York-based medical diagnostics tests producer, Abingdon Health, has reported a doubling of revenues and a surge in its profits.

The company, which operates from the York Biotech Campus, with a site in Doncaster, announced the figures in its Interim Results last week.

For the six months ending December 31 2023, Abingdon Health reported revenues of £2.4m for H1 2024, which compares with £1.1m in H1 2023.

The firm also recorded a pre-tax loss of £1.2m, which is half the £2.4m pre-tax loss in the same period the previous year. There was also a gross profit recorded of £1.3m, compared with £0.3m in H1 2023.

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CEO Chris Yates said: “We are pleased with H1 2024 revenue growth of 117% and look forward to building on this in H2 2024.

“We are encouraged by the growth Abingdon’s dedicated lateral flow CDMO (contract development and manufacturing organisation) service continues to generate with our international customer base and we are pleased to have onboarded a number of new customers since the end of H1 2024.

“Our strategy remains on building our capabilities to support our customers in all the areas required to bring their lateral flow project from ‘idea to commercial success.’

“Our focus is to continue to grow our commercial pipeline, increase revenues, proactively manage costs, to achieve profitability and generate positive cashflow.”

Abingdon Abingdon Health, which was founded in 2008, aims to support the increase in need for rapid results across many industries and locations.

It produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing.

The company commented trading in the first two months of H2 2024 has been robust.

It also said it expects H2 2024 revenue will be greatly improved compared with H1 2024. Therefore, FY 2024 revenues are expected to be higher than FY 2023 revenues of £4m.