Abcam tees up phenomenal 2022
Life science research influencer Abcam has set up a globally game-changing period of growth from its Cambridge base after an awesome financial performance in the six and 12 months ended June 30.
Full-year revenue of £297.7 million was up 29 per cent year-on-year from £260m while operating profit almost tripled to £28.2m.
Six-month revenue powered ahead to £150.2m from £121.8m year-on-year while a £16.1m operating loss was turned into a £10.3m profit.
CEO Alan Hirzel was understandably upbeat as the UK share price shot north. He said: “Our financial performance, including 29 per cent revenue growth, is one indicator of the trust the market has in our team, our innovation and our brand.
“I am grateful to everyone at Abcam and our customers for their brilliant collaboration and efforts through this most challenging time. As I look ahead, I am convinced more than ever that we can extend our market leadership, sustain durable growth and become an increasingly influential partner within our industry.”
Global labs reliant on Abcam life science research tools have been shaking off Covid cobwebs and re-opening at a lick. Progress has also been made in upgrading the group’s digital and physical infrastructure to support future growth, including the opening of new and expanded sites in China, Massachusetts and California.
Abcam completed a secondary US listing on Nasdaq last October in addition to its existing AIM listing in the UK; the company has also expanded in Asia.
Post period-end Abcam announced an agreement to acquire BioVision, Inc, a leading innovator of biochemical and cell-based assays, for $340m cash with closing expected this October.
Abcam says it is achieving growth across all product categories and geographic areas as market activity continues to recover and the company’s growth strategy is implemented.
Investments Abcam has made and continues to make are enabling the business to sustain growth and the company remains committed to generating revenue of £425m–£500m for the year ending December 31, 2024.
Underpinned by a market cap of £3.47 billion and a hefty war chest, Abcam continues to eye acquisitional and strategic growth opportunities to stretch its global market lead.