Refocussing the business away from Covid-19 is paying off for a York medical testing company, despite it sharply reducing staff numbers.

Abingdon Health has reported revenues of £4million in the year June 30, an increase of 43% on the £2.8million in 2022.

Excluding Covid-19-related activity, revenue growth was 126 per cent, the company claimed.

The H2 2023 revenue of £2.9million was also more than 2.5 times of H1 2023, which it says shows growing commercial momentum over the year.

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The Annual Report also noted an adjusted EBITDA loss of £2.9million, ‘significantly down’ on the £10million and a pre-tax loss of £3.5million (2022: £21.6million loss).

However, the business undertook a ‘reset’ in 2022, which in a restructure saw staff numbers decline from 130 to 82.

A joint statement from chairman Dr Chris Hand and CEO Chris Yates noted “a significant improvement” in trading performance due to the refocussing on the business.

York Press:

“We believe there is significant opportunity within the lateral flow market and expect to see continued strong revenue growth in 2024 and beyond.”

Abingdon Health reported success in contract research for pharmaceutical, animal health, food, plant pathogen and environmental testing.

This was helped by the pandemic raising awareness of Abingdon’s lateral-flow technology, with the total LFT market expected to grow 150 per cent to $11.7bn in the decade to 2032.

The statement said: “We remain confident that Abingdon Health’s expertise in the lateral flow industry and our in-house development and manufacturing platform, will continue to lead to sustainable revenue growth in coming years.

“Our key objective remains that of moving the Company to a positive cashflow position and we are making solid progress towards achieving this objective.”

Product innovations include the launch in June 2023 of Salistick™, the first ever saliva pregnancy test in the UK, on behalf of customer Salignostics Limited.

This is sold online at Amazon, on Abingdon’s own website, www.abingdonsimplytest.com and in 400 Superdrug stores and online at Superdrug.com. Tesco will begin selling the tests in-store and online later this year.

The statement added: “Abingdon Health is well positioned to support customers in bringing new, innovative products to market across a range of sectors. We are proud to be working with some of the leading innovators in our sector and our focus remains on expanding our customer base and driving products through development, manufacturing and to commercial success.”