Lateral flow test developer Abingdon Health PLC (AIM:ABDX) was up 13% on Tuesday, after forecasting full-year revenue would be “materially higher” than in 2022.
First-half revenue was £1.1mln, but the AIM-listed Abingdon predicted it would surpass the £2.8mln mark recorded in 2022 over the full year with “strong revenue growth” also expected further out in 2023.
Earnings will be helped by cost cuts, which saw its headcount reduced from 123 to 86 people.
“The board anticipates that the company's cash burn will reduce significantly” as a result, it said in a trading update, with breakeven predicted in 2024
“We have established a great team and a strong platform able to offer lateral flow development and automated manufacturing services to an expanding base of loyal and new customers,” non-executive chairman Chris Hand said.
Hand added that non-Covid growth is behind the uptick in sales.
Shares rose 13% to 5.7p from 5p.