Abingdon Health, a diagnostics company based in the UK, has announced that its pretax loss for the year ended June 30 has narrowed to £3.55 million ($4.3 million) compared to a loss of £21.6 million in the previous year. This improvement can be attributed to the company's increased commercial momentum and continued collaboration with current and new customers on various contract service projects.
Revenue Growth and Reduced Costs Drive Improvement
Abingdon Health has experienced a significant rise in revenue, with figures reaching £4 million compared to £2.8 million in the previous year. The company attributes this growth to its enhanced operational structuring in the first half of the year, leading to reduced costs. As a result, the cash burn rate in the second half of the year decreased substantially compared to the first half. Abingdon Health emphasizes that this positive trend in cash burn reduction has continued on a monthly basis.
Strong Financial Position and Future Outlook
As of June 30, Abingdon Health's cash balance stands at £3.2 million, up from £2.4 million in the same period last year, meeting the expectations set by the board. The company remains confident in its ability to expand its contract services customer base and capitalize on its growing pipeline of opportunities. It believes that these factors position it well for future business growth and creating value for shareholders.
Shares of Abingdon Health were down 2 pence, or 15%, at 11 pence as of 0756 GMT.
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