Abingdon Health of York Achieves Remarkable Revenue Growth with More than Doubled Earnings
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Abingdon Health of York Achieves Remarkable Revenue Growth with More than Doubled Earnings

In a trading update last week, the company, based at the Biotech Campus at Sand Hutton, said this growth was driven by its contract service customer base across lateral flow research and development, technical transfer, manufacturing, analytical, and regulatory services.

Last autumn the company, founded in 2008, reported success following a shift from Covid-19-related products, though staffing had reduced sharply. A restructure in 2022 saw staff numbers decline from 130 to 82.

Looking forward into H2 2023/4 the business said it was confident in its prospects for the second half of the financial year and beyond, underpinned by both projects already under way and in its near-term pipeline.

Chris Yates, CEO, said: “We are pleased to report triple-digit revenue growth in the first six months of the financial year.

“We remain focused on continuing to drive revenue growth and strengthening our position as a leading lateral flow CDMO contract services business.

“We look forward to continuing to support the product development plans of our existing customers and we are also encouraged by the breadth and depth of the pipeline of contract service opportunities we are pursuing.

He added: “Progress within our product business, including Abingdon Simply TestTM, is also encouraging, and we look forward to updating shareholders on further progress in both divisions in due course.”

The update also reported The Board confirmed the promotion of Laura Towse, who has been with the business since June 2023, to Group Financial Controller effective 1 January 2024.

Andrew Feather, interim Finance Director, will leave the business in January, it continued.

It added: “The Board would like to thank Andrew for his support during this interim period and wish him well for the future. Laura will report into Chris Yates, CEO, who is a qualified Chartered Accountant.”