Abingdon Health PLC on Monday expressed confidence in meeting full-year revenue expectations as it said it has continued executing on strategic milestones.
The York, England-based developer of rapid-flow diagnostic tests reported a widening of its pretax loss for the six months ended December 31 to £2.6 million from £1.2 million the prior year.
By contrast, revenue improved 28% to £3.1 million from £2.4 million, with Abingdon expecting revenue to be second-half weighted, in line with previous years.
It expects ‘record revenue’ in its second half, with this driven by new contracts.
Abingdon’s weaker bottom line came as sales costs and administrative expenses both increased. Cost of sales were up 68% at £1.9 million from £1.1 million, while administrative expenses grew 18% to £3.2 million from £2.7 million.
Abingdon said it invested large amounts in operations over the period, referencing the opening of a new commercial office and laboratory in the US as well as an analytical and performance evaluation lab in the UK.
Shares in Abingdon closed down 7.9% at 6.67 pence on Monday in London.
Looking ahead, Abingdon said it is confident in achieving market expectations for financial 2025 revenue of £8.7 million. This represents a 41% uplift on the £6.1 million achieved for financial 2024.
Abingdon also said on Monday that Chief Executive Chris Yates will move to the new role of president of Abingdon Health USA Inc, leading the US business, plus commercial activities globally. It added that Executive Chair Chris Hand will take over group CEO duties.
Hand said: ‘FY 2025 has started very positively for Abingdon as we continued our momentum in executing key strategic milestones such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work on our new US site in Madison which is set to be completed in April.
‘We believe we now have the foundations in place to build a sustainably profitable company.’
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