Abingdon Health upbeat on strong recent progress

(Sharecast News) - Lateral flow contract research, development and manufacturing organisation Abingdon Health reported solid progress on Friday as it held its annual general meeting. The AIM-traded firm's chief executive officer, Chris Yates, said in its annual results in October that Abingdon was well-positioned to meet the growing demand of the lateral flow market through its offering and its complementary direct sales and distribution platform.

On Friday, he said that was proving to be the case, as evidenced by the number of customers and projects the firm was working with and its continued revenue growth.

"We will provide a more comprehensive trading update in January, but I am pleased to note that our revenue for the first half of 2024 will be significantly higher than revenue for the first half of 2023."

Yates further emphasised the company's ongoing commitment to financial stability.

"We remain highly focused on continuing to grow our revenues and reducing our cash burn in the 2024 financial year and beyond.

"Our ongoing priority is moving the Company to a positive cash flow position based on continued revenue growth and stringent cost control."

At 1054 GMT, shares in Abingdon Health were up 5.71% at 9.25p.

Reporting by Josh White for Sharecast.com.