Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Developer and manufacturer of rapid tests Abingdon Health reported wider first-half losses as higher offset a jump in revenue, driven by COVID-19 tests sales.
For the six months ended 31 December 2020, pre-tax losses widened to £1.571 million from £775,000, while revenue increased to £7.69 million from £1.55 million.
The contract with the DHSC for the supply of COVID-19 rapid antibody test formed a substantial portion of its revenue for the period, the company said.
'As the business upscales its activities to reach its capacity plans, overhead costs have also increased, predominantly in staff costs (£2.29m) and professional fees (£0.34m),' it added.
Looking ahead, the company said that due to the growing global demand for lateral-flow tests, it is continuing to scale up and remains on track to be able to produce 150 million tests per annum by the end of 2021.