Abzena revenue up 157 per cent
Cambridge life science business Abzena plc reports revenue 157 per cent higher to £9 million for the six months to September 30.
CEO Dr John Burt was in bullish mood over the group’s long term expansion prospects as the UK share price nudged slightly northwards.
The AIM-quoted group provides services and technologies enabling the development and manufacture of biopharmaceutical products.
Dr Burt (pictured) said the performance was driven by acquisitions, significant repeat business and multiple projects utilising a broader range of services.
Abzena reports underlying revenue growth of 46 per cent, gross profit up 133 per cent to £3.8m with underlying gross profit increasing 31 per cent.
Eleven of the top 25 biopharma companies globally, compared to seven last time, have tapped into the group’s expanded service offering.
Dr Burt added that the successful integration of two US businesses acquired in late 2015 had already led to the expansion of several customer relationships and further repeat work from major customers.
A reported loss of £4m reflects increased share-based payment charges, depreciation and amortisation plus reduced provision for R & D tax credit income.
The company has cash and equivalents of £9.4m, burned down from £13.7m at the end of March. Dr Burt said: “This half has seen strong revenue growth driven by our expanded capabilities, providing services across the broader spectrum of biopharmaceutical development, as well as the positive uptake and cross buying of services from new and existing customers.
“We intend to capitalise on the opportunities that exist in the fast-growing biopharmaceutical outsourcing space where there is increasing demand from our partners for seamless services.
“We will continue our strategy of investing in service innovation and technology development, and are confident in the prospects for the group.”