Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Abingdon Health: disappointing year expected
Abingdon Health [LON:ABDX], the company which was propelled into the spotlight by its rapid COVID testing kits and the subsequent dispute with the DHSC, has issued a trading update this morning. It notes FY22 as having been disappointing with revenues expected to be in the region of £2.8m, down from £11.6m a year earlier, with a substantial loss expected. The business is however looking beyond LFTs for COVID, using its skills in other areas of testing, too. FY22 may have been disappointing but a growing number of international opportunities are on the agenda.
#2. Morses Club full-year results to be ready before filing deadline
Doorstep lender Morses Club [LON:MCL] has offered an update on its results timing this morning. This had faced delays off the back of the audit process, but the company advises that it expects to publish results on August 25th, just hitting the six month filing deadline given the financial year ended on February 26th.
#3. Tekcapital to IPO eyewear company
Tekcapital [LON:TEK] is an interesting play, having previously helped take a ventilator business – Bellascura – to IPO a year ago. It’s now announced that portfolio company Innovative Eyewear (a division of wholly owned Lucyd) is also to IPO, in a move that would give the company – if fully subscribed – a valuation of $55m. Tek owns 70% of this and itself has a current market cap of £49m, so if completed, such a deal would be seen as a real success.