The company writes:
The Board is pleased to report another successful year in which the business continues to grow at double digit rates, which is above the growth rates of the markets in which we operate.
Group revenue is expected to have grown at close to 27% on a reported basis and over 10% on a constant currency basis. Overall group reported gross margin is expected to be 70%, in line with market expectations.
Constant currency growth in catalogue revenues was over 11%, with RabMAb® product revenues growing by over 25%, in the middle of the full year guidance range of 23%-27% for this product group. With more than 11,000 RabMAb® products in our catalogue, they continue to be a strong driver for our business. Led by our kits and assays business, non-primary antibody revenues grew at 16% on a constant currency basis, which is in the range of our revenue growth guidance of 15-20%. Our core primary antibodies products grew at over 5% on a constant currency basis.
Performance in China also continued to exceed market levels with growth of catalogue revenues of approximately 29% on a constant currency basis. Custom product and licensing revenues were flat during the year, which is in line with guidance.
The continued weakness of Sterling against the currencies in which the Group trades has boosted reported revenues. However, our hedging policy is likely to largely offset these topline gains from currency at the reported profit line.
We are continuing to make progress with our on-going programme of investment in our systems, facilities and processes to ensure that we have the infrastructure to support the continued growth of the business.
Alan Hirzel, CEO, commented: “Our profitable growth this year arises from our customer focus, product portfolio improvements, and enhancement of our organisational capabilities. As market leaders in our field, we are investing to sustain this success for Abcam customers, employees and shareholders.”
To find out more, please visit www.abcam.com and www.abcamplc.com
Forward looking statement
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.
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