ABCAM Plc Pre-Close Trading Update (9227M)
July 22 2014 - 1:00AM
UK Regulatory
TIDMABC
RNS Number : 9227M
ABCAM Plc
22 July 2014
For immediate release 22 July 2014
ABCAM PLC
("Abcam" or "the Company")
Pre-Close Trading Update
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of protein research tools, announces the following pre-close
trading update ahead of its results for the financial year ended 30
June 2014.
The Board is delighted to report another successful year for
Abcam and anticipates adjusted profit before tax to be slightly
higher than consensus expectation. As in recent statements, this
trading update covers our catalogue, non-catalogue and overall
Group revenues.
During the past year, Abcam has made progress implementing the
organic growth strategy which was outlined in September 2013. The
underlying constant currency growth from catalogue revenues in the
second half of the year was 10.6% compared to 9.3% in the first
half. The full year underlying catalogue revenue growth on a
constant currency basis is expected to be 10.0% (6.0% on a reported
basis). These results reflect a combination of progress with our
strategy and some strengthening in the macro environment of the
regional markets.
The initiative to strengthen our position in China with our new
Shanghai office delivered over 20% year-on-year revenue growth in
Q4 following a period of transition in Q3. In the US, our largest
market, we are cautiously optimistic that there is more certainty
around the level of centrally funded research expenditure and we
are starting to see the combined benefits of our initiatives and
organic growth. In Europe, Japan, and the rest of the world, we
continue to see above market growth.
Components of our Group revenue that are not included in our
catalogue revenues are Custom Services, IVD, and Royalties. At the
half-year results we said that whilst we are working to reposition
the Custom Service line of our business to be more closely aligned
to the overall strategic direction of the Group, our key growth
initiatives remain focused on driving catalogue sales. These other
components performed in line with guidance for the year.
In total, Group revenue growth at underlying constant currency
for the year was 8.6% (4.7% on a reported basis).
Abcam remains focused on tight cost control and we anticipate
that gross margins for the year will be broadly in line with those
reported at the interim stage, as the higher margins from the
growing portfolio of own-manufactured products were offset by the
rapidly growing sales of non-primary antibody products, expansion
into new geographies and the impact of exchange rate movements.
Net cash and term deposits at the year-end were GBP56.8m (30
June 2013: GBP38.3m), and the company remains debt free.
As previously stated, Abcam has undertaken significant
reorganisation and investment in the Group structure during the
year to provide the scalability needed to execute its strategy. We
are pleased to announce that the critical senior roles identified
during this process have been filled and we are confident that we
have in place the organisation to deliver on our organic growth
strategy.
The Company will report its preliminary results for the period
on 9 September 2014.
Abcam + 44 (0) 1223 696 000
Jonathan Milner, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Numis Securities - Nominated Adviser
& Joint Broker + 44 (0) 20 7260 1000
Michael Meade - Nominated Adviser
James Black - Corporate Broking
Peel Hunt LLP - Joint Broker + 44 (0) 20 7418 8900
Clare Terlouw / Jock Maxwell MacDonald
Brunswick +44 (0) 20 7404 5959
Justine Mcllroy / Robin Wrench
Notes for editors:
About Abcam plc
Abcam plc is a leading provider of protein research tools and
services, with a wide range of products and expert technical
support, enabling scientists to analyse living cells at the
molecular level to improve the understanding of health and
disease.
Abcam is committed to providing scientists with access to the
correct reagents and tools for their research. The Company's
catalogue currently comprises more than 130,000 products and is
continually evolving to meet customer needs. The range offered
includes primary and secondary antibodies, proteins, peptides,
lysates, biochemicals, immunoassays and other kits. Abcam products
are supported by detailed, up-to-date and unbiased data on our
website.
Headquartered in Cambridge, UK, Abcam has nine global subsidiary
offices and ships to over 100 countries. The Company was founded in
1998, and now employs over 700 people. Abcam is quoted on the AIM
market of the London Stock Exchange (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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