The Cambridge based company writes:
Overall, we expect to report total first half revenue of £147.5 million (H1 2020: £138.2 million), representing growth of 8.3% on a constant currency basis and 6.7% on a reported basis. In-house products represented over 55% of total revenue and grew by over 25%.
On a constant currency basis, catalogue revenue, representing 95% of the total, grew approximately 8.0% in the half whilst CP&L(1) revenue grew double-digit. We grew high single- to double-digits in all regions other than the Americas where customer laboratory activity has been more constrained due to COVID-19.
Gross margin is expected to be in line with board expectations at approximately 70.5%, ahead of the first half of last year (H1 2020: 69.7%). We expect to report an adjusted operating margin for the first half of approximately 16%.
We continued to build capabilities, invest in innovation and implement our multi-year growth strategy throughout the period. We were also pleased to complete our US equity listing of American Depositary Shares (ADSs) on The Nasdaq Global Select Market (“Nasdaq”) in October.
Commenting on the first half performance, Alan Hirzel, CEO of Abcam said: “It is great to see the business return to growth in a market environment where demand is well below normal levels. This performance gives us confidence in the long term opportunity at Abcam. Thank you to our customers for trusting Abcam to support their work during this challenging time and thank you to our global team for their dedication and making our results possible.”
This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of Abcam plc. All figures are provisional and subject to further review. It should not be relied on by any other party for other purposes.
(1) CP&L (Custom Products & Licensing) includes custom development services, in vitro diagnostic (IVD) sales and royalty and licence income