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(Corrects that Abingdon Health is based in York, not Oxford.)
(Alliance News) - Abingdon Health PLC on Thursday reported a widened loss in the year that ended June 30 as revenue fell sharply.
The York-based company is an international developer and manufacturer of rapid diagnostics tests, such as lateral flow Covid tests.
Annual pretax loss widened to GBP21.6 million from GBP7.0 million a year ago. Revenue plummeted to GBP2.8 million from GBP11.6 million.
Meanwhile, cash at June 30 was GBP2.4 million but has since increased 83% to GBP4.4 million at the end of October.
"Our key priorities are to grow our revenues and alongside this, given the economically uncertain outlook, reduce our cash-burn through continued close cost management. To this end we will focus our team's activities on Contract Development & Manufacturing business and near-term revenues with own-product development being given less priority until we are closer to break-even," the firm said.
Noting the Covid pandemic of the past years, it added: "In this new environment, the board has confidence that Abingdon Health's knowledge leadership position in the lateral flow industry and the development and manufacturing platform we have built will begin to yield positive momentum and revenue growth. Our key objective is to move the company to positive cash flow. "
Looking forward, Abingdon was hopeful that as barriers to adopting the technology were reduced, there could be increased growth in the lateral flow industry across non-Covid applications, potentially boosting revenue.
Abingdon Health shares fell 9.0% to 4.55 pence each on Monday afternoon in London.
By Tom Budszus; tombudszus@alliancenews.com
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