Abingdon Health PLC on Tuesday reported double-digit revenue growth in each of its divisions.
The York, England-based lateral flow contract development and manufacturing company said in the year that ended June 30 revenue rose 53% to £6.1 million from £4.0 million the previous year.
Abingdon had a cash balance of £1.3 million at the end of the year, down 35% from £2.0 million.
Chief Executive Officer Chris Yates said: ‘We were particularly pleased to achieve positive cashflow [in the fourth quarter]... Our key focus is to build a focused, high quality, sustainable, profitable business and we are making great strides towards this.’
Abingdon Products generated 56% revenue growth to £700,00 from £400,000, with the company now focused on promoting its own-label solutions to major retailers in the UK and Europe.
Meanwhile, the Contract Services division reported 51% revenue growth to £5.5 million from £3.6 million.
In May the company strengthened its regulatory services capability with the acquisition of IVDeology Holdings Ltd for £700,000. The UK-based firm is a provider of regulatory consultancy that supports an international customer base in the in vitro diagnostics sector.
Abingdon Health shares were up 6.3% to 10.63 pence each in London on Tuesday afternoon.
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