Bullish Abcam raises revenue guidance
Abcam, the Cambridge UK life science research tool supplier, has raised its revenue guidance for the full year after posting a rousing set of interims. The burgeoning business now expects a further surge in the second half and has upped the revenue growth guidance at constant currency by 11 per cent.
Abcam reports exceptionally strong sales growth in the first half to December 31, having grown revenues by 9.8 per cent to £112.5 million; it saw catalogue revenue growth of 10 per cent to £105.2m.
Recombinant antibody revenues grew by 21.1 per cent to £22.4m and immunoassay product revenue by 20.7 per cent to £7m. Profit before tax on a reported basis was £32.8m (H1 2017:£25.1m) and £39.3m (£32.1m) on an adjusted basis. The interim dividend was increased by 21.1 per cent to 3.42p.
Construction of Abcam’s new headquarters in Cambridge is on plan and the company anticipates moving in early 2019.
CEO Alan Hirzel (pictured) said: “It has been another good half for Abcam, delivering double digit revenue growth whilst meeting all of our financial and strategic targets. Our cash generation and balance sheet strength underpin continued investment into our teams, our systems and our facilities to enable us to grow.
“We remain on track to meet our strategic goals for the year and we have increased our revenue guidance for the full year. This momentum positions us well to deliver on our long-term goals, which we anticipate will continue to drive sustainable value for our shareholders.”