| Abcam up on higher than expected profits |
| Written by Business Weekly | |
| Thursday, 28 June 2007 | |
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Abcam's shares were up over 5 per cent to 316 p on news that its profits would be ten per cent higher than previously forecast.
Cambridge based Abcam markets antibodies via its own online catalogue. A trading update ahead of its results for the year ended June 30 reporetd: “Sales in the second half have continued their strong growth trend with the result that the company expects full-year sales to slightly exceed market expectations. Due to the stronger sales, together with slightly lower expenses, pre-tax profits will exceed market expectations by about 10 per cent.” Abcam also took the opportunity to announce that construction of its high-throughput production facility in Cambridge was completed on schedule and that operations had commenced. The facility, which is billed one of the world’s most advanced antibody production laboratories, is designed to produce an increasing number of higher margin in-house products to add to Abcam’s online catalogue. Abcam now has more than 33,000 products in its online catalogue, compared with 23,200 at 30 June 2006. It is expected that Abcam’s results for the year ending 30 June 2007 will be announced in mid September 2007.
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