TIDMABC
RNS Number : 6924C
ABCAM Plc
21 January 2015
For immediate release 21 January 2015
ABCAM PLC
("Abcam" or "the Company")
Half Year Trading Update
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, announces the following
trading update ahead of its results for the six months ended 31
December 2014 [1].
We are pleased to report that our performance in the first half
year suggests that the Company can expect to meet the Board's full
year 2014/15 revenue targets.
In our core catalogue products business, we expect to report
revenue growth of 16.7% [2] in the first half of the year. Growth
from primary antibodies continued to outpace market growth rates,
partly driven by RabMAb(R) product revenues which grew at 19.4%.
Non-primary antibody product revenues grew at 29.3%. In both areas,
the growth is within our full year 2014/15 guidance of 15-20% and
25-30% respectively.
Performance in China continued the trend of the results from Q4
last financial year, with revenues increasing by 67.2% as we saw
benefits from opening our new office in Shanghai in February 2014.
We expect these growth levels will moderate as Abcam's business in
China becomes more established.
Other revenues, which represented 5.9% of the total for the
period, declined by approximately GBP0.9m. This performance
reflects a reduction in service income as previously indicated and
the transition in the selling arrangements of IVD products to the
ten year marketing agreement signed with Cell Marque in September
2014.
Overall we expect total revenue growth for the period to be
13.8% on a constant currency basis and following the adverse rates
of exchange seen during the period compared to H1 2013/14, growth
on a reported basis to be 7.7%. Gross margin percentages at the
product and geographic levels are expected to be broadly flat and
in line with management's expectations, whilst the impact of the
mix means that overall they are likely to be slightly less than
those seen in the same period last year.
We have made further progress in executing the strategy we
outlined in September and our investment programme continues with
pace, underpinned by our revenue growth. Particular milestones
achieved in the period include the introduction of directly
conjugated primary antibodies, launching our RabMAb pairs in
immunoassays, creating the infrastructure to begin selling direct
in Australia and New Zealand, and improving our distributor and
sub-dealer network in China.
Abcam separately announces today that it has entered into an
agreement to acquire Firefly BioWorks Inc ("Firefly"), a US-based
developer of a new multiplex immunoassay platform which will
strengthen Abcam's position in Kits and Assays, expand our market
presence in RNA quantitation and bring in a new technology platform
to leverage our RabMAb technology.
Commenting on the update Alan Hirzel CEO said:
"Abcam's core businesses continue to grow as the Company
delivers against the key performance indicators we set out in
September. We have continued to take steps to grow our core
reagents business and develop the new platforms and technologies
that will support our long-term growth and maintain Abcam's market
leading position in line with the strategy we outlined in
September. Our acquisition of Firefly is happening at a dynamic
time for Abcam and we look forward to realising the potential of
this new growth platform."
The Company will report its interim results for the period in
early March 2015.
[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 a constant currency basis.
+ 44 (0) 1223
Abcam 696 000
Alan Hirzel, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Laura Taylor - Investor Relations
J.P.Morgan Cazenove - Nominated Adviser & Joint + 44 (0) 20 7742
Corporate Broker 4000
James Mitford / Alex Bruce - Nominated Adviser
+ 44 (0) 20 7418
Peel Hunt LLP - Joint Corporate Broker 8900
Clare Terlouw / Jock Maxwell MacDonald - Corporate
Broking
+ 44 (0) 20 7404
Brunswick 5959
Justine Mcllroy / Will Medvei / Anna Carruth
Notes for editors:
Definitions
IVD InVitro Diagnostics
RabMAb(R) products Rabbit monoclonal antibody products developed
using Abcam's patented rabbit monoclonal technology
RNA Ribonucleic acid is a polymeric molecule made
up of one or more nucleotides. It is implicated
in various biological roles in the coding, decoding,
regulation and expression of genes
About Abcam plc
Abcam plc is a global leader in the supply of life science
research tools, with a wide range of products and expert technical
support, enabling scientists to analyse living cells at the
molecular level and improving the understanding of health and
disease.
Abcam is committed to providing scientists with an extensive
choice of reagents and tools, with the most comprehensive, honest
and up-to-date datasheets and customer reviews, fast delivery and
helpful customer service & technical support. The Company's
catalogue evolves with scientific research trends and is growing
each year to provide customers with products to meet their research
needs. The range now includes primary and secondary antibodies,
proteins, peptides, lysates, biochemicals, immunoassays and other
kits. Abcam also supports its customers by hosting a range of
global scientific events, forums and webinars, providing
opportunities for scientists to get together and present their
work.
Headquartered in Cambridge, UK, Abcam has nine global subsidiary
offices enabling local services and multi-language support, and
sells to over 100 countries. The Company was founded in 1998, and
now employs over 750 people. Abcam was admitted to AIM in 2005
(AIM: ABC).
To find out more, please visit www.abcam.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSEFEFSFISEIF
Abcam (LSE:ABC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abcam (LSE:ABC)
Historical Stock Chart
From Apr 2023 to Apr 2024