Abingdon Health FY revenues at bottom end of guidance

Covid-19 test kit manufacturer Abingdon Health warned on Thursday that full-year revenues would be at the bottom end of forecasts.

Abingdon Health recorded an adjusted underlying loss of £3.3m for the year ended 30 June, in line with previous guidance, while full-year revenues were roughly £11.6m, up from £5.2m a year earlier.

However, despite the marked increase in revenues, the result was still at the lower end of forecasts, which originally had revenues pegged to be somewhere in the range of £11.4m to £17.0m.

The AIM-listed group said it had been encouraged by ongoing discussions regarding its AbC-19 test kit and added that it was continuing to work on registering the product in a range of territories but Abingdon stated it had seen no "significant commercial traction" thus far.

Chief executive Chris Yates said: "Abingdon continues to see material opportunities for the AbC-19 rapid test both in the UK and internationally and we anticipate the onus switching to a more integrated testing approach which utilises the potential cost and practical benefits of neutralising antibody testing alongside both PCR and antigen testing."

As of 1210 BST, Abingdon shares had slumped 20.54% to 29.40p.