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(Alliance News) - Abingdon Health PLC on Tuesday said it expects annual revenue to more than double but it will be below market expectations.
The AIM-listed developer and manufacturer of rapid tests said it continues to make progress on commercialising the AbC-19 rapid test both in the UK private sector and internationally.
The pipeline of opportunities also continues to grow, Abingdon noted, while the company also continues to build AbC-19 rapid test stock alongside its consortium partners so that it can quickly satisfy demand as orders are confirmed.
Less positively, Abingdon said the speed of adoption and therefore receipt of orders is taking longer than it had originally anticipated. Therefore, the company expects results for the year to the end of June to be substantially below current market expectations.
Abingdon said it now anticipates full-year revenue to be in the range of GBP11.4 million to GBP17.0 million, with an adjusted loss before interest, tax, depreciation and amortization of up to GBP3.3 million. At the lower end of the revenue range this would represent revenue more than doubling compared with the prior year.
"As previously stated, the timing of antibody testing programme roll-outs around the world and future orders is difficult to accurately predict given the range of factors including the evolving regulatory processes, the impact of Covid-19 virus mutations and the rate of vaccination programs," said Chief Executive Chris Yates.
Abingdon shares were trading 31% lower in London on Tuesday at 55.49 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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