, in December 2020, when it raised £22 million placing shares at 96p each. The funds were raised to help to increase contract manufacturing of testing for Covid and other conditions. Abingdon is now concentrating on its work as a contract manufacturer, making tests for non-Covid conditions.
The breakdown in its relationship with the government and the reduction in demand for its Covid tests have led to revenues falling to £2.8 million in the year to the end of June, from £11.6 million a year earlier. It made a loss of £21.3 million, compared with a £7 million loss in 2021. It had cash of £4.4 million at the end of last month.
Abingdon’s shares, which peaked at more than 125p in January 2021, fell ¾p, or 12.5 per cent, to a fresh low of 5¼p, valuing the company at £6.4 million.
A spokesman for the health department said: “We have worked with UK manufacturers to support the resilience of UK diagnostics. We have been always been clear that government contracts must deliver value for taxpayer money and we will take action in instances where this does not happen.”
A health testing company that responded to the government’s “call to arms” at the height of the Covid-19 outbreak has questioned ambitions to build a British diagnostics industry.
Abingdon Health reached a settlement with the Department of Health and Social Care in June over payments from the government for antibody tests and services provided.
The York-based, Aim-quoted testing company has received £6.3 million, but its profits and prospects have been damaged by the dispute, which has led to the redundancy of 80 employees, more than half its workforce, at its sites in York and Doncaster.
Speaking out alongside full-year results, Abingdon’s bosses said: “It is disappointing that we, alongside many other UK diagnostic companies, have had to spend time and money recovering monies owed despite responding to a ‘call to arms’ by the UK government.
“The group believed at all times that there were no legal grounds as to why these monies were not being paid in full by [the health department], but the reality was that it was important to reach a settlement with a counter-party that effectively had unlimited time and financial resources at its disposal to prolong the dispute.
“Given the UK government’s initial aim at the start of the pandemic was to build a British diagnostics industry, their behaviours have been quite the opposite, both in terms of how they have dealt with established UK businesses and their preference to order significant quantities of tests, through recently established intermediaries, predominantly from Chinese companies.”
In April 2020, as Britain was launching its emergency response to the pandemic and amid concerns about the country’s capacity to quickly diagnose coronavirus cases, Matt Han****, the health secretary at that time, called for companies “to build a British diagnostics industry at scale”.
In addition to the government’s dispute with Abingdon, the department is also embroiled in High Court litigation with Novacyt, another diagnostics company operating in the UK. The government launched a £135 million breach-of-contract claim against Novacyt, which the company has rejected. In June the company launched a counterclaim against the department of £81.5 million for goods and services and damages for breach of contract.
Abingdon reached its settlement with the department in June for outstanding invoices for lateral flow tests and component stock. The professional use, finger-prick antibody test was designed to let people know and monitor their antibody status before and after vaccination, as well as following infection with the virus.
You’ve missed the point Razza. Because of the deprivation of social care, more beds are being retained with the same patient as they cannot be sent home. It is different.
And the social distancing has reduced immunity. Perfect storm. There are implications to heating costs too. We really have a winter of discontent ahead, but you have not analysed it so don’t understand the structure of this.
Me , I also don’t understand smoking the Telegraph…but I don’t need to.
Hello Dribbles , after a long hot summer , going to be a bleak cold winter , with lots of naughty viruses . That's what I read in the telegraph before I microwaved it and then smoked it.
# Winterplex :):):)
"Respiratory illness may take up half of NHS beds this winter"
Respiratory illnesses ALWAYS take up half of the NHS beds in winter.
They are starting again aren't they!!!
Winterplex would be perfect solution for NHS right now in distinguishing respiratory viruses and giving appropriate treatment.
https://www.linkedin.com/posts/novacyt%2Eco%2Euk_respiratory-infections-are-predicted-to-rise-activity-6991309493741486080-ZUGZ?utm_source=share&utm_medium=member_android
Crl123 61 posts in 8 days. Take your own advice and take a break.
https://www.bbc.co.uk/news/health-63307833
It is very very sad. And my own family has been afflicted, so this is not good news.
But if Ncyt do not capitalise on this in their home country , then they are a totally toothless company.
I have a green box
Obviously someone historical who has propensity to be insulting. Wonder if it is. ( I hope to be be wrong-but am I?)
Crl123, why would you say “all the best” to PI100 (akaPI101), when all he does is slate the company you are invested in with his sneaky agenda?
And why do you need to constantly repeat yourself saying you’ve lost a fortune?
Change the record ffs
Ncyt need to formulate a new assay against the highly infectious pathogen p100icron.
I think I’ve caught it.
I said I was going to go and stop moaning.
But I’ve got this compulsion:-
Just seen the display of disgustingly manipulative 500 shares which caused the spike this morning. This is like the bundled securities which caused the Lehman’s crash 2008. The market has become divorced from the company. Present market disgusts me.
I am going to go now if the affliction of P100icron allows me to withhold my moaning .
ATB P . You amuse me.
ValJu you say :
''my only concern, is those who could not afford to reduce their original holding, having bought in, at say £4 or more? they are the real victims of this manipulation?''
So , my question is what do you think will be the highest SP we can reach in your opinion ?
you really are fixated on seeing Nova fail arent you?
No, I'm a shareholder with a holding which is 85% down.
well imo, I think you are wrong in your thoughts, it make take a little time, but a recovery will happen when those "who you are crl, say are manipulating it" decide it needs to rise up? Why would they rise it up more than the 5/10/20% they want on any given day? It then goes down again even more, as we have seen countless times.
my only concern, is those who could not afford to reduce their original holding, having bought in, at say £4 or more? they are the real victims of this manipulation?
So, me then. Thanks for the concern. My holding used to be upper £4 average until I averaged down a bit a good while ago. So again, thanks for your concern.
time will tell, lets hope dhsc gets resolved, before all you "unhappy holders" leave, for the next investment opportunity... as it will be interesting to see your comments then?
Yes, hopefully resolved in our favour before I leave. Obviously. I don't think it'll rise much but it should be higher than now. My comments will be along the lines of 'great we have gone up 10-20%' and then when it dips the week after I'll likely say 'be good to see some sales strategy. Having money sitting in the bank being eroded by inflation isn't a replacement for actually selling things'.
Nice to see so many green boxes on my feed like most of us. I am only interested in reading mature & constructive posts, good or bad
are = and
you really are fixated on seeing Nova fail arent you?
well imo, I think you are wrong in your thoughts, it make take a little time, but a recovery will happen when those "who you are crl, say are manipulating it" decide it needs to rise up?
my only concern, is those who could not afford to reduce their original holding, having bought in, at say £4 or more? they are the real victims of this manipulation?
time will tell, lets hope dhsc gets resolved, before all you "unhappy holders" leave, for the next investment opportunity... as it will be interesting to see your comments then?
right, better things to do, than discuss negatives with a person, who only want negativity!
enjoy the group moaning n groaning :)
So you’re enthused by that Twitter post? Just inviting people to email them for info.
“Feels dhsc will be resolved in novas favour and buys in”. Are you ok? People haven’t got a clue about the dispute so won’t just ‘buy in’, unless it’s II’s with inside knowledge.
Agree crl, pathetic manipulation. Was obvious when I saw the multiple 500 A trades. Nice quick 5% for someone.
I see ABD have tanked today on bad results. Reads like us, good covid year then back to normal. And they had a favourable dhsc outcome.
And a deep thinking forward looking board of directors, which is the polar opposite of what we have.
Will be sub 60 by clop
@Orangutan73 -pleads
" then have a rethink.. maybe have a long hard think."....agree...but scarce...
doesn't seem to happen much on this board?
I find most NCYT posts are a good remedy for my insomnia...
how do some mange to post continuously daily for 14hrs, days on end?..
Got to marvel @ their stamina
Still holding & awaiting a(the) miracle
Maybe they are still waiting for a bung! Better off picking up a PPE contract, no matter what the quality just feel the width of the envelope.