Abingdon Health PLC on Tuesday reported a narrowed loss amid higher revenue and decreased costs, as it focuses on shifting away from Covid products.

The York-based lateral flow contract development and manufacturing company said pretax loss in the financial year that ended on June 30 narrowed to £3.6 million from £21.6 million a year prior. Revenue climbed 43% to £4.0 million from £2.8 million. Cost of sales decreased to £2.0 million from £6.4 million, while administrative costs were 21% lower at £5.2 million from £6.6 million.

The company said its focus is as a fully integrated lateral flow contract research organisation/contract development and manufacturing organization following its transition away from Covid-19 products. ‘We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY24 and beyond,’ said Chief Executive Officer Chris Yates.

Abingdon Health shares fell 13% to 11.35 pence each on Tuesday morning in London.

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