Abingdon Health PLC on Thursday said it expects to report a 42% jump in annual revenue, following successful diversification away from Covid-19 tests.

Abingdon Health is York, England-based developer and manufacturer of rapid lateral flow tests. Shares in the firm were down 1.8% at 11.79 pence on Thursday afternoon in London. The stock is down 89% since late 2020, amid the pandemic.

The company estimates revenue in the financial year that ended June 30 to be around £4.0 million. This would represent year-on-year growth of 42% from the £2.8 million achieved in financial 2022.

Excluding Covid-19 related revenue, Abingdon expects to report revenue in financial 2023 more than than doubled. The firm explained that all its commercial opportunities are currently in non-Covid-19 areas, having successfully transitioned into what the directors believe to be a ‘more sustainable long-term business model’.

‘We believe that with our lateral flow focus, [contract development and manufacturing organisation] service proposition and distribution platform, we are well placed to deliver further revenue growth in [financial 2024] and beyond. Our focus remains on organic revenue growth, the continued reduction in cash burn towards a breakeven position and profitability, and we believe we have the financial resources in place today to achieve this,’ commented Chief Executive Chris Yates.

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