8th Oct 2024 14:24
(Alliance News) - Abingdon Health PLC on Tuesday said it has narrowed its annual loss, as revenue grows more than 50% amid increased customer activity.
The York, England-based lateral flow contract research and contract development & manufacturing organisation said it narrowed its pretax loss to GBP1.4 million in the financial year to June 30, from a loss of GBP3.6 million at the same time last year.
Revenue grew 53% to GBP6.1 million from GBP4.0 million.
The growth in revenue came from "an increase in the number of customers utilising our contract development, scale-up, technical transfer and manufacturing services", as well as "an expansion in our range of services such as regulatory support".
Cost of sales rose 25% to GBP2.5 million from GBP2.0 million, whilst administrative expenses fell 2.0% to GBP5.1 million from GBP5.2 million.
Chief Executive Officer Chris Yates said: "As a contract research and contract development & manufacturing organisation focused on lateral flow technology with a well-established track record of bringing products from 'idea to market', we believe we are well-placed to support a broad range of customers. The recent acquisitions of IVDeology and Compliance Solutions (Life Sciences), and the further investment in expanding our analytical laboratory service mean that we can now offer a more comprehensive service.
"Our key financial priorities are to grow our revenue and reduce our cashburn through continued close cost management, therefore moving the company to a positive cashflow position, having achieved a cashflow positive quarter in the fourth quarter of 2024. We are confident that our contract services customer base and our current growing pipeline means we are well-positioned to grow our business and deliver shareholder value going forward."
Shares in Abingdon Health were down 2.9% at 8.98 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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