Abcam prepares for ‘no deal’ Brexit to protect double digit growth
Expansion in China and burgeoning global demand for its research tools helped Cambridge-based Abcam notch double digit growth in the six months to December 31.
The UK share price rose steadily to 1,153p on the news as the business continues to close in on its 2019 financial goals.
Abcam, which has a market cap of £2.37 billion, expects to report total revenue growth for the first half of approximately 11 per cent on a reported basis and 10 per cent on a constant currency basis.
CEO Alan Hirzel said the performance was a result of the company’s multiyear invest-to-grow strategy that had guided the business over the last five years.
Abcam continues to gain market share in the global research market particularly from recombinant antibodies, immunoassays, and expansion in China.
Hirzel said investment in R & D, the organisation, global ERP system and facilities continued according to plan.
The group has also begun implementing contingency plans ahead of a potential ‘no-deal’ Brexit in order to minimise the risk of disruption to customers.
Hirzel said: “Global demand is strong for precision life science tools and Abcam has once again gained market share in these growing markets. Our business is on track to achieve double-digit growth for the year.
“During the half we have continued to focus on improving our service for customers. We have further developed our product portfolio and continued to enhance our organisational capabilities to support our ambition of becoming the most influential company for life scientists, supporting research, diagnostic and therapeutic discovery.”