REG - Abingdon Health PLC - Trading Update

Abingdon HealthAnnouncement

11/01/2024 07:00

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RNS Number : 2947Z  Abingdon Health PLC  11 January 2024

 

 

 

Abingdon Health plc

("Abingdon Health" or "the Company")

 

Trading Update

 

York, U.K. 11 January 2024: Abingdon Health plc (AIM: ABDX), a leading
international lateral flow contract research (CRO) and contract development
and manufacturing organisation (CDMO), provides its half-year trading update
for the six months ended 31 December 2023.

 

In the six months ended 31 December 2023 revenues more than doubled (+118%) to
£2.4m (H1 2022/3 £1.1m). The growth has been driven by the Company's
contract service customer base across lateral flow research & development,
technical transfer, manufacturing, analytical and regulatory services. Cash at
31 December 2023 was £1.9m (30 June 2023: £3.2m) and the Board remains
focused on continued revenue growth and stringent cost control in order to
achieve a cash flow positive position.

 

Outlook

Looking forward into H2 2023/4 the Company is confident in the prospects,
under-pinned by projects underway and near-term pipeline, for the second half
of the financial year and beyond, from both its CRO and CDMO contract service
business and its Abingdon Simply Test™ and broader product business.

 

Staff changes

The Board confirms the promotion of Laura Towse, who has been with the
business since June 2023, to Group Financial Controller effective 1 January
2024. Andrew Feather, interim Finance Director, will leave the business in
January 2024. The Board would like to thank Andrew for his support during this
interim period and wish him well for the future. Laura will report into Chris
Yates, CEO, who is a qualified Chartered Accountant.

 

Investor presentation

Chris Yates, CEO, will be presenting this evening, Thursday 11 January 2024,
at the Proactive One2One Investor Forum in London. Further information may be
found at: Proactive One2One Investor Forum (proactiveinvestors.co.uk)
(https://www.proactiveinvestors.co.uk/register/event_details/436) and the
investor presentation will be made available in the investor relations section
of Abingdon Health's website after the event.

 

Chris Yates, CEO, commented: "We are pleased to report triple digit revenue
growth in the first six months of the financial year. We remain focused on
continuing to drive revenue growth and strengthening our position as a leading
lateral flow CDMO contract services business. We look forward to continuing to
support the product development plans of our existing customers and we are
also encouraged by the breadth and depth of the pipeline of contract service
opportunities we are pursuing. Progress within our product business, including
Abingdon Simply Test(TM), is also encouraging, and we look forward to updating
shareholders on further progress in both divisions in due course.

 

"We also remain highly focused on reducing our cash-burn in FY23/24 and
beyond. Our priority remains in moving the Company to a positive cash flow
position based on continued revenue growth and stringent cost control."

 

 

 

Enquiries

 

 Abingdon Health plc                   www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
 Chris Yates, Chief Executive Officer  Via Walbrook PR
 Chris Hand, Non-Executive Chairman

 Singer Capital Markets (Sole Broker and Nominated Adviser)                     Tel: +44 (0)20 7496 3000
 Peter Steel, Alex Bond, Jalini Kalaravy (Corporate Finance)
 Tom Salvesen (Corporate Broking)

 Walbrook PR Limited                   Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
 Alice Woodings                        Mob: +44 (0)7407 804 654

 

About Abingdon Health plc

Abingdon Health is a leading lateral flow contract research (CRO) and
contract development and manufacturing organisation (CDMO) offering its
services to an international customer base across industry sectors that
include clinical, animal health, plant health, and environmental testing.
Abingdon Health has the internal capabilities to take projects from initial
concept through to routine and large-scale manufacturing; from "idea to
commercial success."

The Company's CDMO division offers product development, regulatory support,
technology transfer and manufacturing services for customers looking to
develop new assays or transfer existing laboratory-based assays to a lateral
flow format. Abingdon Health aims to support the increase in need for rapid
results across many industries and locations and produces lateral flow tests
in areas such as infectious disease, clinical testing including companion
diagnostics, animal health and environmental testing. Faster access to results
allows for rapid decision making, targeted intervention and can support better
outcomes.

 

Abingdon Health's Abingdon Simply Test™ range of self-tests is an ecommerce
platform that offers a range of self-tests to empowers consumers to manage
their own health and wellbeing. The Abingdon Simply Test
(http://www.abingdonsimplytest.com) ™ ecommerce site offers consumers a
range of information to support them in making informed decisions on the tests
available. In addition, the site provides Abingdon's contract services
customers with a potential route to market for self-tests. The Abingdon Simply
Test range is also sold through international distributors and through other
channels in the UK and Ireland such as pharmacy chains.

 

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit: www.abingdonhealth.com
(http://www.abingdonhealth.com)

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