Abingdon Health PLC Trading Update (2947Z)
11 1월 2024 - 4:00PM
UK Regulatory
TIDMABDX
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 GBP2.4m (H1 2022/3 GBP1.1m). 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 GBP1.9m (30 June 2023: GBP3.2m) 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 (TM) 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) 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/
Chris Yates, Chief Executive Via Walbrook PR
Officer
Chris Hand, Non-Executive
Chairman
Singer Capital Markets (Sole Broker Tel: +44 (0)20 7496 3000
and Nominated Adviser)
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 (TM) 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 (TM) 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
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END
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January 11, 2024 02:00 ET (07:00 GMT)
Abingdon Health (LSE:ABDX)
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