TIDMABDX
RNS Number : 8472U
Abingdon Health PLC
31 March 2023
Abingdon Health plc
("Abingdon" or "the Company")
Interim Results
Now positioned as a fully integrated CDMO focused on lateral
flow testing, with strong commercial traction
York, U.K. - 31 March 2023: Abingdon Health plc (AIM: ABDX), a
leading international lateral flow contract development and
manufacturing organisation (CDMO), announces its unaudited interim
results for the six months ended 31 December 2022.
Operational highlights (including post-period):
-- The Company has successfully transitioned its activities away
from COVID-19 and is now operating as a fully integrated CDMO
maintaining its full focus on lateral flow testing.
-- Strong revenue traction from a diverse range of customers
across all aspects of Abingdon's fully integrated CDMO solution,
including contract development, technical transfer, manufacturing,
and regulatory, quality assurance and commercial support.
-- The Company's opportunity pipeline remains robust and the
Board believes Abingdon's lateral flow CDMO proposition will
continue to yield further contract service opportunities over the
course of 2023 and beyond.
-- The Company's product revenue growth, including the Abingdon
Simply Test(TM) range, is encouraging with further own brand and
third-party product launches. New product launches, including
Salistick(TM), the first ever saliva pregnancy test, are planned in
due course.
-- The Company is currently working with a number of new
customers across 11 different contract service projects in multiple
areas (vs three as at 1 July 2022) with two additional contracts
signed, work on which will commence in Q4 2023.
Financial highlights:
-- Revenue of GBP1.1m for the six months to December 2022 (H1
2022: GBP1.7m) expected to be significantly improved in H2 2023 and
FY 2023 revenues are expected to be materially higher than FY 2022
revenues of GBP2.8m.
-- At 31 December 2022, the Company had GBP4.4m cash. Current
cash is in line with the Board's expectations and is expected to be
GBP3.7m as at 31 March 2023. The primary objective of the Board is
to move the Company to a breakeven and cash flow positive position
which it forecasts will be achieved in FY 2024.
-- Gross margin increased slightly to 25.9% when compared to the
prior year (2022: 25.4% when adjusted for stock provisions of
GBP1.6m for comparability) which represents the cost savings from
the reduction in headcount in the year as well as the positive
impact from sales mix.
-- Reduction in adjusted(1) EBITDA loss of GBP2.2m in the period
(H1 2022: adjusted(2) EBITDA loss of GBP4.8m) predominantly driven
by cost-savings, mainly due to a reduction in headcount.
Outlook
-- Successfully transitioned the Company towards a non-COVID
customer base with a solid pipeline of opportunities.
-- Signed another two CDMO contracts post-period end and these
projects are in the process of onboarding.
-- Based on current trading to date and contracted business in
H2 2023, the Board is confident that second half revenues will be
materially ahead of H1 2023.
Chris Yates, CEO at Abingdon Health plc, commented: "Our
dedicated lateral flow CDMO service continues to gain traction with
a number of new customers onboarded in recent months. Importantly,
all of our CDMO activities are non-COVID-19 and are spread across a
range of sectors including clinical and animal health. We believe
our fully integrated CDMO service is offering customers a
straightforward solution to bring their products to market in the
most cost-effective and efficient manner. We are also pleased with
the progress that our lateral flow product portfolio, including
Abingdon Simply Test(TM), is making; and whilst we are still in an
early phase of our strategy, the distribution channels we have
worked hard to build are beginning to generate repeatable
revenues.
"Our focus is to continue to grow our commercial pipeline,
increase our revenues and ultimately achieve profitability and a
positive cash flow position. I would like to thank the Abingdon
team for their unwavering commitment and support during a period of
significant change which has been greatly appreciated by me and the
rest of the Board."
Dr Chris Hand, Non-Executive Chairman of Abingdon Health plc,
said : "Abingdon continues to build revenue across lateral flow
development, technical transfer and manufacture. In addition, the
Company's regulatory support gives customers an end to end offering
of lateral flow expertise. The Abingdon Simply Test(TM) range
brings this expertise and knowledge in lateral flow testing to the
consumer and we will continue to expand our offering including
unique products such as the Salistick (TM) .
"The next phase of growth for the business brings the Company
towards the Board's primary objective of the achievement of a cash
flow positive position. On behalf of the Board of Abingdon Health
plc, I would like to thank our colleagues, customers, partners and
shareholders for their continued support."
(1) adjusted for amortization, depreciation, share based payment
expense and non-recurring redundancy costs and professional fees as
well as adjustments relating to IFRS 16
(2) adjusted for amortization, depreciation, share based payment
expense and non-recurring legal fees
For further information, please contact:
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
Singer Capital Markets (Sole Broker Tel: +44 (0)20 7496 3000
and Nominated Adviser)
Peter Steel, Alex Bond
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44
Phillip Marriage (0)7407 804 654 +44 (0)7867
984 082
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement
via the Regulatory Information Service, this inside information is
now considered to be in the public domain.
About Abingdon Health plc
Abingdon Health is a leading lateral flow contract development
and manufacturing organisation ("CDMO") offering its services to an
international customer base across industry sectors that include
clinical, animal health, plant health, and environmental testing.
Abingdon Health has the internal capabilities to take projects from
initial concept through to routine and large-scale manufacturing;
from "idea to commercial success."
The Company's CDMO division offers product development,
regulatory support, technology transfer and manufacturing services
for customers looking to develop new assays or transfer existing
laboratory-based assays to a lateral flow format. Abingdon Health
aims to support the increase in need for rapid results across many
industries and locations and produces lateral flow tests in areas
such as infectious disease, clinical testing including companion
diagnostics, animal health and environmental testing.
Abingdon Health's Abingdon Simply Test (TM) range of self-tests
is an ecommerce platform that offers a range of self-tests to
empower consumers to manage their own health and wellbeing. The
Abingdon Simply Test (TM) ecommerce site offers consumers a range
of information to support them in making informed decisions on the
tests available. In addition, the site provides Abingdon's contract
services customers with a potential route to market for self-tests.
The Abingdon Simply Test(TM) range is also sold through
international distributors and through other channels in the UK and
Ireland such as pharmacy chains.
Founded in 2008, Abingdon Health is headquartered in York,
England.
www.abingdonhealth.com
BUSINESS REVIEW
Strategy
Abingdon Health's mission is to make rapid testing accessible to
all. We seek to achieve this in two ways. Firstly, by providing our
customers with a comprehensive lateral flow contract development
and manufacturing service ("CDMO") to bring their products to
market in the most efficient and cost-effective way. Secondly,
through the distribution of a range of lateral flow self-test
products, both online and via third party distributors, the
majority of which are branded Abingdon Simply Test(TM) .
Lateral Flow CDMO services
Abingdon provides its customers with an integrated CDMO service.
This covers feasibility, optimisation, scale-up, technical transfer
and manufacturing. In addition, we offer a range of other services
such as regulatory and commercial support, meaning that we can
provide customers with all the services required to take their
project from idea to commercial launch and large-scale
manufacture.
We are pleased with the progress our CDMO service has made in
the past period. As set out in our February 2023 trading statement,
we commenced an additional two new technical transfer projects,
three new R&D projects, and two new regulatory projects in
December 2022, illustrating the growing commercial momentum in this
offering. At the time of the trading statement, we noted we were
working with a number of customers across 11 different contract
service projects in multiple areas (vs three as at 1 July 2022).
Since then, we have signed another two CDMO contracts and these
projects are in the process of onboarding. The pipeline remains
robust, and we anticipate bringing more customers onboard as we see
the current projects transfer from development into technical
transfer which will free up our development team to take on further
projects. Importantly, all our activities in CDMO are now focused
on non-COVID-19 sectors and we believe this offers a more stable
and sustainable business pipeline.
We were pleased to announce our strategic partnership with Senzo
Health (Senzo) in March 2023 which will see Abingdon support Senzo
by providing CDMO services to Senzo's partners to enable them to
develop and manufacture new rapid tests utilising Senzo's
cutting-edge high-sensitivity Amplified Lateral Flow platform.
We remain optimistic on the prospects for the lateral flow
market. Recent market estimates suggest the lateral flow market
will reach nearly $23 billion by 2027 (Source: MarketsandMarkets)
and we believe that this will be driven by new product development
which will offer further opportunities for the Group to grow its
CDMO business for the foreseeable future.
Abingdon Simply Test(TM) and related products
Abingdon launched the Abingdon Simply Test(TM) range of
self-test products online in July 2022 and we continue to grow the
portfolio of products sold on our e-commerce platform. The product
range has recently expanded to include a Strep A test and a
Flu/COVID combination test. We currently have 16 products for sale
on the platform. The Company is broadening the channels to market
to include retail chains and other e-commerce channels such as
Amazon. Abingdon Simply Test(TM) launched in a major pharmacy chain
in Ireland in February 2023 and we are pleased to see repeat orders
from this customer. Further distribution channels have been
established in H1 2023 and early in H2, including a number of
country-specific distribution agreements. The Company is aiming to
add further self-tests, including those developed through its
contract service activities, over the rest of FY 2023. Abingdon
anticipates launching one of its CDMO customer's tests, the
Salignostics Salistick (TM) saliva pregnancy test, on the Abingdon
Simply Test(TM) site, in due course. We were pleased to see
Salistick (TM) achieve Medicines and Healthcare products Regulatory
Agency (MHRA) approval in March 2023 and will therefore be
available for sale in the United Kingdom and we remain on target
for an exclusive launch of Salistick (TM) on the Abingdon Simply
Test(TM) website and on Amazon before the end of this financial
year.
People
During the six months to 31 December 2022, the Company further
reduced its headcount to 74, from 93 at 30 June 2022. This was part
of our planned restructure as we refocused the activities of the
business towards the CDMO pipeline of opportunities. Post-period
end, headcount has increased to 81 with recruitment focus on
development scientists to support the strong revenue growth in the
Contract Development revenue stream.
Financial Performance
Revenues fell in the period to GBP1.1m (2022: GBP1.7m) but on a
like-for-like basis, excluding revenues from COVID related products
in both periods, underlying sales grew 15% (and more strongly in
Contract Development where non-COVID business increased 64%).
The gross profit margin for the period improved slightly to
25.9% against the prior year which, when adjusted for the GBP1.6m
stock obsolescence provision for comparability, gave an adjusted
gross margin of 25.4%, (or -67% in H1 2022 including the
provision). The gross margin continues to reflect the
underutilization of the contract manufacturing infrastructure,
however margins are expected to improve as revenue continues to
grow from signed contracts already underway and the pipeline of
opportunities in progress as outlined above.
Administration costs reduced to GBP2.6m (2022: GBP3.7m) from the
cost saving measures taken such as reductions in headcount and in
other costs such as the business reducing its lease obligations on
its site in York, which resulted in a reduction in site space and
associated lease costs. This resulted in a reduction in the total
value of the lease liability, which, when adjusted for the carrying
value of the right of use asset resulted in a net gain of
GBP0.3m
Adjusted operating loss has decreased significantly from the
prior period to a loss of GBP2.2m (2022: loss of GBP4.8m) from the
savings resulting from the actions taken described above.
The Company's cash balance at 31 December 2022 was GBP4.4m and
is expected to be GBP3.7m at 31 March 2023. We also anticipate our
adjusted EBITDA loss to reduce in H2 2023 compared to H2 2022 due
to increased sales and the cost reductions made. The Group produces
outward forecasts over a period of at least 12 months which are
sensitised to reflect the companies expected cash position under
various trading circumstances and believes that it has operating
headroom for at least this length of time.
Current Trading and Outlook
As set out in our trading statement in February 2023 the Board
remains confident of achieving material revenue growth for FY23
compared to FY22, with revenues in H2 2023 significantly ahead of
H1 2023. In particular, growth in non-COVID-19 revenues in FY23
compared to FY22 will be a key indicator of the progress the
Company has made in repositing itself as a CDMO service business in
a post-COVID-19 environment.
Our key focus remains on continued revenue growth and
progression towards profitability and a cashflow positive position.
Our target is to achieve this in FY 2024 and we believe that this
year will put the foundations in place to allow us to achieve
this.
Consolidated Statement of Total Comprehensive Income
For the period ended 31 December 2022
Unaudited Unaudited Audited
Notes 6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Revenue 1 1,111 1,704 2,835
Cost of sales (823) (2,844) (6,427)
-------------
Gross profit/(loss) 288 (1,140) (3,592)
Administrative expenses (2,563) (3,664) (6,645)
Other income 80 50 240
------------------------------- -------- ------------- -------------- ----------
Adjusted EBITDA (before
adjusting items) (2,195) (4,754) (9,997)
Amortisation (7) (58) (121)
Depreciation (323) (581) (1,516)
Impairment charges - - (7,192)
Share-based payment expenses (7) (100) (231)
Non-recurring legal,
professional and fundraising
fees (18) (198) (688)
Non-recurring redundancy
costs (162) - (198)
Other exceptional costs
relating to DHSC settlement - - (1,585)
Exceptional income 2 305 - -
Operating loss (2,407) (5,691) (21,528)
Finance income 32 - 4
Finance costs (31) (34) (69)
Loss before taxation (2,406) (5,725) (21,593)
Taxation (15) (9) 331
Loss for the period (2,421) (5,734) (21,262)
------------- -------------- ----------
Other comprehensive loss - - -
Total comprehensive
loss for the period (2,421) (5,734) (21,262)
------------- -------------- ----------
Attributable to:
Equity holders of the
parent (2,421) (5,734) (21,262)
Basic earnings per share
(pence) 3 (0.80) (2.05) (7.29)
------------- -------------- ----------
Diluted earnings per
share (pence) 3 (0.80) (2.05) (7.29)
------------- -------------- ----------
Consolidated Statement of Financial Position
For the period ended 31 December 2022
Notes Unaudited Unaudited Audited
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill - 763 -
Other intangible assets 46 445 36
Property, plant and equipment 1,494 8,764 1,777
1,540 9,972 1,813
------------- ------------- ---------
Current assets
Inventories 183 7,736 534
Trade and other receivables 824 9,592 7,844
Income tax debtor 86 155 183
Cash and cash equivalents 4,450 5,961 2,397
------------- ------------- ---------
5,543 23,444 10,958
------------- ------------- ---------
Total assets 7,083 33,416 12,771
------------- ------------- ---------
LIABILITIES
Current liabilities
Trade and other payables 1,972 10,263 5,059
Borrowings 52 125 115
Obligations under leases 83 220 150
2,107 10,608 5,324
------------- ------------- ---------
Non-current liabilities
Borrowings 690 311 435
Obligations under leases 268 668 580
-------------
958 979 1,015
------------- ------------- ---------
Total liabilities 3,065 11,587 6,339
------------- ------------- ---------
Net assets 4,018 21,829 6,432
------------- ------------- ---------
EQUITY
Attributable to the owners
of the parent:
Share capital 4 76 76 76
Share premium 30,309 30,309 30,309
Share based payment reserve 5 79 121 153
Retained earnings (26,446) (8,677) (24,106)
Total equity 4,018 21,829 6,432
------------- ------------- ---------
Consolidated Statement of Changes in Equity
For the period ended 31 December 2022
Share Share Share Retained Total equity
capital premium based payment earnings attributable
reserve to owners
of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2021 69 24,180 44 (2,966) 21,327
Loss - - - (5,734) (5,734)
Total comprehensive loss for the period - - - (5,734) (5,734)
Share option expense - - 100 - 100
Share options forfeited - - (23) 23 -
Issue of shares 7 6,493 - - 6,500
Cost of issue of shares - (364) - - (364)
At 31 December 2021 76 30,309 121 (8,677) 21,829
--------- --------- --------------- ---------- ---------------
Loss - - - (15,528) (15,528)
Total comprehensive loss for the period - - - (15,528) (15,528)
Share option expense - - 131 - 131
Share options exercised - - (10) 10 -
Share options forfeited - - (89) 89 -
At 30 June 2022 76 30,309 153 (24,106) 6,432
--------- --------- --------------- ---------- ---------------
Consolidated Statement of Changes in Equity (continued)
For the period ended 31 December 2022
Share Share Share Retained Total equity
capital premium based payment earnings attributable
reserve to owners
of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss - - - (2,421) (2,421)
---------- --------- --------------- ---------- ---------------
Total comprehensive loss for the period - - - (2,421) (2,421)
Share option expense - - 7 - 7
Share options exercised - - (4) 4 -
Share options forfeited - - (77) 77 -
Issue of shares - - - -
At 31 December 2022 76 30,309 79 (26,446) 4,018
---------- --------- --------------- ---------- ---------------
Notes to the Interim Financial Statements
For the period ended 31 December 2022
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 30 June
31 December 31 December 2022
2022 2021
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loss for the period (2,421) (5,734) (21,262)
Adjustment for:
Other income (80) (50) (240)
Exceptional income (305) - -
Net finance (income)/costs (1) 34 65
Tax charge/(credit) 15 9 (331)
Amortisation and impairment of intangible
assets 7 58 1,270
Share based payments 7 100 231
Depreciation and impairment of property,
plant and equipment 323 581 7,559
(Profit)/loss on disposal of property,
plant and equipment (14) 39 240
Impairment of inventories (including
DHSC) - - 9,676
Insurance claim proceeds - - 146
Changes in working capital:
Decrease/(increase) in inventories 351 152 (2,322)
Decrease in trade and other receivables 7,020 385 2,134
Decrease in trade and other payables (3,068) (134) (5,170)
------------- -------------- ------------------
Cash used in operations 1,834 (4,560) (8,004)
Interest paid (31) (34) (58)
Income taxes received 162 1 323
------------- -------------- ------------------
Net cash generated from/(used in)
operating activities 1,965 (4,593) (7,739)
------------- -------------- ------------------
Cash flow from investing activities
Interest received 32 - 4
Purchase of intangible assets (18) (39) (78)
Purchase of property, plant and
equipment (40) (342) (682)
Net cash used in investing activities (26) (381) (756)
------------- -------------- ------------------
Cash flow from financing activities
Net proceeds from issue of own shares
(net of costs) - 6,135 6,136
Cash withheld for SAYE scheme - (3) (7)
Proceeds from new bank loans and
borrowings 250 - 167
Repayment of loans (63) (58) (125)
Payment of lease obligations (73) (116) (144)
Payment on settlement of accrued
lease obligations - - (112)
Net cash generated from investing
activities 114 5,958 5,915
------------- -------------- ------------------
Increase/(decrease) in cash and
cash equivalents 2,053 984 (2,580)
Net cash and cash equivalents at
beginning of the period 2,397 4,977 4,977
------------- -------------- ------------------
Net cash and cash equivalents at
end of period 4,450 5,961 2,397
------------- -------------- ------------------
Notes to the Interim Financial Statements
For the period ended 31 December 2022
Company information
Abingdon Health PLC ("the Company") is a public limited company
domiciled and incorporated in England and Wales. The Company is
quoted on the London Stock Exchange's Alternative Investment Market
("AIM"). The registered office is York Biotech Campus, Sand Hutton,
York, YO41 1LZ. The consolidated financial information (or
"financial statements") incorporates the financial information of
the Company and entities (its subsidiaries) controlled by the
Company (collectively comprising the "Group").
The principal activity of the Group is to develop, manufacture
and distribute diagnostic devices and provide consultancy services
to businesses in the diagnostics sector.
Significant accounting policies
The Group has presented below key extracts of its accounting
policies. All policies are consistent with the previous statutory
financial statements for the year ended 30 June 2022 and are
expected to be consistently applied for the current year ended 30
June 2023 inclusive of these changes.
Basis of preparation
These financial statements have been prepared in accordance with
UK adopted international accounting standards ("IFRS") insofar as
these apply to interim financial statements.
The financial information set out in these interim consolidated
financial statements for the six months ended 31 December 2022 is
unaudited. The financial information presented are not statutory
accounts prepared in accordance with the Companies Act 2006, and
are prepared only to comply with AIM requirements for interim
reporting.
The Group's financial statements for the year ended 30 June 2022
have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not
contain a statement under Section 498 (2) of the Companies Act
2006.
Basis of measurement
The financial statements have been prepared on the historical
cost basis, modified to include the revaluation of certain
financial instruments at fair value.
Use of estimates and judgements
The preparation of the financial statements in conformity with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income, and expenses. The
estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods
affected.
Going concern
As at 31 December 2022, the Group has net current assets. The
Group has a number of contracts in place which generate revenues
and are expected to continue doing so. The Group also has
significant unused cash reserves available which are expected to
provide an operating headroom for a period of at least 12 months
which is supported by the cash flow forecasts prepared for a period
no less than 12 months out and which are sensitised to reflect the
companies expected cash position under various trading
circumstances.
The Group continues to focus on securing sales of existing and
new products.
Basis of consolidation
The Group financial information consolidates those of the
Company and the subsidiaries that the Company has control of.
Control is established when the Company is exposed, or has rights,
to variable returns from its involvement with the subsidiary and
has the ability to affect those returns through its power over the
subsidiary.
Electronic communications
The Company is not proposing to bulk print and distribute hard
copies of this Interim Report for the six months ended 31 December
2022 unless specifically requested by individual shareholders. The
Board believes that by utilising electronic communication it
delivers savings to the Company in terms of administration,
printing and postage, and environmental benefits through reduced
consumption of paper and inks, as well as speeding up the provision
of information to shareholders.
News updates, Regulatory News and Financial statements can be
viewed and downloaded from the Group's website,
www.abingdonhealth.com/investors. Copies can also be requested
from: Company Secretary, Abingdon Health PLC, York Biotech Campus,
Sand Hutton, York YO41 1LZ.
Share-based payment
The fair value of equity-settled share-based payments to
employees is determined at the date of grant and is expensed on a
straight-line basis over the vesting period based on the Group's
estimate of shares or options that will eventually vest.
1. Revenue
The Group applies IFRS 15 'Revenue from contracts with
customers'. Under IFRS 15, the Group applies the 5-step method to
identify contracts with its customers, determine performance
obligations arising under those contracts, set an expected
transaction price, allocate that price to the performance
obligations, and then recognises revenues as and when those
obligations are satisfied.
Segmental analysis of revenue
Unaudited Unaudited
6 months 6 months Audited
to to 12 months
31 December 31 December to 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Product sales 165 203 465
Contract manufacturing 433 614 1,124
Contract development 513 887 1,246
Total revenue from contracts
with customers 1,111 1,704 2,835
------------- ------------- ------------
Revenue analysed by geographical market
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
United Kingdom 333 1,013 1,417
United States of America 99 67 182
Europe 575 523 1,072
Rest of World 104 101 164
---------------- ---------------- ------------
1,111 1,704 2,835
---------------- ---------------- ------------
2. Exceptional Income
The exceptional income represents gains made on a significant
modification to one of the Group's leases whereby it reduced site
space and associated lease costs. This resulted in a release from
the total value of the lease liability, which exceeded the carrying
amount of the right of use asset immediately prior to modification.
This has resulted in a net gain of GBP390,000 (2021 - GBPnil) which
is included within exceptional income in the Income Statement. Set
against this is an impairment of GBP85,000 (2021 - GBPnil) of the
modified right of use asset to reduce this asset to the carrying
value of the pre-modification right of use asset immediately prior
to lease modification, to align with the impairment charge included
within the FY22 financial statements.
3. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
31 December 31 December 30 June
2022 2021 2022
Earnings used in calculation
(GBP'000s) (2,421) (5,734) (21,262)
Number of shares 304,033,096 279,428,969 291,622,638
Basic EPS (p) (0.80) (2.05) (7.29)
Number of dilutable shares 304,033,096 279,428,969 291,622,638
Diluted EPS (p) (0.80) (2.05) (7.29)
The directors have presented adjusted earnings as a measure of
ongoing profitability and performance, and before deduction of
share-based payment costs and listing costs. The calculated
adjusted earnings for the current period of accounts is as
follows:
Adjusted Earnings per Share 6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2022 2021 2022
GBP'000s GBP'000s GBP'000s
Loss after taxation (2,421) (5,734) (21,593)
Adjusted for:
Share based payment 7 100 231
Impairment charge - - 7,192
Non-recurring legal fees 18 198 688
Non-recurring employee redundancy
costs 162 - 198
Exceptional costs relating to
settlement of DHSC contract - - 1,585
Depreciation and amortisation 330 639 1,638
Finance costs 31 34 69
Exceptional income (305) - -
Adjusted Earnings (2,178) (4,763) (9,992)
------------- ------------- ---------
6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2022 2021 2022
Adjusted earnings (GBP000s) (2,178) (4,763) (9,992)
Number of shares 304,033,096 279,428,969 291,622,638
Adjusted EPS (p) (0.72) (1.70) (3.43)
Number of dilutable shares 304,033,096 279,428,969 291,622,638
Adjusted diluted EPS (p) (0.72) (1.70) (3.43)
4. Share capital
31 December 31 December 30 June
2022 2021 2022
Ordinary share capital
Authorised Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,699,114 121,711,614
Deferred ordinary shares of
0.025p each 182,316,812 182,316,812 182,316,812
------------ ------------ ------------
304,033,634 304,015,926 304,028,426
------------ ------------ ------------
Allotted and fully paid Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,699,114 121,711,614
Deferred ordinary shares of
0.025p each 182,316,812 182,316,812 182,316,812
------------ ------------ ------------
304,033,634 304,015,926 304,028,426
GBP'000 GBP'000 GBP'000
Ordinary shares of 0.025p each 31 31 31
Deferred ordinary shares of
0.025p each 45 45 45
------------ ------------ ------------
76 76 76
------------ ------------ ------------
Reconciliation of movements during the periods:
Ordinary Deferred
Shares Ordinary
Shares
At 1 July 2021 95,699,114 182,316,812
Issue of shares for cash 26,000,000 -
At 31 December 2021 121,699,114 182,316,812
------------ ------------
Exercise of share options 12,500 -
At 31 December 2021 121,711,614 182,316,812
------------ ------------
Exercise of share options 5,208 -
At 31 December 2022 121,716,822 182,316,812
------------ ------------
5. Share options
The following movements on share options have been recognised in
the period:
Number of share options Weighted average exercise
price
31 December 31 December 30 31 December 31 December 30
2022 2021 June 2022 2021 June
2022 2022
Number Number Number GBP GBP GBP
Outstanding
at start of
period 219,781 729,467 729,467 0.5057 0.5071 0.5071
Exercised (5,208) - (12,500) 0.0003 - 0.0003
Issued 4,119,286 - - 0.07 - -
Forfeited (27,444) (129,273) (497,186) 0.3281 0.5139 0.5755
Outstanding
at end of period 4,306,415 600,194 219,781 0.0818 0.5057 0.3997
------------ ------------ ---------- ------------ ------------ -------
Exercisable
at end of period - - - - - -
------------ ------------ ---------- ------------ ------------ -------
The options outstanding at 31 December 2022 had an exercise
price ranging from GBP0.00025 to GBP0.70 and a remaining
contractual life of between 1 years 3 months and 10 years. The
options exist at 31 December 2022 across the following share option
schemes:
Number of Exercise Vesting
shares price per period
share (GBP)
Options issued in April 2021 95,838 0.00025 1 year
SAYE scheme commenced in March
2021 91,291 0.70 3 years
Options issued in December 2022 4,119,286 0.07 3 years
4,306,415
----------
The fair value of the scheme represents the reduced fair value
after adjusting for leavers and is being expensed over the vesting
period. All share options expire 10 years after the date of
issue.
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END
IR DBLFXXXLBBBB
(END) Dow Jones Newswires
March 31, 2023 02:00 ET (06:00 GMT)
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