Abingdon Health PLC on Tuesday reported a widened loss, despite an improved second half performance, as higher expenses outweighed rising sales.
The York, England-based maker of lateral flow diagnostic tests said its pretax loss stretched to £3.5 million in the financial year ending June from £1.4 million the year prior.
Adjusted earnings before interest, tax, depreciation and amortisation widened to £2.6 million from £1.1 million.
Revenue increased 34% to £8.4 million from £6.1 million but was outstripped by 45% growth in administrative expenses to £7.7 million from £5.3 million.
Abingdon Health said financial performance was significantly stronger in the second half of the financial year due to the impact of several new contracts, a full period contribution from CS Lifesciences and the typical seasonality of the group’s business.
Revenue of £5.5 million in the second half of the financial year, improved from £3.1 million in the first half. Adjusted Ebitda loss was £700,000 in the six months to June compared to a £1.9 million loss in the prior six months period.
Executive Chair Chris Hand said that following some ‘temporary headwinds’ in the first half of the financial year ‘we have seen a significantly stronger performance in H2.’
‘The momentum has continued into the current financial year, and we are confident of reporting continued progress in FY26,’ Hand added.
Shares in Abingdon Health fell 11% to 7.50 pence each in London on Tuesday. They had risen strongly on Monday after reporting an around $2 million US lateral flow contract win.
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