York, U.K. 24 November 2022: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality, rapid diagnostic tests, announces its preliminary results for the year ended 30 June 2022.
Financial highlights
· Revenue of £2.8m (2021: £11.6m) with prior year impacted by one-off COVID-19 revenues
· Adjusted* EBITDA loss of £10.0m (2021: £3.3m loss) due to significant increase in, and subsequent unwinding of, operational headcount to meet anticipated COVID-19 demand which did not come to fruition
· Loss for the period of £21.3m (2021: £7.0m loss), includes £7.2m impairment charge (2021: £nil)
· Cash as at 30 June 2022: £2.4m (2021: £5.0m) and as at 31 October 2022 of £4.4m
· Net cash outflow from operating activities of £7.7m (2021: £12.9m), driven in part by a reduction year-on-year in payables.
* Adjusted EBITDA stated before deduction of non-recurring costs, impairment of intangibles and share based payment
Operational highlights (including post-period end)
· Settlement agreement reached with the Department of Health and Social Care (“DHSC”) on the outstanding invoices payable by DHSC for lateral flow tests and component stock, with £6.3m cash being received in July 2022 in full settlement
· Outcome of Judicial Review proceedings initiated by the Good Law Project Limited (“GLP”) against DHSC in which Abingdon was an interested party ruled in favour of the DHSC on all grounds, confirming that contract award decisions by DHSC, for the development and manufacture of lateral flow test kits for COVID-19 antibodies by Abingdon, were lawful and complied with the principles of public law
· Launched e-commerce self-test site , marketing a range of Abingdon Simply Test and other branded self-test products
· Strategy focused on provision of Contract Development and Manufacturing (“CDMO”) services given anticipated growth in demand within the lateral flow market
· Strong pipeline of contract development, regulatory and technical transfer opportunities.
Chris Yates, Chief Executive Officer, Abingdon Health plc, commented:
“The last two years within the lateral flow market have been dominated by COVID-19 with little other contract development activity being undertaken by customers or prospective customers. In addition, a great deal of our own focus has been spent on successfully resolving unwarranted legal challenges which were an unwelcome distraction and a significant use of our time and resources.
“It is pleasing to see the industry refocus on a much broader range of applications of lateral flow technology in other health and non-health areas. As a knowledge leader in lateral flow, and with our comprehensive contract service offering, we believe we are well-placed to support customers in bringing their products to market and grow our business.”
Enquiries:
Abingdon Health plc
www.abingdonhealth.com/investors/
Chris Yates, Chief Executive Officer
Via Walbrook PR
Melanie Ross , Chief Financial Officer
Chris Hand, Non-Executive Chairman
