TIDMABC
RNS Number : 8323T
ABCAM Plc
23 July 2015
For immediate release 23 July 2015
ABCAM PLC
("Abcam" or "the Company")
Pre-Close Trading Update
Cambridge UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, announces the following
pre-close trading update ahead of its results for the financial
year ended 30 June 2015(1) .
The Board is pleased to report another successful year in which
we have seen an acceleration of top-line growth, giving us
confidence that our strategy is working: to attract and retain
consumers to our business and to deliver above market revenue
growth.
Compared to mid-single digit market growth rates, our core
catalogue products business is expected to report revenue growth of
over 16%(2) , with double digit growth in each of our product
categories.
In particular RabMAb(R) product revenues grew by over 24%,
exceeding our full year guidance of 15-20%, and reflecting the
leverage of our high quality product, distinctive patented
technology and the introduction of a range of directly conjugated
primary antibodies. Led by our kits and assays business,
non-primary antibody revenues grew at over 28%, in line with our
guidance for revenue growth of 25-30%.
Growth of catalogue revenues in China was over 75%, which is an
increase from the 67% growth recorded in the first half of the
year, as we have continued to strengthen our market position by
investing to address a latent demand in this market and improve the
efficiency of the way in which we serve it. We expect these growth
levels will moderate as Abcam's business in China becomes more
established.
In total, Group revenue growth at underlying constant currency
is expected to be over 14% (over 12% on a reported basis). This
performance is at the top end of management's expectations for the
year.
Gross margins for the year are likely to be in line with those
reported for the first half. Compared to FY2014 a slight increase
has resulted from various strategic initiatives which has more than
offset the impact from relative rates of exchange.
Underpinned by strong revenue growth, we will continue capital
and operational investment to make targeted improvements. Over the
next few years we expect to upgrade our IT to build a more flexible
and scalable platform, improve our facilities to increase
efficiencies, and will continue to ensure we have the right people
and capabilities to deliver the next stage of growth.
Following the acquisition of Firefly BioWorks in January 2015 we
are pleased to report revenues, technical milestones and market
demand for the platform continue to meet our expectations.
Commenting on trading and prospects, Alan Hirzel, CEO, said
"I am delighted to see the business respond positively to the
strategy we outlined last year. Careful investment has driven
growth in revenues and profits and Abcam is well placed for this to
continue. With the right IT, infrastructure and people Abcam will
continue to grow rapidly by exploiting untapped sources of growth
in areas we already serve as well as in new markets."
The Company will report its preliminary results for the period
on 14 September 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 and
comparisons provided are on a constant currency basis.
For further information please contact:
+ 44 (0) 1223
Abcam 696 000
Alan Hirzel, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Laura Taylor, Investor Relations Manager
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 3727
FTI Consulting 1000
Ben Atwell / Brett Pollard / Natalie Garland-Collins
Notes to Editors
About Abcam
Abcam plc is a provider 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, multi-language support and
next-day delivery in over 130 countries. The Company was founded in
1998, and now employs over 800 people. Abcam was admitted to AIM in
2005 (AIM:ABC).
To find out more, please visit www.abcam.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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