Abingdon Health revenue rises, losses widen in first half
Abingdon Health
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16:55 26/03/25
Abingdon Health reported a 28.4% increase in revenue to £3.1m for the six months ended 31 December on Monday, up from £2.4m a year earlier, supported by growth across its regulatory and lateral flow products divisions.
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The AIM-traded company said it remained confident in meeting full-year revenue expectations of £8.6m.
Revenue from regulatory services rose to £1.3m, up from £0.3m, including a £1.0m contribution from CS Lifesciences, which Abingdon acquired in August.
Lateral Flow CDMO revenues fell to £1.3m from £1.9m, while product sales increased to £0.5m from £0.2m.
The interim EBITDA loss widened to £1.9m, driven by investment following a £5.2m fundraising completed in August.
Abingdon said it expected improved EBITDA performance in the second half, supported by a full-period contribution from CS Lifesciences, new contract wins, and seasonal trends in its business.
Cash as at the end of December stood at £3.7m.
Operational progress during the period included the expansion of its CDMO offering with the acquisition of CS Lifesciences, the opening of a new analytical laboratory in Doncaster, and a planned US site in Madison, Wisconsin, set to be operational by April.
A recent regulatory contract win worth more than £0.5m had since been extended, with total revenue now expected to exceed £1m over 2025 and into 2026.
Abingdon also secured a $2m contract to develop tests for sexually transmitted diseases during 2025 and was expanding product distribution into Germany, Poland and Austria.
It said it planned to launch sustainable pregnancy and ovulation tests in the US in the first quarter of 2026.
A UKRI grant of £0.8m was also awarded post-period to support development of lateral flow tests for malaria.
The company announced board changes alongside the results, with chief financial officer Tom Hayes joining in January.
Chief executive Chris Yates was meanwhile moving to lead Abingdon’s US operations and would step down from the board, while Dr Katie Brenner would join as a non-executive director from 1 April.
“The 2025 financial year has started very positively for Abingdon as we continued our momentum in executing key strategic milestones such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work on our new US site in Madison which is set to be completed in April,” said executive chairman Chris Hand.
“Following some temporary headwinds during the first half, we were pleased to see growing contract momentum towards the end of the period and into the second half, including a $2m contract developing sexually transmitted disease tests.”
Hand said importantly, the contract uses each limb of Abingdon’s business, highlighting its ability to provide an integrated, end-to-end solution for its global customer base.
“We believe we now have the foundations in place to build a sustainably profitable company.
“We are continuing to progress towards achieving our key goal of cash flow breakeven, which we expect to reach during calendar year 2026, without the need for further funding.”
At 0851 GMT, shares in Abingdon Health were down 13.64% at 6.26p.
Reporting by Josh White for Sharecast.com.