Abingdon Health confident moving into 2023

Diagnostic test developer and manufacturer Abingdon Health said in an update on Monday that its outlook moving into 2023 remained unchanged.

The AIM-traded firm, which was holding its annual general meeting, said recently in its preliminary results that its strategic focus was now on contract development and manufacturing (CDMO) services.

Chief executive officer Chris Yates told shareholders on Monday that it was focussing on such services, given the expected growth in demand it expected to see within the lateral flow market, particularly in non-Covid-19 sectors such as human health, animal health, plant pathogen and environmental testing.

“Our outlook going into 2023 is unchanged, and we remain confident that our contract services customer base and current growing pipeline mean we are well positioned to grow our business,” Yates said.

“We are also reassured by our cash levels of £4.4m as at 19 December, in line with the cash position as at the end of October, and expect to have about £4.3m cash at the end of December.

“The board remains confident that we have sufficient cash resources to fund progress beyond the next 12 months, with our priority being to move the company to a positive cash flow position.”

At 1225 GMT, shares in Abingdon Health were up 10.67% at 4.15p.

Reporting by Josh White for Sharecast.com.