York-based Abingdon Health achieves strong revenue traction from 'diverse range of customers'

Abingdon made the comments as it delivered a half-year trading update for the six months ended December 31 2022.

The statement added: “Following company restructuring and right-sizing, the commercial operations are now benefitting from improved activity with a significant increase in the number of contracts signed across R&D (research and development), technical transfer and regulatory support.

"The company is currently working with a number of new customers across 11 different contract service projects in multiple areas.”

Chris Yates, the CEO of Abingdon Health, commented: “We have successfully transitioned our business to a CDMO model focused on the lateral flow market. We are pleased with the commercial traction we are seeing and believe this model will provide a sustainable revenue platform. Our focus remains on revenue growth and achieving cash flow breakeven, and we believe we have the financial resources in place to achieve this.”

Dr Chris Hand, Non-Executive Chairman of Abingdon Health plc, said:

“Following the action taken by the board in the wake of COVID-19 we have maintained the robust status of the business. We have established a great team and a strong platform able to offer lateral flow development and automated manufacturing services to an expanding base of loyal and new customers.

"We look forward to the next phase of growth for the business towards the achievement of a cash flow positive position. On behalf of the board

of Abingdon Health plc, I would like to thank our colleagues, customers and shareholders for their continued support.”