17th Oct 2023 11:06
(Alliance News) - Abingdon Health PLC on Tuesday reported a narrowed loss amid higher revenue and decreased costs, as it focuses on shifting away from Covid products.
The York-based lateral flow contract development and manufacturing company said pretax loss in the financial year that ended on June 30 narrowed to GBP3.6 million from GBP21.6 million a year prior. Revenue climbed 43% to GBP4.0 million from GBP2.8 million. Cost of sales decreased to GBP2.0 million from GBP6.4 million, while administrative costs were 21% lower at GBP5.2 million from GBP6.6 million.
The company said its focus is as a fully integrated lateral flow contract research organisation/contract development and manufacturing organization following its transition away from Covid-19 products. "We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY24 and beyond," said Chief Executive Officer Chris Yates.
Abingdon Health shares fell 13% to 11.35 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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