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(Alliance News) - Rapid Covid test maker Abingdon Health PLC saw shares dive on Thursday, following a trading update that included revenue at the bottom end of company forecasts.
Abingdon Health also posted an adjusted earnings before interest, tax, depreciation and amortisation loss of GBP3.3 million, in line with the guidance given in April, which had suggested a loss of up to this amount.
Shares were down 16% at 31.00 pence each in London following the announcement.
Revenue for the year ended June 30 was around GBP11.6 million, up sharply from GBP5.2 million the year before. However the result was at the lower end of forecasts which originally anticipated revenue to be in the range of GBP11.4 million to GBP17.0 million.
Abingdon said it was encouraged by ongoing discussions over its AbC-19 test kit, which has been proven to work with Covid-19 variants as well as monitor vaccine response. The company continues to work on registering the product in a range of territories but said it had seen no "significant commercial traction" to date.
Chief Executive Chris Yates commented: "Abingdon continues to see material opportunities for the AbC-19 rapid test both in the UK and internationally and we anticipate the onus switching to a more integrated testing approach which utilises the potential cost and practical benefits of neutralising antibody testing alongside both PCR and antigen testing."
By Will Paige; willpaige@alliancenews.com
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