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27 January, 2022 - 12:22 By Tony Quested

Abcam revenue more than 22 per cent up on previous year

Cambridge’s Abcam plc, a power behind many global thrones, enjoyed a modest hike in its UK share price after revealing that 2021 had proved a really good year for the business which now has a market cap of almost £3 billion.

The global leader in the supply of life science research tools, expects to report revenues for the year to end-December of around £315 million – representing growth of over 22 per cent on a constant exchange rate basis. The figure includes a contribution of some £2.5m of incremental revenue from BioVision following the acquisition’s completion near the end of October.

Abcam said revenue growth continued to be driven by demand for the company’s proprietary products, with in-house catalogue sales up approximately 37 per cent (43 per cent including BioVision), together with a continued recovery in global lab activity. 

While risks related to the pandemic remain – as evidenced by the emergence of the Omicron variant in late 2021 – data indicates that, while not yet returning to pre-covid levels, overall lab activity continued to increase through 2021.

Abcam has continued to build capabilities, invest in innovation and implement its multi-year growth strategy throughout the period. Overall, it anticipates adjusted operating profits in line with the board’s expectations for the period and says it remains on track to achieve all its financial goals under the five-year plan ending in 2024.

CEO Alan Hirzel said: “2021 was a year of significant innovation and growth in proteomic tools and discovery. I thank our customers for trusting Abcam as their preferred partner and our global colleagues for their unwavering dedication to customer needs and aspirations.

“Together, we are building a durable enterprise that is making a difference in the pace and social impact of discovery. I am confident in our progress toward our 2024 business goals and I look forward to providing the full update in March.”

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