(Alliance News) - Abingdon Health PLC on Thursday said it expects to report a 42% jump in annual revenue, following successful diversification away from Covid-19 tests.
Abingdon Health is York, England-based developer and manufacturer of rapid lateral flow tests. Shares in the firm were down 1.8% at 11.79 pence on Thursday afternoon in London. The stock is down 89% since late 2020, amid the pandemic.
The company estimates revenue in the financial year that ended June 30 to be around GBP4.0 million. This would represent year-on-year growth of 42% from the GBP2.8 million achieved in financial 2022.
Excluding Covid-19 related revenue, Abingdon expects to report revenue in financial 2023 more than than doubled. The firm explained that all its commercial opportunities are currently in non-Covid-19 areas, having successfully transitioned into what the directors believe to be a "more sustainable long-term business model".
"We believe that with our lateral flow focus, [contract development and manufacturing organisation] service proposition and distribution platform, we are well placed to deliver further revenue growth in [financial 2024] and beyond. Our focus remains on organic revenue growth, the continued reduction in cash burn towards a breakeven position and profitability, and we believe we have the financial resources in place today to achieve this," commented Chief Executive Chris Yates.
By Heather Rydings, Alliance News senior economics reporter
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Abingdon Healt. (ABDX)