(Image: Pic supplied)
Abingdon Health has reported strong financial growth and a return to profitability at the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
The York-based diagnostics company, which specialises in rapid testing technologies, posted a 32 per cent rise in total revenue to £11.3 million for the year ending June 30, 2026 (FY26), up from £8.6 million the previous year.
Adjusted EBITDA losses improved to £1.5 million from £2.6 million, with the company trading profitably at this level in the second half of the year.
Dr Chris Hand, executive chairman, said: "We have good visibility and a solid foundation of contracted revenue as we enter the new financial year and we are now attracting longer duration, larger value work to the Group.
"That said, we have experienced some short-term delays since June on a number of programmes due to a combination of factors, including availability of speciality reagents and specification updates as projects progress, and some previously active projects have been replaced by others as we move into FY27 (year to June 30 2027).
"This has resulted in certain revenue-generating activities in the first quarter of the financial year being delayed, and consequently we expect a significant second half weighting of revenue in FY27.
"We still expect to deliver significant growth in FY27 and beyond."
The company’s contract development revenue grew by 56 per cent to £5 million, a key driver of its second-half performance.
Regulatory services and medtech consulting revenue rose by 21 per cent to £4.1 million.
Abingdon expanded its US operations in Madison, Wisconsin, opening a new manufacturing hub and performance evaluation facility on September 24, 2026.
The company raised £3.2 million in net equity in October 2025 to support working capital needs and fund its US expansion.
Dr Hand said: "Having reached adjusted EBITDA profitability in the second half of FY26, the Board’s expectation is that continued revenue growth will take the Group to an improved EBITDA position for the year ending 30 June 2027 compared with FY26."
Abingdon also began trading on the OTCQB Venture Market in New York under the ticker symbol ABDXF.
The company reported a gross margin of 47.1 per cent, up from 44.3 per cent in FY25, and reduced its pre-tax loss to £2 million from £3.5 million the previous year.
Cash and cash equivalents stood at £2.9 million as of June 30, 2026.