Bioscience business Abingdon Health has seen its revenue rise to £7.69m (2019: £1.55m) largely due to its COVID-19 related work.
Releasing its interim results for the six months ended 31 December 2021, the Doncaster and York-based listed firm also reports that like-for-like revenue growth (excluding Covid-19 related contracts) increased by 111.6% to £3.28m (2019: £1.55m).
Its gross profit margin increased to 40.1% (2019: 39.4%) and the business made an operating loss before exceptional items of £0.06m (2019: loss of £0.75m).
It also records a pre-tax profit loss of £1.57m (2019: loss of £775,000).
The IPO of Abingdon Health on AIM in December 2020 raised £20m (net) to further build the company’s operational capacity.
Along with UK-RTC consortium partners, Abingdon has completed the delivery of an order of one million AbC-19 anti-spike IgG devices to the Department of Health and Social Care (DHSC) on 8 January 2021.
This Covid-19 rapid antibody test was approved for professional use in the UK and EU last summer. The company is continuing to manufacture the test in anticipation of additional orders.
Chris Yates, CEO at Abingdon Health PLC, said: “I am pleased to report Abingdon Health’s maiden set of interim results since our listing on the AIM market in December 2020.
“Over the past six months, the company has made significant commercial progress across the COVID-19 and non-COVID-19 commercial pipeline and, operationally, Abingdon Health has successfully completed the first phase of its manufacturing expansion.
“Due to the growing global demand for lateral-flow tests, the company is continuing to scale up and is on track to be able to produce 150 million tests per annum by the end of 2021.
“Over recent weeks, there has been growing evidence that rapid antibody testing can be used to determine an individual’s antibody status both prior to and after vaccination, a crucial factor in stratifying patients and determining resource allocation on overburdened health systems.
“As a result of this, and the leading accuracy of Abingdon Health’s test, the company anticipates an increased demand for rapid antibody tests that can be used as a companion to COVID-19 vaccines.”
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