Abingdon Health FY revenues surge

9th Jul 2024 10:10

(Sharecast News) - Lateral flow test manufacturer Abingdon Health said on Tuesday that full-year revenues had surged amid "strong commercial progress" across the group.

Abingdon said revenues were expected to be roughly 52% higher year-on-year at approximately £6.1m for the twelve months ended 30 June, with its contract development and manufacturing organisation unit being responsible for much of the revenue growth.

The AIM-listed group also anticipates that it will see "continued solid revenue growth" in FY25, which, along with "close management" of its operational cost base, will further drive operational profitability improvements.

Chief executive Chris Yates said: "Our key focus is to build a focused, high quality, sustainable, profitable business and we are making great strides towards this. We believe with our lateral flow focus, our comprehensive CDMO service proposition and growing self-test distribution platform that we are well placed to deliver further revenue growth in FY 2025 and beyond."

As of 1010 BST, Abingdon shares rallied 8.80% to 10.88p.

Reporting by Iain Gilbert at Sharecast.com