TIDMABC
RNS Number : 8211M
ABCAM Plc
25 January 2016
25 January 2016
ABCAM PLC
("Abcam" or "the Company")
Half Year Trading Update
Momentum maintained in H1 FY2016 with market beating sales
growth
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 2015 [1].
In our catalogue products business, we expect revenue growth
approaching 16% [2] in the first half of the year. Growth from
primary antibodies continued to outpace market growth rates;
largely driven by RabMAb(R) product revenues, which grew over 30%
(ahead of our full year 2015/16 guidance of 15-20%). Non-primary
antibody product revenues also grew by over 30% (ahead of our full
year guidance of 25-30%).
We continued to make good progress in China with revenue growth
of over 50%, reflecting some moderation as our business there
becomes more established, but remaining well ahead of the market
growth rate in the territory.
Other revenues, which represented almost 7% of the total for the
period, increased by over 30%. This performance reflects an
increase in revenues and royalty streams from our IVD (in vitro
diagnostics) products, as well as from our Custom Services, which
is now more closely aligned to the overall strategic direction of
the business.
Overall we expect to report revenue growth of around 16.5% on a
constant currency basis and over 17% on a reported basis. Gross
margins remain strong, reducing slightly from the same period last
year, principally due to unfavourable relative exchange rates in
each of the main currencies in which Abcam trades.
We continue to capture market share with growth rates of 3-4
times that of the market. This gives us confidence in our reported
strategy and we are increasing investment in areas which can
further drive this growth, namely people, infrastructure, processes
and information technology. We will give additional detail on the
last of these at the time of our Interim results in March. These
investments, together with those in Firefly Bioworks and AxioMx, we
believe, will ensure that we are well positioned to take advantage
of the many opportunities which we see.
Commenting on the update Alan Hirzel CEO said:
"We maintained strong revenue growth in every region we serve
and there is now significant momentum across the business. We have
taken substantial steps over the period to broaden our offering
with geographical expansion and new product ranges and have
successfully launched more Abcam technology derived products with
our RabMAb(R) and Firefly technologies. Our recent acquisition of
AxioMx extends that technology suite and provides us with a unique,
cost-effective and proprietary platform to produce recombinant
monoclonal antibodies. Overall, we are successfully implementing
our strategy to continue to grow ahead of the market and to build
an exciting and forward thinking business for the future."
The Company will report its interim results for the six month
period ended 31 December 2015 on 7 March 2016.
[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
Julia Wilson - Investor Relations
J.P.Morgan Cazenove - Nominated + 44 (0) 20
Adviser & Corporate Broker 7742 4000
James Mitford / Alex Bruce
FTI Consulting
Ben Atwell / Brett Pollard / Natalie +44 (0) 20
Garland-Collins 3727 1000
Notes for editors:
Definitions
IVD In vitro diagnostics
RabMAb(R) Rabbit monoclonal antibody products
products developed using Abcam's patented
rabbit monoclonal technology
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission,
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
biological binders and assays to address important targets in
critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health.
Two-thirds of the world's 750,000 life science researchers use
Abcam's affinity binders, reagents, biomarkers and assays and the
company's products are mentioned in over 20,000 of the 56,000
peer-reviewed papers published each year in the life sciences.
By actively listening to and collaborating with researchers, the
Company continuously advances its portfolio to address their needs.
A transparent programme of customer reviews and datasheets,
combined with an industry-leading validation initiative, gives
researchers increased confidence in their results.
Abcam's ten offices are located in the world's leading life
science research hubs, enabling local services and multi-language
support. Founded in 1998 and headquartered in Cambridge, UK, the
Company now employs over 800 people and sells to more than 100
countries. Abcam was admitted to AIM in 2005 (AIM: ABC).
To find out more, please visit www.abcam.com and
www.abcamplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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