Highlights
- Catalogue revenue increased by 9.1% to £56.8m (H1 2013: £52.1m), representing 9.3% on a constant currency basis
- Total revenue increased by 8.1% on a reported and constant currency basis to £61.9m (H1 2013: £57.3m)
- Gross margin improved to 70.9% (H1 2013: 70.2%), and adjusted operating profit* increased by 4.8% to £22.8m (H1 2013: £21.8m)
- Adjusted diluted earnings per share (EPS)* increased by 6.5% to 8.74p (H1 2013: 8.21p)
- Closing cash and term deposits of £38.2m (30 June 2013: £38.3m), with no bank debt outstanding
- Good progress in implementing key organic growth initiatives
- Interim dividend increased by 9.8% to 2.13p (2013: 1.94p)
* Excluding £1.7m (H1 2013: £1.7m) of acquisition-related intangible amortisation costs and no one-off charges (H1 2013: £122,000) associated with the integration of acquired businesses into the Group and, in the case of EPS, the related tax effect.
Commenting on the interim results, Jonathan Milner, Abcam's Chief Executive Officer, said: "Abcam continues to deliver on its strategic objectives and we remain well positioned to drive future growth. During the first half we made significant progress with our organic growth initiatives, including the appointment of key recruits, changes to our organisational structure and IT improvements with the intention of driving innovation and better serving our customers.
"In addition we recently opened a Shanghai office as part of our strategy to improve distribution in rapidly growing markets. These are exciting times for Abcam as we continue to evolve in order to deliver profitable revenue growth not only in the short term but also in the medium to long term."
For the full results see www.abcam.com
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For further information please contact:
Abcam
+ 44 (0) 1223 696000
Jonathan Milner, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Numis Securities - Nominated Advisor and Joint Broker
+ 44 (0) 20 7260 1000
Michael Meade / Freddie Barnfield - Nominated Advisor
James Black - Corporate Broking
Peel Hunt LLP - Joint Broker
+ 44 (0) 207 418 8900
Andy Crossley - Corporate Broking
Buchanan
+ 44 (0) 20 7466 5000
Mark Court / Fiona Henson / Sophie Cowles
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