Abcam revenues continue to grow

10/01/2017

Abcam plc, a global leader in the supply of life science research tools, announces the following unaudited trading update ahead of its results for the six months ended 31 December 2016. (1)

 

The company writes:

Overall we expect revenue growth of 10.0% (2) on a constant currency basis and 30.4% on a reported basis. We remain on track to deliver against our revenue expectations for the full year.

Catalogue revenue grew by 10.7% in the first half of the year. Growth from primary antibodies continues to outpace market growth rates, largely driven by RabMAb® product revenue, which grew by 26.6% (ahead of our full year 2016/17 guidance of 18-22%). Non-primary antibody product revenues grew by 15.7%, which is lower than our full year guidance of 20-25% due to one-time large volume orders that have not been repeated in this half year. 

Our business in China continues to deliver and we expect revenue growth of 29.4%, well ahead of the market growth rate in the territory. 

Custom products and licensing revenue, which represented 6.7% of the total for the period, increased by 0.5%.  As anticipated, revenues from these activities were affected by changes in historic licensing and supply agreements.

Investments in R&D, organisation, systems, and facilities all continue according to plan and underlying gross margins remain in line with expectations. We will provide a fuller update on overall progress in our half year results in March

Commenting on the update, Alan Hirzel CEO said: "We have maintained revenue momentum delivering more than twice market revenue growth in the period. Our award winning website, unique products and fast service enable Abcam to better serve researchers to achieve their mission faster. Overall, we continue to make good progress against our strategic and investment objectives and continue to see growth opportunities for Abcam.”

The Company will report its interim results for the six-month period ended 31 December 2016 on 6 March 2017.   In addition, Abcam’s CEO will be presenting at the 35th Annual JP Morgan Healthcare Conference on Wednesday 11 January 2017 at 4.30 pm PST at the Westin St Francis Hotel, San Francisco, California.  A replay of the presentation will be available in the investor section of the Abcam website for 90 days following the conference.

 

(1) This announcement, including any information included or incorporated by reference in this announcement, may contain forward-looking statements (including words such as "believe", "expect", "estimate", "intend", "anticipate" and words of similar meaning) which are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Abcam group. All statements other than statements of historical facts may be forward-looking statements and should not be treated as guarantees of future performance. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of the Abcam group, and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements speak only as at the date of this announcement and accordingly undue reliance should not be placed on such statements. The Abcam group does not assume any obligation to, and does not intend to, revise or update these forward-looking statements, except as required pursuant to applicable law.

(2) Except where otherwise indicated, all revenues are provided on an unaudited, constant currency basis.

Abcam

+ 44 (0) 1223 696 000

Alan Hirzel, Chief Executive Officer

Gavin Wood, Chief Financial Officer

Julia Wilson, Investor Relations

 

J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker

+ 44 (0) 20 7742 4000

James Mitford / Chris Cargill

 

FTI Consulting

Ben Atwell / Brett Pollard / Natalie Garland-Collins

+44 (0) 20 3727 1000

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Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission, faster.

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