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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
20-F/A
Amendment No. 1
 
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
                
Commission file number 001-39633
 
 
Abcam plc
(Exact name of Registrant as specified in its charter)
 
 
Not Applicable
(Translation of Registrant’s name into English)
United Kingdom
(Jurisdiction of incorporation or organization)
Discovery Drive
Cambridge Biomedical Campus
Cambridge, CB2 0AX
United Kingdom
(Address of principal executive offices)
Alan Hirzel
Chief Executive Officer
Telephone: +44 (0) 1223 696000
Discovery Drive
Cambridge Biomedical Campus
Cambridge, CB2 0AX
United Kingdom
(Name, Telephone,
E-mail
and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered, pursuant to Section 12(b) of the Act
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Ordinary shares, nominal value £0.002 per share*
 
ABCM
 
The Nasdaq Global Select Market
 
*
The ordinary shares are represented by American Depositary Shares, which are exempt from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule
12a-8
thereunder.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report:
    
228,883,639
ordinary shares, nominal value of £0.002 per share.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
 
S-T
 
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
☒  Large accelerated filer   ☐  Accelerated filer    ☐  Non-accelerated filer   ☐  Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
 
☐  U.S. GAAP    ☒  International Financial Reporting Standards as issued by the International Accounting Standards Board      ☐  Other
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes  ☐    No  ☒
 
Auditor Firm Id: 876   Auditor Name: PricewaterhouseCoopers LLP   Auditor Location: Cambridge, United Kingdom
 
 
 

Explanatory Note
This Amendment No. 1 to the Annual Report on Form
20-F
of Abcam plc (the “Company”) amends the Company’s Annual Report on Form
20-F
for the year ended December 31, 2021 (the “Original
20-F”),
which was filed with the Securities and Exchange Commission on March 14, 2022. The Company is filing this Amendment No. 1 solely to file Exhibit 101, which was not included in the Original
20-F,
in accordance with Rule 405 of Regulation
S-T.
Exhibit 101 contains interactive data files in Inline eXtensible Business Reporting Language (XBRL).
Except as described above, this Amendment No. 1 does not, and does not purport to, amend, modify, update or restate any information set forth in the Original
20-F,
and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to March 14, 2022.

PART III
Item 19. Exhibits
 
Exhibit
No.
  
Description
   
101.INS*
  
Inline XBRL Instance Document — The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
   
101.SCH*
  
Inline XBRL Taxonomy Extension Schema Document
   
101.PRE*
  
Inline XBRL Taxonomy Presentation Linkbase Document
   
101.CAL*
  
Inline XBRL Taxonomy Calculation Linkbase Document
   
101.LAB*
  
Inline XBRL Taxonomy Label Linkbase Document
   
101.DEF*
  
Inline XBRL Taxonomy Extension Definition Linkbase Document
   
104*
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
*
Filed herewith.

SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form
20-F
and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to Annual Report on Form
20-F
on its behalf.
 
ABCAM PLC
 
Date: April 8, 2022
   
By:
 
/s/ Alan Hirzel
Name:
 
Alan Hirzel
Title:
 
Chief Executive Officer


Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Abcam plc
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of Abcam plc and its subsidiaries (the “Group”) as of December 31, 2021, December 31, 2020 and June 30, 2020, and the related consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year ended December 31, 2021, six-months ended December 31, 2020 and years ended June 30, 2020 and June 30, 2019, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Group’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of December 31, 2021, December 31, 2020 and June 30, 2020, and the results of its operations and its cash flows for the year ended December 31, 2021, six months ended December 31, 2020 and years ended June 30, 2020 and June 30, 2019 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Group did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO because material weaknesses in internal control over financial reporting existed as of that date. The material weaknesses related to (i) lack of controls over information technology systems that are relevant to the preparation of the consolidated financial statements, (ii) insufficient controls over the completeness and accuracy of records for the goods received not invoiced account, (iii) ineffective controls in pricing, quantities and discount rates in the revenue cycle including review and approval of manual invoices, (iv) ineffective controls over the completeness, accuracy, existence and valuation of inventory, (v) insufficient controls over the preparation and review of payroll, including completeness and accuracy of key data inputs and (vi) insufficient controls over the completeness and accuracy of key data inputs in manual journal entries.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described in Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 15. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the December 31, 2021 consolidated financial statements, and our opinion regarding the effectiveness of the Group’s internal control over financial reporting does not affect our opinion on those consolidated financial statements.
Changes in Accounting Principles
As discussed in notes 1 and 3 to the consolidated financial statements, the Group changed the manner in which it accounts for cloud computing costs in 2021 and the manner in which it accounts for leases as of July 1, 2019.
Basis for Opinions
The Group’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in management’s report referred to above. Our responsibility is to express opinions on the Group’s consolidated financial statements and on the Group’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
 
F-2


Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
As described in Management’s Annual Report on Internal Control over Financial Reporting, management has excluded BioVision, Inc from its assessment of internal control over financial reporting as of December 31, 2021 because it was acquired by the Group in a purchase business combination during 2021. We have also excluded BioVision, Inc from our audit of internal control over financial reporting. BioVision, Inc is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 2% and 1%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2021.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Valuation of BioVision, Inc. acquired intangible assets
As described in notes 4 and 29 to the consolidated financial statements, on October 26, 2021 the Group acquired NKY Biotech US, Inc and its 100% owned subsidiary, BioVision, Inc (collectively “BioVision”), for cash consideration of $349.9 million (£253.8 million), which resulted in the recognition of intangible assets of £80.6 million. Management made significant judgement in estimating the fair value of the intangible assets acquired, which involved the use of significant estimates and assumptions with respect to the future cash flows. The significant assumptions used by management included the revenue growth rate and the expected attrition rates associated with the acquired product portfolio.
The principal considerations for our determination that performing procedures relating to the valuation of BioVision acquired intangible assets is a critical audit matter are (i) the significant judgment made by management in determining the fair value of the intangible assets acquired; (ii) a high degree of auditor
 
F-3


judgment, subjectivity, and effort in performing procedures and evaluating the significant assumptions related to the future cash flows, revenue growth rate and expected attrition rates associated with the acquired product portfolio; and (iii) the audit effort involved the use of professionals with specialized skills and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others (i) reading the purchase agreement and assessing the completeness of intangible assets identified and (ii) testing management’s process for determining the fair value of the acquired intangible assets. Testing management’s process included (a) evaluating the appropriateness of the valuation methods, (b) testing the mathematical accuracy of the model, (c) testing the completeness and accuracy of data used in the model and (d) evaluating the reasonableness of significant assumptions used by management in estimating the future cash flows. Evaluating management’s assumptions related to the revenue growth rate and expected attrition rates with the acquired product portfolio involved evaluating whether the assumptions used were reasonable considering consistency with external market and industry data and historical revenue growth rates. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the management’s valuation methods and evaluating the reasonableness of the expected attrition rates assumption.
Impairment assessment of acquired intangible assets
As described in notes 4 and 13 to the consolidated financial statements, the Group holds intangible assets with a carrying value of £234.2 million as of December 31, 2021 which included technology acquired in the Firefly BioWorks acquisition of £11.3 million. Management regularly reviews for indicators of impairment of acquired intangible assets against qualitative and quantitative factors. During the period ended December 31, 2021, management performed an impairment assessment of the Firefly intangible asset. Management utilized the fair value less costs to sell method to assess the recoverable amount of the intangible assets. Management estimated the fair value of the intangible asset utilizing market-based data from comparable companies and recent transactions in the industry. The result was a fair value that significantly exceeded the carrying value of the asset and management has concluded that there are no reasonable possible scenarios that would cause an impairment to be required.
The principal considerations for our determination that performing procedures relating to the impairment assessment of acquired intangible assets is a critical audit matter are (i) the significant judgement made by management in determining the recoverable amount of the Firefly intangible asset; and (ii) a high degree of auditor judgement, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the appropriate comparable companies and recent transactions.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management’s process for estimating the recoverable amount of the Firefly intangible asset; (ii) evaluating the appropriateness of the methodology used to determine the fair value; (iii) testing the completeness and accuracy of the underlying data used in the models, and (iv) evaluating the reasonableness of significant assumptions when estimating the fair value. Evaluating management’s assumptions involved (a) determining the appropriateness of the comparable companies and recent transactions used by management and (b) considering other sources that corroborated or contradicted management’s assumptions.
/s/ PricewaterhouseCoopers LLP
Cambridge, United Kingdom
March 14, 2022
We have served as the Group’s auditor since 2013 which includes periods before the Group became subject to SEC reporting requirements.
 
F-4


Consolidated income statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Revenue
     5     
 
315.4
 
    147.5       260.0       259.9  
Cost of sales
           
 
(90.8
    (42.9     (79.8     (76.7
             
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
           
 
224.6
 
    104.6       180.2       183.2  
Selling, general and administrative expenses
           
 
(189.7
    (73.6     (131.5     (112.9
Research and development expenses
           
 
(27.8
    (13.7     (38.3     (15.0
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating profit
     6     
 
7.1
 
    17.3       10.4       55.3  
Finance income
     9     
 
0.3
 
    0.2       0.7       0.6  
Finance costs
     9     
 
(2.7
    (1.9     (2.8     (0.3
             
 
 
   
 
 
   
 
 
   
 
 
 
Profit before tax
           
 
4.7
 
    15.6       8.3       55.6  
Tax (charge) / credit
     10     
 
(0.3
    (2.8     4.2       (11.2
             
 
 
   
 
 
   
 
 
   
 
 
 
Profit for the year / period attributable to equity shareholders of the parent
           
 
4.4
 
    12.8       12.5       44.4  
             
 
 
   
 
 
   
 
 
   
 
 
 
Earnings per share
                                         
Basic
     11     
 
1.9p
 
    5.8p       6.0p       21.7p  
Diluted
     11     
 
1.9p
 
    5.8p       6.0p       21.5p  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-5


Consolidated statements of comprehensive income
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Profit for the year / period attributable to equity shareholders of the parent
           
 
4.4
 
    12.8       12.5       44.4  
             
 
 
   
 
 
   
 
 
   
 
 
 
Items that may be reclassified to the income statement in subsequent years
                                         
Movement on cash flow hedges
     26     
 
(0.1
    1.1       0.7       (1.7
Exchange differences on translation of foreign operations
           
 
5.7
 
    (17.5     9.6       7.0  
Movement in fair value of investment
           
 
(0.1
    (3.1     4.0       (0.1
Tax relating to components of other comprehensive income
           
 
0.5
 
    0.6       (1.5     0.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive income / (expense) for the year / period
           
 
6.0
 
    (18.9     12.8       5.5  
             
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income / (expense) for the year / period
           
 
10.4
 
    (6.1     25.3       49.9  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-6



Consolidated balance sheets
As at 31 December 2021, 31 December 2020 and 30 June 2020
 
     Note     
As at

31 December

2021

£m
    As at
31 December
2020
(revised*)
£m
    As at
30 June
2020
(revised*)
£m
 
Non-current
assets
                                 
Goodwill
     12     
 
364.8
 
    184.3       195.0  
Intangible assets
     13     
 
234.2
 
    151.8       150.1  
Property, plant and equipment
     14     
 
73.5
 
    48.5       43.3  
Right-of-use
assets
     15     
 
88.2
 
    108.8       121.4  
Investments
     16     
 
3.5
 
    3.4       7.0  
Deferred tax asset
     17     
 
10.4
 
    15.6       13.7  
             
 
 
   
 
 
   
 
 
 
             
 
774.6
 
    512.4       530.5  
             
 
 
   
 
 
   
 
 
 
Current assets
                                 
Inventories
     18     
 
58.2
 
    42.9       40.7  
Trade and other receivables
     19     
 
47.2
 
    47.3       44.4  
Current tax receivable
           
 
10.5
 
    3.8       6.4  
Derivative financial instruments
     20     
 
0.5
 
    0.3       —    
Cash and cash equivalents
           
 
95.1
 
    211.9       187.3  
             
 
 
   
 
 
   
 
 
 
             
 
211.5
 
    306.2       278.8  
             
 
 
   
 
 
   
 
 
 
Total assets
           
 
986.1
 
    818.6       809.3  
             
 
 
   
 
 
   
 
 
 
Current liabilities
                                 
Trade and other payables
     21     
 
(54.2
    (43.4     (43.8
Derivative financial instruments
     20     
 
(0.2
    (0.1     (1.2
Lease liabilities
     15     
 
(9.2
    (7.1     (7.3
Borrowings
     22     
 
(119.2
    —         (106.4
Current tax liabilities
           
 
(4.4
    (1.4     (0.9
             
 
 
   
 
 
   
 
 
 
             
 
(187.2
    (52.0     (159.6
             
 
 
   
 
 
   
 
 
 
Net current assets
           
 
24.3
 
    254.2       119.2  
             
 
 
   
 
 
   
 
 
 
Non-current
liabilities
                                 
Deferred tax liability
     17     
 
(41.5
    (27.6     (28.3
Lease liabilities
     15     
 
(101.3
    (109.9     (120.5
             
 
 
   
 
 
   
 
 
 
             
 
(142.8
    (137.5     (148.8
             
 
 
   
 
 
   
 
 
 
Total liabilities
           
 
(330.0
    (189.5     (308.4
             
 
 
   
 
 
   
 
 
 
Net assets
           
 
656.1
 
    629.1       500.9  
             
 
 
   
 
 
   
 
 
 
Equity
                                 
Share capital
     23     
 
0.5
 
    0.5       0.4  
Share premium account
           
 
268.3
 
    265.1       138.2  
Merger reserve
     23     
 
68.6
 
    68.6       68.6  
Own shares
     23     
 
(2.2
    (2.4     (2.5
Translation reserve
     23     
 
31.1
 
    25.4       42.9  
Hedging reserve
     23     
 
0.2
 
    0.2       (0.7
Retained earnings
           
 
289.6
 
    271.7       254.0  
             
 
 
   
 
 
   
 
 
 
Total equity attributable to the equity shareholders of the parent
           
 
656.1
 
    629.1       500.9  
             
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-7


Consolidated statements of changes in equity
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note      Share
capital
£m
     Share
premium
account
£m
     Merger
reserve
£m
     Own
shares
£m
    Translation
Reserve
£m
    Hedging
reserve
£m
    Retained
Earnings
£m
    Total
£m
 
Balance as at 1 July 2018
              0.4        25.6        68.1        (3.2     26.3       0.1       234.4       351.7  
Revision

              —          —          —          —         —         —         (1.1     (1.1
Balance as at 1 July 2018 (revised*)
             
0.4
  
      
25.6
      
68.1
      
(3.2
)
 
   
26.3
     
0.1
      233.3       350.6  
Profit for the year (revised*)
              —          —          —          —         —         —         44.4       44.4  
Other comprehensive
 income /
(expense) (revised*)
              —          —          —          —         7.0       (1.4     (0.1     5.5  
Total comprehensive income / (expense) for the year (revised*)
              —          —          —          —         7.0       (1.4     44.3       49.9  
Issue of ordinary shares, net of share issue costs
              —          1.4        —          0.4       —         —         (0.4     1.4  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         6.3       6.3  
Purchase of own shares
              —          —          —          —         —         —         (0.2     (0.2
Equity dividends
     24        —          —          —          —         —         —         (24.9     (24.9
Balance as at 30 June 2019 (revised*)
              0.4        27.0        68.1        (2.8     33.3       (1.3     258.4       383.1  
Implementation of IFRS16
              —          —          —          —         —         —         (1.5     (1.5
Balance as at 1 July 2019
              0.4        27.0        68.1        (2.8     33.3       (1.3     256.9       381.6  
Profit for the year (revised*)
              —          —          —          —         —         —         12.5       12.5  
Other comprehensive income (revised*)
              —          —          —          —         9.6       0.6       2.6       12.8  
Total comprehensive
income
for the year (revised*)
              —          —          —          —         9.6       0.6       15.1       25.3  
Issue of ordinary shares, net of share issue costs
              —          111.2        0.5        0.3       —         —         (0.3     111.7  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         7.4       7.4  
Purchase of own shares
              —          —          —          —         —         —         (0.1     (0.1
Equity dividends
     24        —          —          —          —         —         —         (25.0     (25.0
Balance as at 30 June 2020 (revised*)
              0.4        138.2        68.6        (2.5     42.9       (0.7     254.0       500.9  
Profit for the period (revised*)
              —          —          —          —         —         —         12.8       12.8  
Other comprehensive (expense) / income (revised*)
              —          —          —          —         (17.5     0.9       (2.3     (18.9
Total comprehensive (expense) / income for the period (revised*)
              —          —          —          —         (17.5     0.9       10.5       (6.1
Issue of ordinary shares, net of share issue costs
              0.1        126.9        —          0.1       —         —         (0.1     127.0  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         7.4       7.4  
Purchase of own shares
              —          —          —          —         —         —         (0.1     (0.1
Balance as at 31 December 2020 (revised*)
              0.5        265.1        68.6        (2.4     25.4       0.2       271.7       629.1  
Profit for the year
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4.4
 
 
 
4.4
 
Other comprehensive income
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
5.7
 
 
 
—  
 
 
 
0.3
 
 
 
6.0
 
Total comprehensive income for the year
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
5.7
 
 
 
—  
 
 
 
4.7
 
 
 
10.4
 
Issue of ordinary shares, net of share issue costs
           
 
—  
 
  
 
3.2
 
  
 
—  
 
  
 
0.2
 
 
 
—  
 
 
 
—  
 
 
 
(0.2
 
 
3.2
 
Share-based payments inclusive of deferred tax
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
13.4
 
 
 
13.4
 
Balance as at 31 December 2021
           
 
0.5
 
  
 
268.3
 
  
 
68.6
 
  
 
(2.2
 
 
31.1
 
 
 
0.2
 
 
 
289.6
 
 
 
656.1
 
 
*
See note 1
(
d)
for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-8

Consolidated cash flow statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Cash generated from operations
     25     
 
72.2
 
    33.1       65.4       82.8  
Net income taxes
(paid) /
received
           
 
(9.3
    0.2       (2.4     (13.5
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash inflow from operating activities
           
 
62.9
 
    33.3       63.0       69.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Investing activities
                                         
Investment income
           
 
0.3
 
    0.2       0.7       0.6  
Purchase of property, plant and equipment
           
 
(34.5
    (11.5     (12.7     (17.7
Purchase of intangible assets
           
 
(25.3
    (13.0     (23.0     (21.8
Transfer of cash from / (to) escrow in respect of future capital expenditure
           
 
—  
 
    0.4       (0.6     4.5  
Purchase of investments
     16     
 
(0.1
    —         (2.2     —    
Reimbursement of leasehold improvement costs

           
 
13.2
 
    1.7       —         —    
Net cash outflow arising from acquisitions
     29     
 
(245.1
    —         (110.3     (14.6
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash outflow from investing activities
           
 
(291.5
    (22.2     (148.1     (49.0
             
 
 
   
 
 
   
 
 
   
 
 
 
Financing activities
                                         
Dividends paid
     24     
 
—  
 
    —         (25.0     (24.9
Principal element of lease obligations
           
 
(8.8
    (3.8     (6.8     —    
Interest element of lease obligations
           
 
(1.5
    (0.5     (0.9     —    
Interest paid
           
 
(0.7
    (0.6     (0.8     (0.1
Proceeds on issue of shares, net of issue costs
           
 
3.2
 
    127.0       111.2       1.4  
Facility arrangement fees
           
 
(0.8
    —         —         (0.9
Utilisation of revolving credit facility
     22     
 
120.0
 
    —         127.0       —    
Repayment of revolving credit facility
     22     
 
—  
 
    (107.0     (20.0     —    
Purchase of own shares
           
 
—  
 
    (0.1     (0.1     (0.2
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash inflow / (outflow) from financing activities
           
 
111.4
 
    15.0       184.6       (24.7
             
 
 
   
 
 
   
 
 
   
 
 
 
Net (decrease) / increase cash and cash equivalents
           
 
(117.2
    26.1       99.5       (4.4
             
 
 
   
 
 
   
 
 
   
 
 
 
Cash and cash equivalents at beginning of
the
year / period
           
 
211.9
 
    187.3       87.1       90.2  
Effect of foreign exchange rates on cash and cash equivalents
           
 
0.4
 
    (1.5     0.7       1.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Cash and cash equivalents at end of the year / period
     (i)     
 
95.1
 
    211.9       187.3       87.1  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1
(d)
 for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
i)
Within cash and cash equivalents at 31 December 2021 is £nil (31 December 2020: £1.3m; 30 June 2020: £0.9m; 30 June 2019: £0.4m) of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of purchasing shares upon vesting.
 
F-9

Notes to the consolidated financial statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
1.
Presentation of financial statements
 
a)
General information
Abcam plc (the Company) is a public limited company, incorporated and domiciled in the UK and is registered in England under the Companies Act 2006. Abcam’s ordinary shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange and its American Depositary Shares trade on the Nasdaq Global Market.
 
b)
Basis of preparation and consolidation
On 2 June 2021, the Group announced that it was amending its financial year end date from 30 June to 31 December. These financial statements are therefore presented for the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
The consolidated financial statements have been presented in Sterling, the functional currency of the Company, and on the historical cost basis, except for the revaluation of certain financial instruments.
The consolidated financial statements incorporate the financial statements of the Company and entities under its control (together the ‘Group’).
Control is achieved when the Company has power to control the financial and operating policies of an entity either directly or indirectly and the ability to use that power to affect the returns it receives from its involvement with the entity.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies in line with those used by the Group. All intra-group transactions, balances, equity, income and expenses are eliminated on consolidation.
The Group’s subsidiary undertakings are shown in note 16 to these financial statements.
 
c)
Going concern
The Group meets its
day-to-day
working capital requirements from the cash surpluses generated as a result of normal trading. In considering going concern, the Directors have reviewed the Group’s forecasts and projections, taking account of reasonably possible changes in trading performance. These show that the Group should be able to operate within the limits of its available resources.
Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and at least one year from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing its consolidated financial statements.
 
d)
Change in accounting policy—Software as a Service (‘SaaS’) arrangements
In March 2021, the IFRS Interpretations Committee (‘IFRIC’) published an agenda decision on how an entity should account for costs of configuring or customizing application software in a Cloud Computing or Software as a Service (‘SaaS’) arrangement.
Previously, internal and external costs incurred in connection with the various phases of the Group’s ERP implementation and other projects, have been capitalized as an intangible asset in line with IAS 38 ‘Intangible Assets’.
Following an internal review of the impact of adoption of the IFRIC, for those arrangements where the Group does not have control of the developed software, to the extent that the services were performed by third parties, the Group has derecognized the intangible asset previously capitalized.
 
F-
10


This change in accounting policy has led to adjustments amounting to a £
2.7
m, £
2.1
m, and £
2.1
m reduction in the intangible assets recognized in the
31
 
December 2020, 30
 
June 2020
and
30
 
June 2019
balance sheets, and to a net £
0.6
m, £
0.1
m and £
0.8
m increase in selling, general and administrative expenses in those respective periods.
The following tables summarize the impact of the adjustment to results for each comparative period presented:
Six months ended 31 December 2020:
 
 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (73.0     (0.6  
 
(73.6
Operating profit
     17.9       (0.6  
 
17.3
 
Profit before tax
     16.2       (0.6  
 
15.6
 
Tax
     (2.9     0.1    
 
(2.8
Profit for the period
     13.3       (0.5  
 
12.8
 
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive expense
     (5.6     (0.5  
 
(6.1
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     6.1     (0.3 )p   
 
5.8
Diluted
     6.0     (0.2 )p   
 
5.8
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     154.5       (2.7  
 
151.8
 
Total
non-current
assets
     515.1       (2.7  
 
512.4
 
Deferred tax liability
     (28.1     0.5    
 
(27.6
)
Total
non-current
liabilities
     (138.0     0.5    
 
(137.5
)
Net assets
     631.3       (2.2  
 
629.1
 
Retained earnings
     273.9       (2.2  
 
271.7
 
Total equity
     631.3       (2.2  
 
629.1
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     33.7       (0.6  
 
33.1
 
Net cash inflow from operating activities
     33.9       (0.6  
 
33.3
 
Purchase of intangible assets
     (13.6     0.6    
 
(13.0
Net cash outflow from investing activities
     (22.8     0.6    
 
(22.2
    
 
 
   
 
 
   
 
 
 

F-
11


Year ended 30 June 2020:

 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (131.4     (0.1  
 
(131.5
Operating profit
     10.5       (0.1  
 
10.4
 
Profit before tax
     8.4       (0.1  
 
8.3
 
Tax
     4.1       0.1    
 
4.2
 
Profit for the period
     12.5       —      
 
12.5
 
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive income
     25.3       —      
 
25.3
 
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     6.0     —      
 
6.0
Diluted
     6.0     —      
 
6.0
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     154.4       (2.1  
 
152.3
 
Total
non-current
assets
     532.6       (2.1  
 
530.5
 
Deferred tax liability
     (28.7     0.4    
 
(28.3
Total
non-current
liabilities
     (149.2     0.4    
 
(148.8
Net assets
     502.6       (1.7  
 
500.9
 
Retained earnings
     255.7       (1.7  
 
254.0
 
Total equity
     502.6       (1.7  
 
500.9
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     65.4       —      
 
65.4
 
Net cash inflow from operating activities
     63.0       —      
 
63.0
 
Purchase of intangible assets
     (23.0     —      
 
(23.0
Net cash outflow from investing activities
     (148.1     —      
 
(148.1
    
 
 
   
 
 
   
 
 
 

F-
12


Year ended 30 June 2019:​​​​​​​​​​​​​​
 
 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (112.1     (0.8  
 
(112.9
Operating profit
     56.1       (0.8  
 
55.3
 
Profit before tax
     56.4       (0.8  
 
55.6
 
Tax
     (11.4     0.2    
 
(11.2
Profit for the period
     45.0       (0.6  
 
44.4
 
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     22.0     (0.3 )p   
 
21.7
Diluted
     21.8     (0.3 )p   
 
21.5
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive income
     50.5       (0.6  
 
49.9
 
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     106.7       (2.1  
 
104.6
 
Total
non-current
assets
     274.9       (2.1  
 
272.8
 
Deferred tax liability
     (16.5     0.4    
 
(16.1
Total
non-current
liabilities
     (16.6     0.4    
 
(16.2
Net assets
     384.8       (1.7  
 
383.1
 
Retained earnings
     260.1       (1.7  
 
258.4
 
Total equity
     384.8       (1.7  
 
383.1
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     83.7       (0.9  
 
82.2
 
Net cash inflow from operating activities
     70.2       (0.9  
 
69.3
 
Purchase of intangible assets
     (22.7     0.9    
 
(21.8
)
Net cash outflow from investing activities
     (49.9     0.9    
 
(49.0
    
 
 
   
 
 
   
 
 
 
Decrease in cash and cash equivalents
     (4.4     —      
 
(4.4
)

2.
New accounting standards, amendments and interpretations
Standards, amendments and interpretations effective or adopted
The following standards and amendments are effective in the group’s consolidated financial statements:
 
   
Amendments to IFRS 9, IAS 39 and IFRS 7 ‘Interest rate benchmark reform’;
 
   
Amendments to IAS 1 and IAS 8 ‘Definition of material’;
 
   
Amendments to IFRS 3 ‘Definition of a business’;
 
   
Amendments to references to the Conceptual Framework in IFRS standards; and
 
   
Amendments to IFRS 16
‘Covid-19-related
rent concessions’.
Amendments effective during the reporting period did not have any significant impact on adoption.
Standards, amendments and interpretations not yet effective and not early adopted
The following standards and amendments have not been adopted in the group’s consolidated financial statements as they are not yet effective:
 
 
 
Amendments to IFRS 16
‘Covid-19-related
rent concessions beyond 30 June 2021’ (effective from 1 April 2021);
 
 
 
Interest Rate Benchmark Reform—Phase 2 - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (mandatory for accounting periods beginning after 1 January 2021);
 
 
 
Amendments to IFRS 3 ‘References to the Conceptual Framework’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
F-1
3


   
Amendments to IAS 16 ‘Property, plant and equipment—proceeds before intended use’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Amendments to IAS 37 ‘Onerous contracts—cost of fulfilling a contract’ (effective 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Annual Improvements 2018-2020 Cycle—amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Amendments to IFRS 17 ‘Insurance contracts’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 1 ‘Classification of liabilities as current or
non-current’
(effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 1 and IFRS Practice Statement 2 ‘Disclosure of accounting policies’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 8 ‘Definition of accounting estimates’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 and
 
   
Amendments to IAS 12 ‘Deferred tax related to assets and liabilities arising from a single transaction’ (effective from 1 January 2023, not yet endorsed in the EU or UK).
The amendments listed above are not expected to have a material impact on the financial statements of the Group in future periods.
 
3.
Principal accounting policies
Revenue and income recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services, net of discounts, VAT and other sales-related taxes.
Revenue from sales of goods, including revenue generated from products sold from the Group’s catalogue and IVD and which represents the significant majority of the Group’s revenue, is recognized upon delivery to the customer or the point at which the customer takes control of the goods if this is sooner.
Custom product and service revenue, which can be the provision of a service or the development of products for customers, is recognized at the point at which a milestone, as defined in the contract, has been completed. Each milestone is typically aligned to a customer deliverable, for example, the amount of services provided, a deliverable arising from the services or the number of products successfully developed and provided to customers, and accordingly is considered to be a performance obligation. Every milestone has a defined transaction price. If it is identified that the costs will be in excess of the contract revenue, the expected loss is recognized as an expense immediately.
Licence fee income is recognized upon delivery of the licensed technology where the Group’s continued performance or future research and development services are not required. Royalty revenue is recognized on an accruals basis based on the contractual terms and the substance of the agreements with the counterparty, provided that the amount can be reliably measured and it is probable that the economic benefit will flow to the Group.
Leasing
Accounting policy applied from 1 July 2019 (IFRS 16)
Leased assets are capitalized on inception of the lease as
right-of-use
assets. A corresponding lease liability, representing the present value of the lease payments is also recognized and split between current and
non-current
liabilities accordingly.
The lease liability includes; fixed payments, variable lease payments dependent on an index or rate (initially measured using the index or rate on the lease commencement date) and in substance fixed payments. The variable aspect of variable payments are recognized when the rate or index takes effect resulting in an adjustment to the liability and
right-of-use
asset. Currently the Group’s lease portfolio does not contain variable or in substance lease payments.
 
F-1
4


The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilized. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium.
Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are charged to the income statement to produce a constant periodic rate of interest on the remaining liability.
Right-of-use
assets are measured at cost including; the discounted initial lease liability, lease payments made at or before the commencement date, any initial direct costs reduced any lease incentives received.
Right-of-use
assets are depreciated over the shorter of the
non-cancellable
lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. The Group’s current leases run from
1-17
years.
Modifications to lease agreements result in remeasurement of the lease liability and
right-of-use
asset.
Short term leases, defined as less than one year, and also of low value are recognized on a straight-line basis in the income statement.
There are no material lease agreements where the Group acts as a lessor.
Contracts may contain both lease and
non-lease
components. The Group allocates the contract consideration based on the relative stand alone selling prices or if this is not readily determinable based on the best estimates of the stand alone selling prices.
Accounting policy applied until 30 June 2019
To the extent that the terms of a lease transferred substantially all the risks and rewards of ownership to the lessee, leases were classified as finance leases. All other leases were classified as operating leases.
Rentals payable under operating leases were charged to the income statement on a straight-line basis over the fixed term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease were also spread on a straight-line basis over the lease term.
Foreign currencies
Foreign currency transactions are booked at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are retranslated at the rates of exchange ruling at the balance sheet date. Exchange differences arising on settlement or retranslation of monetary assets and liabilities are included in the income statement.
The results of overseas subsidiaries are translated into Sterling using the average exchange rates during the year. Assets and liabilities are translated at the rates ruling at the balance sheet date. Goodwill arising on the acquisition of a foreign operation is treated as an asset of that foreign operation and as such is translated at the relevant foreign exchange rate at the balance sheet date. Exchange differences arising on this translation are recognized in the translation reserve.
Other exchange differences are recognized in the income statement in the period in which they arise except for where items are designated as hedging instruments or where there is a net investment hedge.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The Group has no further obligations once the contributions have been paid.
Taxation
Current tax payable is based on taxable profit for the year using tax rates that have been enacted or substantively enacted by the balance sheet date. Taxable profit differs from net profit as reported in the income
 
F-1
5

statement because it excludes certain items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Where the current tax deduction in respect of share option exercises exceeds the share option accounting charge for the period, the excess is recorded in equity rather than the income statement.
The benefit of UK research and development is recognized under the UK’s Research and Development Expenditure Credit (RDEC) scheme. The benefit is recorded as income included in profit before tax, netted against research and development expenses, as the RDEC is of the nature of a government grant.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group’s liability for deferred tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to other comprehensive income or reserves, in which case the deferred tax is also dealt with in other comprehensive income or reserves respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, they relate to income taxes levied by the same taxation authority and the Group intends to settle on a net basis.
Business combinations
Business combinations are accounted for using the acquisition method. On the acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be reliably measured in which case the value is subsumed into goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed as at the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date – and is subject to a maximum of one year.
Acquisition-related costs are expensed to the consolidated income statement in the period they are incurred.
Goodwill
Goodwill represents the excess of the fair value of the consideration over the fair value of the net assets acquired. Where the fair value of the consideration is less than the fair value of the acquired net assets, the deficit is recognized immediately in the income statement as a bargain purchase.
Goodwill is not amortized, but is subject to an impairment review at least annually and is carried at cost less accumulated impairment losses. Any impairment is recognized immediately in the income statement and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to cash generating units (CGUs). The CGU to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the carrying value may not be recoverable.
 
F-1
6

Intangible assets
Acquisition intangibles:
Acquisition intangibles comprise licence fees, customer relationships and distribution rights, patents, technology and
know-how
and trade names. These are capitalized at fair value and amortized on a straight-line basis over their estimated useful lives. The principal expected useful lives are as follows:
 
Licence fees
   Term of licence
Customer relationships and distribution rights
   4 to 10 years
Patents, technology and
know-how
   10 to 16 years
Trade names
   8 to 11 years
Patents, technology and
know-how
assets are only amortized once the development is complete and being utilized for their intended purpose; until this point the assets are deemed to be in progress.
Other intangibles:
These comprise software and expenditure on capitalized internally developed technology. Internally developed technology costs are recognized as an asset if and only if they meet the recognition criteria set out in IAS 38 ‘Intangible Assets’:
 
   
the project must be technically feasible;
 
   
there must be the intention to complete the project;
 
   
there must be adequate resources to be able to complete the project;
 
   
the ability to use or sell the asset or product is secure;
 
   
the future economic benefits must exceed the costs; and
 
   
the ability to reliably measure costs.
Intangible assets under construction are not amortized.
The principal expected useful lives are as follows:
 
Software
   3 to 10 years
Internally developed technology
   3 to 16 years
Patents and licences
   2 to 3 years
During the year ended 31 December 2021, the Group revised its estimate of the useful life of its software assets from
 3 to 5 years to 3 to 10 years. Further details are shown in note 13.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and, where appropriate, provision for impairment in value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, as follows:
 
Laboratory equipment
   2 to 5 years
Cell Line assets
   10 years
Office fixtures, fittings and other equipment
   2 to 5 years
Leasehold improvements
   Term of lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the income statement. Residual values of assets and their useful lives are assessed on an ongoing basis and adjusted, if appropriate, at each balance sheet date. Assets under the course of construction are not depreciated.
Impairment of property, plant and equipment and intangible assets excluding goodwill
A review is undertaken upon the occurrence of events or circumstances which indicate that the carrying amount may not be recoverable. In addition, any assets not yet available for use are tested for impairment annually.
 
F-1
7

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If it is not possible to determine the recoverable amount for an individual asset, the assessment is made for the asset’s cash-generating unit (CGU).
Inventories
Inventories and work in progress are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and an attributable portion of production overheads that have been incurred in bringing the inventories to their present location and condition. The valuation methodology is on a first in first out or a weighted average cost basis, depending on the nature of the inventory, and net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or defective items where appropriate.
Financial assets
Financial assets and financial liabilities are recognized on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The Group’s financial assets comprise cash and cash equivalents, receivables which involve a contractual right to receive cash from external parties, and investments.
Investments
Investments in shares are held at fair market value, with any revaluation gain or loss recorded through other comprehensive income.
Trade and other receivables
Trade receivables (excluding derivative financial assets) are recognized at cost less allowances for the expected credit loss to align their cost to fair value. The provision is based on the Group’s expected credit loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term, highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial liabilities
Financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date.
Trade and other payables
Trade payables (excluding derivative financial liabilities) are
non-interest
bearing and are stated at cost which equates to their fair value.
Equity instruments
Equity instruments issued by the Group are recorded as the proceeds received, net of direct issue costs.
Derivative financial instruments
The Group uses forward contracts to manage the exposure to fluctuating foreign exchange rates in relation to forecast future transactions.
Derivatives are initially recognized at fair value at the date a contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognized in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship.
 
F-1
8

Hedge accounting
At the inception of a hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, its effectiveness along with its risk management objectives, and its strategy for undertaking various hedge transactions. The effectiveness is repeated on an ongoing basis during the life of the instrument to ensure that the instrument remains effective.​​​​​​​
Cash flow hedges
The Group designates certain derivatives as cash flow hedges of highly probable forecast foreign currency transactions.
The effective portion of changes in the fair value of derivatives which are designated and qualify as cash flow hedges is deferred in other comprehensive income. Gains or losses relating to the ineffective portion are recognized immediately in the income statement.
Amounts deferred in other comprehensive income are recycled to the income statement in the periods when the hedged item is recognized in the income statement.
Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or it no longer qualifies for hedge accounting. Any cumulative gain or loss in other comprehensive income at that time remains in other comprehensive income and is recognized when the forecast transaction is ultimately recognized in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is recognized immediately in the income statement.
Share-based payments
Equity settled share-based payments (SBPs) are measured at fair value (excluding the effect of
non-market-based
vesting conditions) at the date of grant and is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of shares that will eventually vest.
Share-based payments where vesting is by reference to external performance criteria (such as growth in an external index) are measured using the Monte Carlo simulation. Those which are subject only to internal performance criteria or service conditions are measured using the Black-Scholes model.
For all schemes, the number of options expected to vest is recalculated at each balance sheet date based on expectations of leavers prior to vesting. The number of options expected to vest for schemes with internal performance criteria is also adjusted based on expectations of performance against targets. No adjustments are made for expected performance against external or ‘market-based’ targets. Charges made to the income statement in respect of equity settled share-based payments are credited to equity.
For cash settled share-based payments, the Group recognizes a liability for the services acquired, measured initially at the fair value of the liability. This liability is remeasured at each balance sheet date and at the date of settlement, with any changes in fair value recognized in the income statement.
Own shares
No gain or loss is recognized in the income statement on the purchase, sale, issue or cancellation of the Group’s own shares. Any difference between the carrying amount and the consideration is recognized in equity.
4. Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the application of its accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Actual amounts and results may differ from those estimates.
Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognized in the period in which the estimate is revised.
 
F-1
9

a) Key accounting judgements
Capitalization of intangible assets—internal software development
The Group
capitalizes
internal software development costs, in particular internal staff costs, relating to the enhancement of the Group’s core IT systems architecture and developments. Judgement is required in applying the capitalization criteria of IAS 38 ‘Intangible Assets’, differentiating between enhancements and maintenance. Those costs which are not treated as capital but are directly attributable to the Group’s system and process improvement project are treated as adjusting items.
In establishing the principles on which costs are capitalized, consideration is given to the nature of work being performed, whether the costs and the activities are incremental and whether the associated deliverables meet the characteristics of an asset. Processes are in place to evaluate this, and the same processes are used to confirm whether the expensed costs are related to the system and process improvement project so that classification as an adjusting item is appropriate.
A review of historical capitalized spend on software assets was undertaken, to ascertain whether they met the criteria for capitalization following adoption of the IFRIC, published in March 2021, relating to SaaS arrangements. Identifying the software assets that were impacted and the classification of costs between customization and configuration, was judgemental and technically complex, in particular around the allocation of costs to the appropriate category. As the application of the IFRIC required an historical application, the rationale of recent projects was applied to historical projects and the same estimation and judgements applied.
The review resulted in a restatement of prior year financial statements in line with the IFRIC requirements, details of which can be found in note 
1d
.
Capitalization of intangible assets—internally developed technology
The Group capitalizes internal costs associated with internally developed technology as intangible assets as described further in notes 3 and 13. This requires judgement to determine that the characteristics of such assets meet the relevant criteria if IAS 38 ‘Intangible Assets’ for classification as an intangible asset.
Internal costs are capitalized as internally developed technology within intangible assets which are used to generate antibodies and kits. The point at which such internal costs are capitalized as well as their magnitude (whereby the amount capitalized comprises mainly of attributable salary costs and consumables used in the manufacture process) is a key area of judgement. A key area in respect of the stage of development of internally developed technology is subject to judgement as to when a product’s future economic value justifies capitalization. Management reviews regularly these factors in order to determine that the costs meet the criteria for capitalization as intangible assets.
During the year, an impairment was booked for assets relating to AxioMx where changes in scope of the project impacted on the usability of the historical work performed, details of which can be seen in note 7 and 13.
Assessment of cash generating units (CGUs)
For the purposes of impairment testing, the Group identifies the CGU that is appropriate for the asset to be measured against if it is not possible to estimate the recoverable amount individually. The goodwill acquired in a business combination is allocated at acquisition to the CGU which is expected to benefit from that business combination.
The Group applies judgement in determining how integrated the acquired business is within the Group. Consideration is given to the product branding and ranges, whether the manufacturing and research and development has broadened since acquisition, whether sales and marketing activity is separate from the
Group
and how the business is monitored.
For the BioVision acquisition in October 2021, the Group has determined that the business is not sufficiently integrated into the Group and therefore the acquired goodwill has been tested at a BioVision CGU level. Full details can be found in note 12.
 
F-
20


b) Key sources of estimation uncertainty
Valuation of acquired intangible assets
During the current and prior periods, the Group has made a number of acquisitions (see note 29 for further details). Accounting for these in line with IFRS 3 ‘Business Combinations’ requires the use of a number of assumptions and estimates in relation to the future cash flows associated with acquisition intangibles and the use of valuation techniques in order to arrive at the fair value of the intangible assets acquired. The assumptions applied were based on the best information available to management and valuation techniques were supported by third party valuation experts.
In the current period, acquired intangibles totaling
 
£
80.6
million
were recognized in relation to the acquisition of BioVision, of which the intangible recognized in relation to the acquired technology was the most significant
77.0
 million).
Key assumptions in determining the valuation of this included the revenue growth rate and cash flows associated with this asset, its expected useful economic life and the expected attrition rates associated with the acquired product portfolio.
Nevertheless, the actual performance of these assets may differ from the valuations derived through this exercise.
Impairment assessment of acquired intangible assets
As described in note 13 to the consolidated financial statements, the Group holds various intangible assets. As required by IAS 36 ‘Impairment of Assets’, the Group reviews for indicators of impairment regularly by assessing the performance of the assets against qualitative and quantitative factors including the estimates used to value intangibles on acquisition or appropriate business cases.
Examples of impairment indicators are: there is a change in business strategy; asset is not meeting the acquisition forecasts; or the business is approaching the route to market differently. If any of these or other factors are present, a detailed impairment review is undertaken.
A detailed impairment assessment can be performed by either assessing the asset’s value in use or assessing the carrying value as fair value less cost to sell. Either method requires management to make a number of estimates, the most sensitive estimates being:
 
   
The five-year business plan – forecasted cashflows require management’s estimates of the assets’ performance in future periods and judgement as to the CGU to which the flows belong;
 
   
Discount rate – judgement is required in estimating the appropriate weighted average cost of capital (WACC) of a typical market participant; and
 
   
Market-based data – judgement is required to ensure companies and
recent
transactions are comparable in nature when estimating the fair value. 
During the year ended 31 December 2021, the assets relating to Firefly BioWorks multiplex and assay technology were tested for impairment. Given the nascent state of the technology, management used the fair value less costs to sell method of assessing the recoverable amount of the intangible assets and management is satisfied that the fair value significantly exceeds the carrying value of the asset. Details can be found in note 13.
During the year to 30 June 2020, an assessment of the
acquired
intangible in respect of In Vitro monoclonal antibody production technology acquired with AxioMx, Inc. in 2015 was undertaken. This also included further smaller amounts in respect of this technology which have been
capitalized
since acquisition as certain commercial feasibility milestones had been achieved.
An appraisal of the ability to utilize at scale this technology has been undertaken whereby although technical feasibility remains valid, the challenges to realize material commercial returns have resulted in the conclusion not to pursue further active development and substantive utilization of this technology. As a result of this, the intangible asset in respect of this technology has been fully impaired.
Details of the impairment can be found in note 13.

Useful economic life (UEL) of software assets
The Group determines the UEL of all assets by estimating the length of time the asset is expected to be in use or generating income. The Group’s policy for software assets was determined as 3 to 5 years.
 
F-
21

During the
 year ended 31 December 2021, the Group revised its estimate of the useful economic life of its ERP software from 5 years to 10 years, changing the Group’s policy from 3 to 5 years to 3 to 10 years. This was due to the complexity of the programme, the investment involved, and the nature of the technology implemented. See note 12 for further details.
Provision for slow-moving or defective inventory
The provision for slow-moving inventory is based on the Directors’ estimation of the future sales of each of the Group’s products over the period from the balance sheet date to the expiry date of the product. Estimated future sales are based on historical actual sales and a growth rate assumption which is derived from the average annual growth over the product life to date.
If actual unit sales growth rates differ from those estimated by management, both the level of provision against existing inventory and the rates of provision applied to inventory in future periods would need to be revised.
5. Operating segments
Products and services from which reportable segments derive their revenues
The Directors consider that there is only one core business activity and there are no separately identifiable business segments which are engaged in providing individual products or services or a group of related products and services which are subject to separate risks and returns. The information reported to the Group’s Chief Executive Officer, who is considered the chief operating decision maker, for the purposes of resource allocation and assessment of performance is based wholly on the overall activities of the Group. The Group has therefore determined that it has only one reportable segment, which is ‘sales of antibodies and related products’. The Group’s revenue and assets for this one reportable segment can be determined by reference to the Group’s income statement and balance sheet.
The Group has no individual product or customer which contributes more than 10% of its revenues.
 
F-
22

Geographical information
Revenues are attributed to regions based primarily on customers’ location. The Group’s revenue from external customers and information about its
non-current
segment assets (excluding deferred tax) is set out below:
 
          Revenue     
Non-current
assets
 
         
Year
ended
31 December
2021
    
Six months
ended
31 December
2020
    
As at
31 December
2021
    
As at
31 December
2020
(revised*)
 
          £m      £m      £m      £m  
The Americas
       
 
130.4
 
     58.6     
 
464.3
 
     200.2  
EMEA
   (i)   
 
84.3
 
     40.2     
 
231.8
 
     227.8  
China
       
 
58.2
 
     27.4     
 
8.6
 
     6.7  
Japan
       
 
18.7
 
     9.9     
 
0.2
 
     0.5  
Rest of Asia Pacific
   (i)   
 
23.8
 
     11.4     
 
59.3
 
     61.6  
         
 
 
    
 
 
    
 
 
    
 
 
 
         
 
315.4
 
     147.5     
 
764.2
 
     496.8  
         
 
 
    
 
 
    
 
 
    
 
 
 
       
          Revenue     
Non-current
assets
 
         
Year
ended
30 June
2020
    
Year
ended
30 June
2019
    
As at
30 June
2020
(revised*)
    
As at
30 June
2019
(revised*)
 
          £m      £m      £m      £m  
The Americas
          112.4        117.5        224.8        169.9  
EMEA
   (i)      69.3        67.1        222.3        89.5  
China
          39.5        39.9        7.4        3.8  
Japan
          18.8        16.9        0.6        0.1  
Rest of Asia Pacific
   (i)      20.0        18.5        61.7        0.1  
         
 
 
    
 
 
    
 
 
    
 
 
 
            260.0        259.9        516.8        263.4  
         
 
 
    
 
 
    
 
 
    
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
(i)
Revenues for the
sub-region
of Central Asia have been reclassified from EMEA to Asia Pacific for the year ended 31 December 2021 and the six months ended 31 December 2020. This is to better align our data reporting to sales performance and geographical location. The value attributable to Central Asia is £1.6m (six months ended 31 December 2020: £0.6m; year ended 30 June 2020: £1.5m; year ended 30 June 2019: £1.4m). The comparatives presented for 30 June 2020 and 30 June 2019 have not been updated for this change.
Revenue by type is shown below:
 
     Year
ended
31 December
2021
£m
     Six months
ended
31 December
2020
£m
     Year
ended
30 June
2020
£m
     Year
ended
30 June
2019
£m
 
Catalogue revenue
  
 
296.4
 
     139.0        243.1        242.8  
Custom products and services
  
 
5.7
 
     2.7        6.3        5.4  
IVD
  
 
6.3
 
     2.6        4.7        6.9  
Royalties and licenses
  
 
7.0
 
     3.2        5.9        4.8  
    
 
 
    
 
 
    
 
 
    
 
 
 
Custom products and licensing
  
 
19.0
 
     8.5        16.9        17.1  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total reported revenue
  
 
315.4
 
     147.5        260.0        259.9  
    
 
 
    
 
 
    
 
 
    
 
 
 
Because all custom products and services projects within a contract had an original expected duration of one year or less, the Group has taken advantage of the exemption not to disclose outstanding amounts in respect of uncompleted contracts.
The information reported to the Group’s Chief Executive Officer, who as described above is considered the chief operating decision maker, also includes adjusted operating profit which comprises operating profit before exceptional items, share-based payments and amortization of acquisition intangibles.
 
F-2
3

The following table presents the reconciliation of this measure to profit for the year / period:
 
     Note      Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Profit for the year / period
           
 
4.4
 
    12.8       12.5       44.4  
Tax
              0.3
      2.8       (4.2     11.2  
Finance income
           
 
(0.3
    (0.2     (0.7     (0.6
Finance costs
           
 
2.7
 
    1.9       2.8       0.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating profit
           
 
7.1
 
    17.3       10.4       55.3  
Exceptional items, share-based payments and amortization of acquisition
intangibles

     7     
 
53.3
 
    17.8       43.6       34.9  
             
 
 
   
 
 
   
 
 
   
 
 
 
Adjusted operating profit for the year / period
           
 
60.4
 
    35.1       54.0       90.2  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
6. Operating profit
Operating profit for the year / period is stated after charging / (crediting):
 
     Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Staff costs
  
 
126.2
 
    59.0       90.4       72.8  
Cost of inventories recognized as an expense
  
 
63.5
 
    30.7       56.2       59.3  
Write down of inventories recognized as an expense
  
 
3.8
 
    1.6       2.8       1.4  
R&D expenditure (excluding UK R&D tax credits)
  
 
7.9
 
    5.3       24.9       16.9  
UK R&D tax credits
  
 
(2.5
    (0.7     (1.5     (1.9
Depreciation of property, plant and equipment
  
 
11.0
 
    4.3       7.3       4.8  
Amortization of intangible assets
  
 
20.9
 
    7.9       15.7       10.5  
Depreciation of
right-of-use
assets
  
 
9.1
 
    3.8       6.7       —    
Movements arising on financial instruments at fair value through profit or loss
  
 
—  
 
    (0.4     —         0.4  
Other net foreign exchange differences (including cash flow hedge movements reclassified from other comprehensive income)
  
 
(0.8
    1.6       (0.6     (0.1
    
 
 
   
 
 
   
 
 
   
 
 
 
                                  
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
 
F-
24

Auditor’s remuneration comprised the following:

 
     Year
ended
31 December
2021
£000
     Six months
ended
31 December
2020
£000
     Year
ended
30 June
2020
£000
     Year
ended
30 June
2019
£000
 
Audit services
                                   
—Group and parent company
  
 
646
 
     426        279        178  
—Subsidiary companies pursuant to legislation
  
 
12
 
     —          8        8  
—Assurance services in respect of controls work for US complianc
e

 
 
 
 
 
 
 
 
 
 
 
200
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total audit fees
  
 
658
 
     426        487        186  
Audit related assurance services
                                   
—Interim review
  
 
87
 
     63        22        22  
—Attestation under s404 of Sarbanes-Oxley Act 2002 and audit of
20-F
filing
  
 
535
 
     —                 —    
—Services in respect of the Group’s US listing
  
 
653
 
     —          76        —    
—Other
     35        —          —          —    
Total assurance-related fees
  
 
657
 
     716        98        22   
Other services
  
 
6
 
     —          1        1  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total auditor remuneration
  
 
1,321
 
     1,142        586        209  
Fees in respect of controls work for US compliance relate to additional controls work required to comply with the US Public Company Accounting Oversight Board (PCAOB).
Audit related assurance services in respect of the Group’s secondary listing in the US, which was completed in October 2020, relate to work on documents required for the US Securities and Exchange Commission (SEC). This includes the Attestation of the Group’s internal control framework under s404 of the Sarbanes-Oxley Act 2002 and other related services.
7. Exceptional items, share-based payments and amortization of acquisition intangibles
 
          Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Included within cost of sales
       
 
(3.1
    —         —         —    
         
 
 
   
 
 
   
 
 
   
 
 
 
Affecting gross profit
       
 
(3.1
    —         —         —    
Included within selling, general and administrative expenses
       
 
(39.1
    (12.7     (20.0     (29.6
Included within research and development costs 
       
 
(11.1
    (5.1     (23.6     (5.3
         
 
 
   
 
 
   
 
 
   
 
 
 
Affecting operating profit and profit before tax
       
 
(53.3
    (17.8     (43.6     (34.9
Analyzed as:
                                     
Amortization of fair value adjustments
   (i)   
 
(3.1
    —         —         —    
Impairment of intangible assets
   (ii)   
 
(1.1
    —         (14.9     (12.8
System and process improvement costs
   (iii)   
 
(7.0
    (2.5     (4.6     (5.4
Acquisition costs
   (iv)   
 
(8.3
    —         (4.1     —    
Integration and reorganization costs
   (v)   
 
(4.7
    (1.9     (2.1     (3.7
Amortization of acquisition intangibles
   (vi)   
 
(9.1
    (4.4     (8.6     (6.5
Share-based payments 
   (vii)   
 
(20.0
    (9.0     (9.3     (6.5
         
 
 
   
 
 
   
 
 
   
 
 
 
Affecting operating profit and profit before tax
       
 
(53.3
    (17.8     (43.6     (34.9
Tax effect of adjusting items
       
 
10.5
 
    3.3       9.0       6.7  
Credit arising from patent box claims
   (viii)   
 
—  
 
    —         4.6       —    
Net tax effect of new US tax legislation
       
 
—  
 
    —         —         (0.2
         
 
 
   
 
 
   
 
 
   
 
 
 
Affecting tax
       
 
10.5
 
    3.3       13.6       6.5  
         
 
 
   
 
 
   
 
 
   
 
 
 
Total
       
 
(42.8
    (14.5     (30.0     (28.4
 
F-2
5

*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
(i) Comprises amortization of fair value adjustments relating to the acquisition of BioVision as detailed in note 29. Following the acquisition, the Group recognized a fair value uplift of £6.0m to inventory carried on the Group’s balance sheet. This adjustment is being amortized over
 
4
months from November 2021. Such costs are included within cost of sales. 
(ii) Year ended 31 December 2021: Comprises an impairment of internally developed technology assets relating to AxioMx, following an assessment of the work performed and costs capitalized to date. 
Following the review, it was concluded that as a result of changes in the scope and nature of the project to which the costs related, and the corresponding usability of historical work performed, £1.1m of internally developed technology assets were impaired. The impairment charge is included within research and development expenses. Year ended 30 June 2020: Comprises the full impairment of the acquisition intangible in respect of AxioMx in Vitro monoclonal antibody production technology and subsequent post acquisition expenditure capitalized. This has arisen following an appraisal of the ability to utilize at scale this technology whereby although technical feasibility remains valid, the challenges to realize material commercial returns have resulted in the conclusion not to pursue further active development and substantive utilization of this technology. The impairment charge is included within research and development expenses. Year ended 30 June 2019: The strategic ERP project is a complex, multi-year global business transformation with numerous phases extending across multiple Group functions. Following achievement of an implementation milestone in April 2019, a review was undertaken of historical expenditure incurred to that point on outstanding modules to assess whether each element remained appropriate to the business’s needs. Following the review, it was concluded that as a result of changes in the scope and nature of the programme and the corresponding usability of historical work performed, software assets of £12.8m were impaired. The charge was included within selling, general and administrative expenses.
(iii) Comprises costs of the strategic ERP implementation which do not qualify for capitalization and, for the year ended 31 December 2021, impairment charges of £2.1m, as a result of a software asset developed as part of the ERP project that was no longer required. Such costs are included within selling, general and administrative expenses. Also included in the year ended 31 December 2021 is £0.6m (six months ended 31 December 2020: £0.7m; year ended 30 June 2020: £0.3m; year ended 30 June 2019: £0.9m) relating to costs associated with the implementation of the SaaS IFRIC as described in note 1(
d
).
(iv) Year ended 31 December 2021: Comprises legal and other professional fees associated with the acquisition of BioVision, Inc. and other aborted acquisitions. Year ended 30 June 2020: Comprises legal and other professional fees associated with the acquisition of Expedeon as well as agreed settlements of Expedeon employee incentive schemes. Such costs are included within selling, general and administrative expenses.
(v) Year ended 31 December 2021: Integration and reorganization costs relate to the integration of the acquired BioVision business as described in note 29 (comprising mainly legal and professional fees) of £1.0m and costs in the US and Asia Pacific, relating to the ongoing reorganization of the Group’s property portfolio of £3.0m. Six months ended 31 December 2020 and year ended 30 June 2020: Integration and reorganization costs relate partly to the integration of the acquired Expedeon business as described in note 29 (comprising mainly retention and severance costs as well as employee backfill costs for those involved in the integration and consultancy costs) and reorganization costs in respect of alignment of the Group’s operational structure and geographical footprint to its strategic goals. Year ended 30 June 2019: Related to costs associated with major office fit outs, including the new Group headquarters, including dual running costs and depreciation prior to the building being occupied. Such costs are included within selling, general and administrative expenses.
(vi) Amortization of £6.8m (six months ended 31 December 2020: £3.2m; year ended 30 June 2020: £6.0m; year ended 30 June 2019: £4.3m) is included within research and development expenses, with the remaining £2.3m (six months ended 31 December 2020: £1.2m; year ended 30 June 2020: £2.6m; year ended 30 June 2019: £2.2m) included within selling, general and administrative expenses.
(vii) Comprises share-based payment charges of £17.9m and employer tax contributions of £2.1m thereon for all schemes, which have been included as exceptional items for the year ended 31 December 2021. The six months ended 31 December 2020 and the years ended 30 June 2010 and 2019 have been represented for this change. Charges of £3.1m (six months ended 31 December 2020: £2.0m, year ended 30 June 2020: £2.7m and year ended 30 June 2019; £1.0m) are included in research and development expenses, with the remaining £16.9m (six months ended 31 December 2020: £7.0m, year ended 30 June 2020: £6.6m and year ended 30 June 2019; £5.5m) included within selling, general and administrative expenses.

 
F-2
6

(viii) Comprises a credit for historical periods in respect of the initial recognition of benefit from the lower rate of tax applied to profits on patented income under HMRC’s ‘patent box’ regime following successful registration of patents during the prior period.
8. Employees
The average monthly number of employees (including Executive Directors) was:
 
    Year
ended
31 
December
2021
Number
    Six months
ended
31 December
2020

Number
    Year
ended
30 June
2020
Number
    Year
ended
30 June
2019
Number
 
Management, administrative, marketing and distribution
 
 
1,191
 
    930       879       784  
Laboratory
 
 
428
 
    594       575       371  
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
1,619
 
    1,524       1,454       1,155  
During the year ended 31 December 2021, the Group changed the allocation of certain departmental headcount to particular cost centres, which had the effect of reducing the average number of laboratory staff and increasing the average number of management, administrative, marketing and distribution staff. This was in order to more accurately reflect the nature of operations being undertaken by those particular departments. Contractors are not included in the analysis of employee numbers.
Their aggregate remuneration comprised:
 
     Year
ended
31 December
2021
£m
     Six months
ended
31 December
2020
£m
     Year
ended
30 June
2020
£m
     Year
ended
30 June
2019
£m
 
Wages and salaries
  
 
89.4
 
     42.6        69.5        56.0  
Social security costs
  
 
12.4
 
     6.3        7.1        6.8  
Other pension costs
  
 
6.5
 
     2.8        4.5        3.5  
Share-based payments charge
  
 
17.9
 
     7.3        9.3        6.5  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total staff costs
  
 
126.2
 
     59.0        90.4        72.8  
9. Finance income and costs
 
     Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
£m
    Year
ended
30 June
2020
£m
    Year
ended
30 June
2019
£m
 
Interest receivable
  
 
0.3
 
    0.2       0.7       0.6  
    
 
 
   
 
 
   
 
 
   
 
 
 
Finance income
  
 
0.3
 
    0.2       0.7       0.6  
Interest expense on lease liabilities*
  
 
(1.7
    (1.0     (1.5     —    
Borrowing costs
  
 
(1.0
    (0.9     (1.3     (0.3
    
 
 
   
 
 
   
 
 
   
 
 
 
Finance costs
  
 
(2.7
    (1.9     (2.8     (0.3
    
 
 
   
 
 
   
 
 
   
 
 
 
Net finance (costs) / income
  
 
(2.4
    (1.7     (2.1     0.3  
 
*
On 1 July 2019, the Group adopted IFRS 16 ‘Leases’ using the modified retrospective transition method and as a result, comparative figures for the year ended 30 June 2019 have not been restated.
 
F-2
7

10. Tax
 
     Note      Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Current tax
                                         
Current income tax charge
           
 
11.0
 
    4.1       4.8       9.7  
Adjustment in respect of prior years
           
 
(2.4
    —         (0.9     0.2  
             
 
 
   
 
 
   
 
 
   
 
 
 
             
 
8.6
 
    4.1       3.9       9.9  
Deferred tax
                                         
Origination and reversal of temporary differences
           
 
(11.6
    (1.3     (9.2     0.4  
Adjustment in respect of prior years
           
 
1.9
 
    —         0.9       1.1  
Effect of tax rate change
           
 
1.4
 
    —         0.2       (0.2
             
 
 
   
 
 
   
 
 
   
 
 
 
       17     
 
(8.3
    (1.3     (8.1     1.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Total income tax charge / (credit)
           
 
0.3
 
    2.8       (4.2     11.2  
 
*
See note 1(
d
) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The Group reported a net tax charge of £0.3m (six months ended 31 December 2020: £2.8m; year ended 30 June 2020: credit of £4.2m; year ended 30 June 2019: £11.2m). The net tax charge is reduced due to the credit from the ‘patent box’ benefit in the UK, where a lower rate of tax is applied to profits on patented income.
The UK Corporation Tax rate for the year was 19.0% (six months ended 31 December 2020: 19.0%; year ended 30 June 2020: 19.0%; year ended 30 June 2019: 19.0%). Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The Finance Act 2021 increased the UK Corporation Tax rate to 25% with effect from 1 April 2023. This 25% rate has been applied in the deferred tax valuations based on the expected timing of when such assets and liabilities will be recovered.
The charge for the year / period can be reconciled to the profit per the income statement as follows:
 
     Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Profit before tax
  
 
4.7
 
    15.6       8.3       55.6  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax at the UK corporation tax rate of 19.0% (December 2020: 19.0%; June 2020: 19.0%; June 2019: 19.0%)
  
 
0.9
 
    3.0       1.6       10.6  
Adjustment in respect of overseas tax rates
  
 
2.0
 
    0.2       (1.3     1.4  
Adjustments in respect of prior years
  
 
(0.5
    —         —         1.3  
Effect of ‘patent box’ benefit
  
 
(4.2
    0.9       (6.0     —    
Tax effect of
non-deductible
expenses and
non-taxable
income
  
 
0.9
 
    (1.5     1.3       (1.0
Relief in relation to overseas entities
  
 
—  
 
    —         —         (0.3
Overseas R&D tax credit uplift
  
 
(0.7
    0.3       (0.5     (0.6
Overseas withholding tax
  
 
0.5
 
    (0.1     0.5       —    
Effect of tax rate change on deferred tax balances
  
 
1.4
 
    —         0.2       (0.2
    
 
 
   
 
 
   
 
 
   
 
 
 
Tax charge / (credit) for the year / period
  
 
0.3
 
    2.8       (4.2     11.2  
 

*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
 
F-28

11. Earnings per share
The calculations of earnings per ordinary share (EPS) are based on profit after tax and the weighted number of shares in issue during the year / period.
 
     Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*
£m
 
Earnings
                                
Profit for the year / period
  
 
4.4
 
    12.8       12.5       44.4  
         
     Million     Million     Million     Million  
Number of shares
                                
Weighted average number of ordinary shares in issue
  
 
227.1
 
    220.0       208.0       205.4  
Less ordinary shares held by Equiniti Share Plan Trustees Limited
  
 
(0.4
    (0.4     (0.4     (0.5
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average number of ordinary shares for the purposes of basic EPS
  
 
226.7
 
    219.6       207.6       204.9  
Effect of potentially dilutive ordinary shares—share options and awards
  
 
2.2
 
    2.4       2.0       1.8  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average number of ordinary shares for the purposes of diluted EPS
  
 
228.9
 
    222.0       209.6       206.7  
 
*
See note 1(
d
) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
Basic EPS is calculated by dividing the profit after tax by the weighted average number of shares outstanding during the year / period. Diluted EPS is calculated on the same basis as basic EPS but with a further adjustment to the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. Such potentially dilutive ordinary shares comprise share options and awards granted to employees where the exercise price is less than th
e
 average market price of the Company’s ordinary shares during the year / period and any unvested shares which have met, or are expected to meet, the performance conditions at the end of the year / period.
 
     Year
ended
31 December 2021
     Six months
ended
31 December
2020
(revised*)
     Year
ended
30 June
2020
(revised*)
     Year
ended
30 June
2019
(revised*)
 
Basic EPS
  
 
1.9p
 
     5.8p        6.0p        21.7p  
Diluted EPS
  
 
1.9p
 
     5.8p        6.0p        21.5p  
 
*
See note 1(
d
) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
 
 
12. Goodwill
 
     Note      31 December
2021
£m
     31 December
2020
£m
    30 June
2020
£m
     30 June
2019
£m
 
Cost and carrying amount
                                           
At beginning of the year / period
           
 
184.3
 
     195.0       120.9        114.2  
Additions
     29     
 
177.0
 
     0.6       68.3        2.8  
Exchange differences
           
 
3.5
 
     (11.3     5.8        3.9  
             
 
 
    
 
 
   
 
 
    
 
 
 
At end of the year / period

           
 
364.8
 
     184.3       195.0        120.9  
             
 
 
    
 
 
   
 
 
    
 
 
 
Allocated to BioVision CGU
           
 
181.0
 
     —         —          —    
Allocated to Group CGU
           
 
183.8
 
     184.3       195.0        120.9  
             
 
 
    
 
 
   
 
 
    
 
 
 
At end of the year / perio
d

           
 
364.8
 
     184.3       195.0        120.9  
             
 
 
    
 
 
   
 
 
    
 
 
 
 
F-2
9

Goodwill is converted at the exchange rate on the date of acquisition and retranslated at the balance sheet date.
Goodwill acquired in a business combination is allocated at acquisition to the Cash Generating Unit (CGU) which is expected to benefit from that business combination. Following the acquisition of BioVision (as described in note 29), the acquired business had not been fully integrated into the Group’s operations as at 31 December 2021. As such, BioVision is considered a separate CGU, and goodwill arising from the acquisition has been allocated to this CGU. The Directors consider the remainder of the Group to be one CGU, as previous acquisitions have been fully integrated into the Group’s operations and product portfolio.
Goodwill is subject to an annual impairment review or more frequently if there are any indications that goodwill might be impaired. The reviews are carried out using the following criteria:
 
   
The recoverable amount of the CGU is determined from value in use (VIU) calculations;
 
   
The VIU is calculated by applying discounted cash flow modelling to management’s own projections covering a five year period
;
 and
 
   
Cash flows beyond the five year period are extrapolated using a long-term growth rate equivalent to the expected inflationary increases of the economies in which the Group predominantly trades.
The key assumptions considered most sensitive for the VIU calculations are:
 
   
The Directors’ five year projections; and
 
   
The
pre-tax
adjusted discount rate.
The Directors have projected cash flows based on strategic financial forecasts over a period of
five
years and take account of relative performance of competitors, knowledge of the current market, together with the Directors’ views on the future achievable growth in market share and the impact of growth initiatives.
Growth rates of 2.5% and 2.2% have been used in the extrapolation of cash flows beyond the five year period for the BioVision and Group CGU respectively, and have been based on third party long-term growth rate forecasts which are based on GDP growth rates.
Pre-tax
discount rates of 12.0% and 7.2% have been applied to the BioVision and Group CGUs respectively, estimated using
pre-tax
rates that reflect current market assessments of the time value of money and the risks specific to the CGU.
Based on the results of this analysis, management is satisfied that the recoverable amount of goodwill exceeds its carrying amount for both CGUs.
Management has performed a sensitivity analysis on each of the key base case assumptions mentioned above. Due to the significant headroom which exists between the recoverable amount and the carrying value, the Directors have concluded that there are no reasonable possible changes in any of these key assumptions which would cause the goodwill to exceed its VIU.
13. Intangible assets
 
    Acquisition intangibles                          
    Customer
relationships
and
distribution
rights
£m
    Patents,
technology
and know-

how
£m
    Licence
fees
£m
    Trade
names
£m
   
Sub-total

£m
    Software
(revised*)
£m
    Internally
developed
technology
£m
    Patents and
licenses
£m
    Total
£m
 
Cost
                                                                       
At 1 July 2018 (as previously reported)
    7.3       65.6       15.5       2.5       90.9       45.3       19.7       —         155.9  
Revision
    —         —         —         —         —         (1.3     —         —         (1.3
At 1 July 2018 (revised*)
    7.3       65.6       15.5       2.5       90.9       44.0       19.7       —         154.6  
Additions
    —         0.6       —         —         0.6       12.5       8.0       —         21.1  
Disposals
    (0.6     —         —         —         (0.6     (6.9     —         —         (7.5
Exchange differences
    0.2       2.3       0.2       0.1       2.8       —         0.2       —         3.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2019 (revised*)
    6.9       68.5       15.7       2.6       93.7       49.6       27.9       —         171.2  
 
F-
30

    Acquisition intangibles                          
    Customer
relationships
and
distribution
rights
£m
    Patents,
technology
and know-

how
£m
    Licence
fees
£m
    Trade
names
£m
   
Sub-total

£m
    Software
(revised*)
£m
    Internally
developed
technology
£m
    Patents and
licenses
£m
    Total
£m
 
Additions
    —         —         —         —         —         14.8       9.0       —         23.8  
Acquisition
    1.8       45.8       0.4       1.1       49.1       0.1       —         —         49.2  
Exchange differences
    0.2       3.5       0.2       0.1       4.0       —         0.2       —         4.2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2020 (revised*)
    8.9       117.8       16.3       3.8       146.8       64.5       37.1       —         248.4  
Additions
    —         —         —         —         —         7.1       4.5       0.7       12.3  
Exchange differences
    (0.5     (6.6     (0.6     (0.3     (8.0     (0.2     (0.5     —         (8.7
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2020 (revised*)
    8.4       111.2       15.7       3.5       138.8       71.4       41.1       0.7       252.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Additions
    —         —         —         —         —      
 
17.4
 
 
 
7.5
 
 
 
0.9
 
 
 
25.8
 
Acquisition
 
 
3.7
 
 
 
77.5
 
    —         —      
 
81.2
 
    —         —         —      
 
81.2
 
Exchange differences
 
 
0.1
 
 
 
0.5
 
 
 
0.1
 
 
 
0.1
 
 
 
0.8
 
    —      
 
0.1
 
    —      
 
0.9
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2021
 
 
12.2
 
 
 
189.2
 
 
 
15.8
 
 
 
3.6
 
 
 
220.8
 
 
 
88.8
 
 
 
48.7
 
 
 
1.6
 
 
 
359.9
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
Accumulated amortization
                                                                       
At 1 July 2018 (as previously reported and revised*)
    4.8       17.9       4.7       1.9       29.3       13.0       7.3       —         49.6  
Charge for the year
    0.8       4.2       1.2       0.3       6.5       1.8       2.2       —         10.5  
Impairment
    —         —         —         —         —         12.8       —         —         12.8  
Disposals
    (0.6     —         —         —         (0.6     (6.9     —         —         (7.5
Exchange differences
    0.1       0.8       0.1       0.1       1.1       —         0.1       —         1.2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2019 (revised*)
    5.1       22.9       6.0       2.3       36.3       20.7       9.6       —         66.6  
Charge for the year
    0.8       6.3       1.2       0.3       8.6       4.0       3.1       —         15.7  
Impairment
    —         14.7       —         —         14.7       —         0.2       —         14.9  
Exchange differences
    0.1       0.8       0.1       0.1       1.1       —         —         —         1.1  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2020 (revised*)
    6.0       44.7       7.3       2.7       60.7       24.7       12.9       —         98.3  
Charge for the period
    0.4       3.1       0.9       —         4.4       2.0       1.5       —         7.9  
Exchange differences
    (0.3     (4.1     (0.5     (0.3     (5.2     (0.2     (0.6     —         (6.0
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2020 (revised*)
    6.1       43.7       7.7       2.4       59.9       26.5       13.8       —         100.2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Charge for the year
 
 
1.0
 
 
 
6.9
 
 
 
1.1
 
 
 
0.1
 
 
 
9.1
 
 
 
8.9
 
 
 
2.4
 
 
 
0.5
 
 
 
20.9
 
Impairment
    —         —         —         —         —      
 
2.1
 
 
 
1.7
 
    —      
 
3.8
 
Exchange differences
 
 
(0.1
 
 
0.3
 
 
 
0.1
 
 
 
0.1
 
 
 
0.4
 
 
 
0.1
 
 
 
0.3
 
    —      
 
0.8
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2021
 
 
7.0
 
 
 
50.9
 
 
 
8.9
 
 
 
2.6
 
 
 
69.4
 
 
 
37.6
 
 
 
18.2
 
 
 
0.5
 
 
 
125.7
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
Carrying amount
                                                                       
At 30 June 2019
    1.8       45.6       9.7       0.3       57.4       28.9       18.3       —         104.6  
At 30 June 2020
    2.9       73.1       9.0       1.1       86.1       39.8       24.2       —         150.1  
At 31 December 2020
    2.3       67.5       8.0       1.1       78.9       44.9       27.3       0.7       151.8  
At 31 December 2021
 
 
5.2
 
 
 
138.3
 
 
 
6.9
 
 
 
1.0
 
 
 
151.4
 
 
 
51.2
 
 
 
30.5
 
 
 
1.1
 
 
 
234.2
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
Included in carrying amount—Assets under construction
                                                                       
At 30 June 2019
    —         —         —         —         —         14.7       3.9       —         18.6  
At 30 June 2020
    —         —         —         —         —         28.7       7.2       —         35.9  
At 31 December 2020
    —         —         —         —         —         36.5       9.2       —         45.7  
At 31 December 2021
    —         —         —         —         —         18.6       4.3       1.1       24.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-
31

*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
Amortization of £8.5m (six months ended 31 December 2020: £4.6m; year ended 30 June 2020: £8.2m; year ended 30 June 2019: £6.2m) is included within Research and development expenses and £12.4m (six months ended 31 December 2020: £3.3m; year ended 30 June 2020: £7.5m; year ended 30 June 2019: £4.3m) is included within selling, general and administrative expenses.
During the year ended 31 December 2021, the Group revised its estimate of the useful economic life of its software intangible assets from 3 to 5 years to 3 to 10 years. This was based on an assessment of the enhanced functionality available to the Group from its ERP software following implementation of certain key modules in the year. This change in estimate has been accounted for prospectively in line with IAS 8, ‘Accounting Policies, changes in accounting estimates and errors’ and has led to a reduction in the monthly impairment charge of £0.5m and is expected to lead to an average annual reduction of £3.9m in the amortization charge for the years 2022 to 2026.
During the year ended 31 December 2021, an impairment was made of internally developed technology assets relating to the AxioMx business unit, following an assessment of the work performed and costs capitalized to date. Following the review, it was concluded that as a result of changes in the scope and nature of the project to which the costs related, and the corresponding usability of historical work performed, £1.1m of internally developed technology assets were impaired. The impairment charge is included within research and development expenses and is included in exceptional items.
A further £0.6m impairment charge on internally developed technology was recorded in the year, relating to certain technology assets. The impairment charge is included within selling, general and administrative expenses.
A £2.1m impairment charge was also recognized in respect of capitalized software development that will no longer be used in the Group’s ERP implementation project. The impairment charge is included within selling, general and administrative expenses and is included in exceptional items.
During the year ended 31 December 2021, the assets relating to Firefly BioWorks multiplex and assay technology were tested for impairment. Given the nascent state of the technology, management used the fair value less costs to sell method of assessing the recoverable amount of the intangible assets. The fair value was estimated by utilizing market-based data from comparable companies and recent transactions in the industry. The result was a fair value that significantly exceeded the carrying value of the asset and the Directors have concluded that there are no reasonable possible scenarios that would cause an impairment to be required.
During the six months ended 31 December 2020, a review was undertaken of the performance of historical acquisitions. In respect of Applied Stem Cell, it was determined that the additional knowledge gained of the marketplace in which Applied Stem Cell operates caused the initial valuation of the acquisition intangibles to be revisited as permitted by IFRS 3
‘Business Combinations’ 
within the first 12 months of ownership. This has resulted in a £2.2m reduction in the initial valuation of acquisition intangibles from that originally presented in the consolidated financial statements for the fiscal year ended 30 June 2020 with a corresponding increase in goodwill. In accordance with the requirements of IFRS 3
 ‘Business Combinations’
,
 this adjustment has been recorded within the fiscal year ended 30 June 2020.
During the year ended 30 June 2020, a full impairment was made of the acquisition intangible in respect of AxioMx in Vitro monoclonal antibody production technology and subsequent post acquisition expenditure. This has arisen following an appraisal of the ability to utilize at scale this technology whereby although technical feasibility remains valid, the challenges to realize material commercial returns have resulted in the conclusion not to pursue further active development and substantive utilization of this technology. This expense was included within Research and development expenses.
During the year ended 30 June 2019, following achievement of a milestone in April 2019, the ERP implementation project, a review was undertaken of historical expenditure incurred to that date on outstanding modules included within software. It was concluded that as a result of changes in the scope and nature of the programme, assets of £12.8m were impaired. This expense was included within selling, general and administrative expenses. Further information is shown in note 7.
Capital commitments at 31 December 2021 amounted to £5.4m (31 December 2020: £2.0m; 30 June 2020: £4.1m; 30 June 2019: £nil).
 
F-
32

Individually material intangible assets
The Group’s ERP system is considered to be an individually material intangible asset. As at 31 December 2021, £31.9m is included within software which is being amortized over a ten year period with a remaining amortization period of 7.4 years with the remainder shown as software assets under construction.
Patents, technology and
know-how
and Licence fees includes amounts which are considered individually material to the financial statements and are set out as follows:
 
     Carrying
amount
£m
     Remaining
amortization
Years
 
Expedeon CaptSure technology
     22.4        14  
Expedeon antibody labelling and conjugation technology
     15.8        14  
Epitomics RabMAb
®
technology
     8.9        5  
Firefly BioWorks Multiplex and assay technology
     11.3        8  
Roche licence agreement
     6.4        7  
BioVision Metabolism Assays & Proteins
     77.5        10  
    
 
 
    
 
 
 
 
F-3
3

14. Property, plant and equipment
 
     Laboratory
equipment
£m
    Office fixtures,
fittings and
other
equipment
£m
    Cell line
assets
£m
     Leasehold
improvements
£m
    Total
£m
 
Cost
                                         
At 1 July 2018
     16.0       13.5       —          15.2       44.7  
Additions
     7.2       4.7       —          4.9       16.8  
Disposals
     (0.4     (3.3     —          —         (3.7
Exchange differences
     0.2       0.2       —          —         0.4  
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
As 30 June 2019
     23.0       15.1       —          20.1       58.2  
Additions
     7.0       1.3       4.2              12.5  
Acquisitions
     0.3       0.1       —          0.2       0.6  
Reclassification
     (1.4     —         1.4        —         —    
Disposals
     —         (1.4     —          —         (1.4
Exchange differences
     0.4       0.4       —          —         0.8  
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 30 June 2020
     29.3       15.5       5.6        20.3       70.7  
Additions
     2.0       0.5       0.6        7.9       11.0  
Disposals
     —         —         —          (0.2     (0.2
Exchange differences
     (1.5     (1.0            (0.3     (2.8
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 31 December 2020
     29.8       15.0       6.2        27.7       78.7  
Additions
  
 
5.9
 
 
 
5.3
 
 
 
2.3
 
  
 
21.0
 
 
 
34.5
 
Acquisitions
  
 
0.8
 
 
 
—  
 
 
 
—  
 
  
 
—  
 
 
 
0.8
 
Disposals
  
 
(1.1
 
 
(2.0
 
 
—  
 
  
 
—  
 
 
 
(3.1
Exchange differences
  
 
0.7
 
 
 
0.2
 
 
 
—  
 
  
 
0.5
 
 
 
1.4
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 31 December 2021
  
 
36.1
 
 
 
18.5
 
 
 
8.5
 
  
 
49.2
 
 
 
112.3
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
           
Accumulated depreciation
                                         
At 1 July 2018
     10.4       9.2       —          —         19.6  
Charge for the year
     2.4       2.0       —          0.4       4.8  
Disposals
     (0.4     (3.3     —          —         (3.7
Exchange differences
     0.2       0.2       —          —         0.4  
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 30 June 2019
     12.6       8.1       —          0.4       21.1  
Charge for the year
     3.4       2.6       0.3        1.0       7.3  
Disposals
     —         (1.4     —          —         (1.4
Exchange differences
     0.1       0.2       —          0.1       0.4  
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 30 June 2020
     16.1       9.5       0.3        1.5       27.4  
Charge for the period
     2.0       1.3       0.3        0.7       4.3  
Exchange differences
     (0.8     (0.7     —          —         (1.5
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 31 December 2020
     17.3       10.1       0.6        2.2       30.2  
Charge for the year
  
 
4.3
 
 
 
2.8
 
 
 
0.6
 
  
 
3.3
 
 
 
11.0
 
Disposals in the year
  
 
(1.1
 
 
(1.5
 
 
—  
 
  
 
—  
 
 
 
(2.6
Exchange differences
  
 
0.3
 
 
 
0.1
 
 
 
—  
 
  
 
(0.2
 
 
0.2
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At 31 December 2021
  
 
20.8
 
 
 
11.5
 
 
 
1.2
 
  
 
5.3
 
 
 
38.8
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
Net book value
                                         
At 30 June 2019
     10.4       7.0       —          19.7       37.1  
At 30 June 2020
     13.2       6.0       5.3        18.8       43.3  
At 31 December 2020
     12.5       4.9       5.6        25.5       48.5  
At 31 December 2021
  
 
15.3
 
 
 
7.0
 
 
 
7.3
 
  
 
43.9
 
 
 
73.5
 
           
Included in net book value—Assets under construction
                                         
At 30 June 2019
     —         —         —          —         —    
At 30 June 2020
     —         —         1.2        —         1.2  
At 31 December 2020
     —         —         —          2.9       2.9  
At 31 December 2021
  
 
—  
 
 
 
—  
 
 
 
2.3
 
  
 
0.9
 
 
 
3.2
 
 
F-3
4

Capital commitments at 31 
December
2021 amounted to £
4.0
m (31 December 2020: £
6.9
m; 30 June 2020: £
1.8
m; 30 June 2019: £
nil
).
15. Leases
Right-of-use
assets
 
     Land and
Buildings
£m
     Other
£m
     Total
£m
 
Cost
                          
At 1 July 2019
     —          —          —    
IFRS 16 transition adjustment
     70.6        0.2        70.8  
Additions
     58.7        —          58.7  
Disposals and other adjustments
     (2.3      —          (2.3
Exchange differences
     0.9        —          0.9  
    
 
 
    
 
 
    
 
 
 
At 30 June 2020
     127.9        0.2        128.1  
Additions
     0.5        —          0.5  
Leasehold incentives received
     (2.8      —          (2.8
Disposals and other adjustments
     (0.2      —          (0.2
Exchange differences
     (6.7      —          (6.7
    
 
 
    
 
 
    
 
 
 
At 31 December 2020
     118.7        0.2        118.9  
Additions
  
 
4.0
 
  
 
0.1
 
  
 
4.1
 
Leasehold incentives received
  
 
(12.1
  
 
—  
 
  
 
(12.1
Disposals and other adjustments
  
 
(4.0
  
 
—  
 
  
 
(4.0
Exchange differences
  
 
0.5
 
  
 
—  
 
  
 
0.5
 
    
 
 
    
 
 
    
 
 
 
At 31 December 2021
  
 
107.1
 
  
 
0.3
 
  
 
107.4
 
    
 
 
    
 
 
    
 
 
 
 
     
Accumulated depreciation

                          
At 1 July 2019
     —          —          —    
Charge for the year
     6.6        0.1        6.7  
    
 
 
    
 
 
    
 
 
 
At 30 June 2020
     6.6        0.1        6.7  
Charge for the period
     3.8        —          3.8  
Exchange differences
     (0.4      —          (0.4
    
 
 
    
 
 
    
 
 
 
At 31 December 2020
     10.0        0.1        10.1  
Charge for the year
  
 
9.0
 
  
 
0.1
 
  
 
9.1
 
Exchange differences
  
 
—  
 
  
 
—  
 
  
 
—  
 
    
 
 
    
 
 
    
 
 
 
At 31 December 2021
  
 
19.0
 
  
 
0.2
 
  
 
19.2
 
    
 
 
    
 
 
    
 
 
 
       
Carrying amount
                          
At 30 June 2020
     121.3        0.1        121.4  
At 31 December 2020
     108.7        0.1        108.8  
At 31 December 2021
  
 
88.1
 
  
 
0.1
 
  
 
88.2
 
    
 
 
    
 
 
    
 
 
 
Lease liabilities
Maturity analysis of lease liabilities:
 
    
31 December 2021
£m
    
31 December 2020
£m
    
30 June 2020
£m
 
Amounts falling due within
                          
One year
  
 
9.2
 
     7.1        7.3  
Between one and five years
  
 
33.9
 
     33.0        26.9  
Later than five years
  
 
67.4
 
     77.0        93.6  
The interest expense incurred on lease liabilities included within finance costs was £1.7m (six months ended 31 December 2020: £1.0m; year ended 30 June 2020: £1.5m) and income recognized from subleases was £0.4m (six months ended 31 December 2020: £0.4m; year ended 30 June 2020: £0.8m). The lease expense relating to short term leases and low value assets (that are not shown in the tables above) was £0.2m (six months ended 31 December 2020: £0.2m; year ended 30 June 2020: £0.3m). Cash outflows in respect of
right-of-use
assets were £10.3m (six months ended 31 December 2020: £4.3m; year ended 30 June 2020: £7.7m).
 
F-3
5

16. Investments
 
     £m  
At 1 July 2018
     0.9  
Exchange differences
     (0.1
    
 
 
 
At 30 June 2019
     0.8  
Additions
     2.2  
Revaluation to fair value
     4.0  
    
 
 
 
At 30 June 2020
     7.0  
Revaluation to fair value
     (3.1
Exchange differences
     (0.5
    
 
 
 
At 31 December 2020
     3.4  
Additions
  
 
0.1
 
Revaluation to fair value
  
 
(0.1
Exchange differences
  
 
0.1
 
    
 
 
 
At 31 December 2021
  
 
3.5
 
Adjustments to fair value in the fiscal year ended 31 December 2021 relate to changes in the fair value of the Group’s investment in Plexbio, Inc. Additions relate primarily to increased investment in Somaserve Limited. 
Subsidiary undertakings
 
Name
  
Registered office
  
Country of incorporation or
registration
  
Principal activity
Abcam Australia Pty Limited    Level 16, 414 La Trobe Street, Melbourne, VIC 3000    Australia    Sales and distribution
       
Abcam KK    Sumitomo Fudousan, Ningyocho Bldg 2F,
2-2-1
Nihonbashi Horidomecho
Chuo-ku
Tokyo
103-0012
   Japan    Sales and distribution
       
Abcam (Hong Kong) Limited    1301 Ruttonjee House, Ruttonjee Centre, 11 Duddell Street, Central Hong Kong SARs    Hong Kong    Sales and distribution
       
Abcam Taiwan Company Limited    15F,
No.2-1,
Sec. 3, Minquan E. Road., Zhongshan District, Taipei City, Taiwan
   Taiwan    Sales and distribution
       
Abcam (Netherlands) B.V.    Kingsfordweg 151, 1043GR Amsterdam    Netherlands    Sales and distribution
       
Abcam US Group Holdings, Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    Holding company
       
Abcam Singapore Pte. Limited    711 North Buona Vista Drive, #16-08 The Metropolis Tower Two, Singapore 138589    Singapore    Sales and distribution
       
AbShare Share Plan Limited    Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX    England    Employee services
       
Ascent Scientific Limited*    C/O BDO LLP, 55 Baker Street, London, W1U 7EU    England    Dormant
       
Abcam (Hangzhou) Biotechnology Co., Limited    1418 Moganshan Road, Hangzhou Zhejiang, 310011    China    R&D and manufacturing
       
Abcam Trading (Shanghai) Co., Limited    Room 5401, Floor 4, Building 5, No. 338 Galileo Road, Pudong New Area, Shanghai    China    Sales and distribution
       
Abcam Inc.    152 Grove Street, Suite 1100, Waltham, MA 02453    USA    Sales and distribution
       
Abcam LLC    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    Holding company
       
Abcam (US) Limited    Discovery Drive, Cambridge Biomedical Campus, Cambridge CB2 0AX    England    Holding company
       
AxioMx Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    R&D and manufacturing
BioVision Inc.    155 S Milpitas Boulevard, Milpitas, CA 95035, USA    USA    R&D and manufacturing
       
Calico Biolabs Inc.    160 Greentree Drive, Suite 101, Dover, Delaware 19904, Kent County, USA    USA    Dormant
 
F-3
6

Name
  
Registered office
  
Country of incorporation or
registration
  
Principal activity
       
Epitomics Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    R&D and manufacturing
       
Epitomics Holdings, Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    Holding company
       
Expedeon Holdings Limited    Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX    England    Holding company
       
Expedeon Limited    Discovery Drive, Cambridge Biomedical Campus, Cambridge CB2 0AX    England    R&D and manufacturing
       
Expedeon Asia Pte Limited    1531A Upper Cross Street,
#04-98
Hong Lim Complex, Singapore 051531
   Singapore    R&D and manufacturing
       
Firefly BioWorks Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    R&D and manufacturing
       
Innova BioSciences Limited    Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX    England    Dormant
       
Marker Gene Technologies, Inc.    1850 Millrace Drive, Eugene, OR 97403    USA    R&D and manufacturing
       
MitoSciences Inc.    Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808    USA    R&D and manufacturing
       
NKY Biotech, US Inc    Corporations USA, LLC, 4034 Willow Grove, Camden, DE 19934    USA    Holding company
       
TGR BioSciences Pty Limited    31 Dalgleish Street, Thebarton, SA 5031, Australia    Australia    R&D and manufacturing
*
In liquidation
The Group’s holdings in subsidiaries are all through ordinary shares and are all 100% owned.
 
F-3
7

17. Deferred tax assets and liabilities
 
     Accelerated
capital
allowances
£m
    Cash flow
hedges
£m
    Share
-based
payments
£m
    Acquired
intangible
assets
£m
    Losses
£m
    Other
temporary
differences
£m
    Total
£m
 
At 1 July 2018 (as previously reported)
     (0.8     —         3.6       (13.2     1.4      
3.4
      (5.6
Revision
     0.2       —         —         —         —         —         0.2  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 1 July 2018 (revised*)
     (0.6     —         3.6       (13.2     1.4       3.4       (5.4
(Charge)/credit to income
     (3.1     —         0.3       1.4       (0.3     0.4       (1.3
Credit to equity
     —         0.3       0.1       —         —         —         0.4  
Exchange differences
     —         —         —         (0.6     0.2       —         (0.4
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2019 (revised*)
     (3.7     0.3       4.0       (12.4     1.3       3.8       (6.7
(Charge)/credit to income
     (4.6     —         2.0       5.6       4.0       1.0       8.0  
Charge to equity
     —         (0.1     (1.8     —         —         (1.4     (3.3
Reclassification
     (0.5     —         —         —         —         0.5       —    
Arising on acquisition
     —         —         —         (12.0     —         —         (12.0
Exchange differences
     —         —         —         (0.7     —         0.1       (0.6
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2020 (revised*)
     (8.8     0.2       4.2       (19.5     5.3       4.0       (14.6
Credit/(charge) to income

     (0.7     —         1.2       0.8      
—  
 
 
    —         1.3  
Credit/(charge) to equity
     —         (0.2     0.3       —         —         0.8       0.9  
Reclassification
     (0.5     —         —         0.2       (0.3     0.6       —    
Exchange differences
     0.1       —         —         0.7       (0.1     (0.3     0.4  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2020 (revised*)
     (9.9     —         5.7       (17.8     4.9       5.1       (12.0
(Charge)/credit to income
  
 
(5.3
 
 
—  
 
 
 
6.4
 
 
 
5.0
 
 
 
1.2
 
 
 
1.0
 
 
 
8.3
 
(Charge)/credit to equity
  
 
—  
 
 
 
—  
 
 
 
(4.5
 
 
—  
 
 
 
—  
 
 
 
0.9
 
 
 
(3.6
Arising on acquisition
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(22.7
 
 
—  
 
 
 
(1.6
 
 
(24.3
Reclassification
  
 
0.5
 
 
 
—  
 
 
 
—  
 
 
 
0.1
 
 
 
—  
 
 
 
(0.6
 
 
—  
 
Exchange differences
  
 
(0.1
 
 
—  
 
 
 
—  
 
 
 
0.4
 
 
 
—  
 
 
 
0.2
 
 
 
0.5
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2021
  
 
(14.8
 
 
—  
 
 
 
7.6
 
 
 
(35.0
 
 
6.1
 
 
 
5.0
 
 
 
(31.1
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                          
 
*
See note 1(
d
) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so and an intention to settle net.
Deferred tax balances are comprised as follows:
 
    
31 December
2021
   
31 December
2020
(revised*)
   
30 June
2020 (revised*)
   
30 June
2019
(revised*)
 
     £m     £m     £m     £m  
Deferred tax assets to be recovered
                                
Within 12 months
  
 
3.6
 
    7.9       10.1       6.9  
After more than 12 months
  
 
6.8
 
    7.7       3.6       2.5  
    
 
 
   
 
 
   
 
 
   
 
 
 
    
10.4
    15.6     13.7     9.4  
Deferred tax liabilities to be recovered
                                
Within 12 months
  
 
4.6
 
    (0.1     (3.5     (1.4
After more than 12 months
  
 
(46.1
    (27.5     (24.8     (14.7
    
 
 
   
 
 
   
 
 
   
 
 
 
    
 
(41.5
    (27.6     (28.3     (16.1
    
 
 
   
 
 
   
 
 
   
 
 
 
Deferred tax liabilities (net)
  
 
(31.1
    (12.0     (14.6     (6.7
    
 
 
   
 
 
   
 
 
   
 
 
 
                                  
Deferred tax is calculated using tax rates that are expected to apply in the period when the liability or asset is expected to be realized based on rates enacted or substantively enacted by the reporting date.
 
F-3
8

18. Inventories​​​​​​​
 
    
31 December
2021
    
31 December
2020
    
30 June
2020
    
30 June
2019
 
     £m      £m      £m      £m  
Raw materials
  
 
10.0
 
     8.3        8.0        5.7  
Work in progress
  
 
25.0
 
     16.2        16.0        11.9  
Finished goods and goods for resale
  
 
23.2
 
     18.4        16.7        18.4  
    
 
 
    
 
 
    
 
 
    
 
 
 
      
58.2
       42.9        40.7        36.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
Inventories are stated net of provision for slow moving or defective inventory of £13.7m (31 December 2020: £12.4m; 30 June 2020: £12.5m; 30 June 2019: £11.2m). Cost of inventories recognized as an expense and write down of inventories recognized as an expense (and which are included as part of cost of sales) are set out in note 6.
During the year ended 31 December 2021, the Group changed the method by which it analyses inventories, due to enhanced information available from its ERP system. This has changed the split between work in progress and finished goods. The comparative balances have been represented accordingly.
19. Trade and other receivables
 
    
31 December
2021
   
31 December
2020
   
30 June
2020
   
30 June
2019
 
     £m     £m     £m     £m  
Amounts receivable for the sale of goods and services
  
 
34.0
 
    28.7       31.7       29.4  
Less provision for bad and doubtful debts
  
 
(0.8
    (0.7     (0.3     (0.1
    
 
 
   
 
 
   
 
 
   
 
 
 
      
33.2
      28.0       31.4       29.3  
Other receivables
  
 
8.9
 
    8.6       8.3       9.4  
Prepayments
  
 
5.1
 
    10.7       4.7       4.4  
    
 
 
   
 
 
   
 
 
   
 
 
 
      
47.2
      47.3       44.4       43.1  
    
 
 
   
 
 
   
 
 
   
 
 
 
Ageing of trade receivables:
 
     31 December 2021      31 December 2020  
   Gross      Provision     Net      Gross      Provision     Net  
     £m      £m     £m      £m      £m     £m  
Not past due
  
 
18.7
 
  
 
—  
 
 
 
18.7
 
     16.4        —         16.4  
Past due
                                                   
0 to 30 days
  
 
5.8
 
  
 
—  
 
 
 
5.8
 
     3.8        —         3.8  
30 to 60 days
  
 
2.9
 
  
 
—  
 
 
 
2.9
 
     2.3        —         2.3  
More than 60 days
  
 
6.6
 
  
 
(0.8
 
 
5.8
 
     6.2        (0.7     5.5  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
    
 
15.3
 
  
 
(0.8
 
 
14.5
 
     12.3        (0.7     11.6  
    
 
34.0
 
  
 
(0.8
 
 
33.2
 
     28.7        (0.7     28.0  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
     30 June 2020      30 June 2019  
     Gross
£m
     Provision
£m
    Net
£m
     Gross
£m
     Provision
£m
    Net
£m
 
Not past due
     22.4        —         22.4        23.0        —         23.0  
Past due
                                                   
0 to 30 days
     3.6        —         3.6        3.8        —         3.8  
30 to 60 days
     0.6        —         0.6        1.3        —         1.3  
More than 60 days
     5.1        (0.3     4.8        1.3        (0.1     1.2  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
       9.3        (0.3     9.0        6.4        (0.1     6.3  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
       31.7        (0.3     31.4        29.4        (0.1     29.3  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
F-3
9

Movement in provision for bad and doubtful debts:
 
     31 December
2021
£m
     31 December
2020
£m
     30 June
2020
£m
     30 June
2019
£m
 
Balance at beginning of the year / period
  
 
(0.7
     (0.3      (0.1      (0.1
Impairment losses recognized in the income statement
  
 
(0.1
     (0.4      (0.2      —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Balance at end of the year / period
  
 
(0.8
     (0.7      (0.3      (0.1
    
 
 
    
 
 
    
 
 
    
 
 
 
The average credit period taken for sales is 35 days (31 December 2020: 36 days; 30 June 2020: 41 days; 30 June 2019: 35 days). Trade and other receivables are
non-interest
bearing and generally on terms between 30 to 90 days. Trade receivables are provided for based on estimated irrecoverable amounts determined by specific circumstances as described in note 3.
The Group does not hold any collateral or other credit enhancements over its trade receivables, nor do they have a legal right to offset against any amounts owed to the counterparty.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
20. Derivative financial instruments
31 December 2021
 
     Asset
£m
     Current
Liability
£m
   
Non-current

Liability
£m
     Total
£m
 
Derivatives carried at fair value through profit and loss
                                  
Forward exchange contracts that are not designated in hedge accounting relationships
  
 
0.2
 
  
 
(0.1
 
 
—  
 
  
 
0.1
 
Derivatives that are designated and effective as hedging instruments carried at fair value
                                  
Forward exchange contracts
  
 
0.3
 
  
 
(0.1
 
 
—  
 
  
 
0.2
 
    
 
 
    
 
 
   
 
 
    
 
 
 
    
 
0.5
 
  
 
(0.2
 
 
—  
 
  
 
0.3
 
    
 
 
    
 
 
   
 
 
    
 
 
 
31 December 2020
 
     Asset
£m
     Current
Liability
£m
   
Non-current

Liability
£m
     Total
£m
 
Derivatives carried at fair value through profit and loss
                                  
Forward exchange contracts that are not designated in hedge accounting relationships
     0.1        (0.1     —          —    
Derivatives that are designated and effective as hedging instruments carried at fair value
                                  
Forward exchange contracts
     0.2        —         —          0.2  
    
 
 
    
 
 
   
 
 
    
 
 
 
       0.3        (0.1     —          0.2  
    
 
 
    
 
 
   
 
 
    
 
 
 
30 June 2020
 
     Asset
£m
     Current
Liability
£m
   
Non-current

Liability
£m
     Total
Asset
£m
 
Derivatives carried at fair value through profit and loss
                                  
Forward exchange contracts that are not designated in hedge accounting relationships
     —          (0.4     —          (0.4
Derivatives that are designated and effective as hedging instruments carried at fair value
                                  
Forward exchange contracts
     —          (0.8     —          (0.8
    
 
 
    
 
 
   
 
 
    
 
 
 
       —          (1.2     —          (1.2
    
 
 
    
 
 
   
 
 
    
 
 
 
 
F-
40

30 June 2019

 
     Asset
£m
     Current
Liability
£m
   
Non-current

Liability
£m
    Total
£m
 
Derivatives carried at fair value through profit and loss
                                 
Forward exchange contracts that are not designated in hedge accounting relationships
     —          (0.4     —         (0.4
Derivatives that are designated and effective as hedging instruments carried at fair value
                                 
Forward exchange contracts
     0.2        (1.6     (0.1     (1.5
    
 
 
    
 
 
   
 
 
   
 
 
 
       0.2        (2.0     (0.1     (1.9
    
 
 
    
 
 
   
 
 
   
 
 
 
Further details of derivative financial instruments are provided in note 26.
21. Trade and other payables
 
     31 December
2021
£m
     31 December
2020
£m
     30 June
2020
£m
     30 June
2019
£m
 
Amounts falling due within one year
                                   
Trade payables
  
 
12.9
 
     13.8        9.4        7.0  
Accruals
  
 
28.1
 
     19.8        23.7        24.8  
Deferred income
  
 
6.6
 
     6.1        7.2        6.9  
Other taxes and social security
  
 
3.0
 
     1.2        1.0        1.0  
Other payables
  
 
3.6
 
     2.5        2.5        2.1  
    
 
 
    
 
 
    
 
 
    
 
 
 
    
 
54.2
 
     43.4        43.8        41.8  
    
 
 
    
 
 
    
 
 
    
 
 
 
At 31 December 2021, the Group had an average of 34 days of purchases (3
1
 December 2020: 35 days; 30 June 2020: 34 days; 30 June 2019: 28 days) outstanding in trade payables (excluding accruals and deferred income). The Group has financial risk management policies in place to ensure that all payables are paid within the credit timetable. The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
Deferred income includes contract liabilities of £3.1m
 (31 December 2020: £3.2m;
 
30 June 2020: £4.4m; 30 June 2019: £4.0m) which represent consideration received for performance obligations not yet satisfied, in delivering products or services to customers. All deferred income is to be recognized within the next financial year.
Other payables includes £nil
(31 December 2020: £0.2m; 
30 June 2020: £0.2m; 30 June 2019: £0.7m) of deferred consideration payable on acquisitions.
22. Borrowings
 
     31 December
2021
£m
     31 December
2020
£m
     30 June
2020
£m
     30 June
2019
£m
 
Amounts falling due within one year
                                   
Loan
  
 
119.2
 
     —          106.4        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
The loan comprises drawings on the Group’s three year £200m Revolving Credit Facility (RCF) which was entered into in February 2019 and is shown net of unamortized facility arrangement fees. The RCF has a £100m accordion option which may be requested with prior notice at any time up to six months of the termination date. The initial term of this RCF had two extension options of one year each whereby the Company exercised the option for a two year extension on 17 December 2020 such that on 7 January 2021, the Company received approval from all syndicate banks. This extends the expiry of the facility to 31 January 2024. All other terms of the facility remain unchanged.
During the year ended 30 June 2020, drawings on the RCF comprised an initial amount of €120.0m (£103.4m) to fund the purchase of Expedeon (as set out in note 29). In February 2020, a partial repayment amounting to £20.0m was made and the remaining borrowings redenominated into Sterling, leaving an
 
F-
41

outstanding balance of £82.0m. In March 2020, a subsequent drawing of £25.0m was made in order to provide operational flexibility in light of the
COVID-19
pandemic bringing amounts drawn to £107.0m. The maximum amount drawn under the RCF during the year ended 30 June 2020 was £107.0m.
On 23 November 2020, the Group repaid in full the sum of £107.0m which was drawn up until that point.
On 19 October 2021, the Group drew £120.0m to fund the purchase of BioVision (as set out in note 29).
The Group is subject to financial covenants on the RCF and has complied with these at all testing points in 2019, 2020 and 2021.
23. Share capital and reserves
Share capital
 
     31 December
2021
     31 December
2020
     30 June
2020
     30 June
2019
 
Authorized, issued and fully paid:
                                   
228,886,439 (31 December 2020: 226,665,701; 30 June 2020: 216,173,277; 30 June 2019: 205,671,564) ordinary shares of
0.2
pence each
  
 
0.5
 
     0.5        0.4        0.4  
The Company has one class of ordinary shares which carries no right to fixed income.
On 26 October 2020, the Group closed its offering of an aggregate of 10,287,000 American Depositary Shares (“ADSs”) representing 10,287,000 ordinary shares at a price of $17.50 per ADS, following the Group’s secondary listing on Nasdaq. The net proceeds from the offering were £126.5m. In addition, £0.5m of proceeds from the issuance of share options and awards to employees were received during the period.
On 9 April 2020, the Company issued 10,000,000 new ordinary shares of 0.2 pence each to Durable Capital Partners LP at an issue price of £11.00 per share, raising £110.0m. Other share capital issued during the year arose from the exercise of share options and the issue of shares to the Equiniti Share Plan Trustees Limited.
Other reserves
Merger reserve
Comprises the premium on shares issued as consideration for acquisitions where conditions for merger relief have been satisfied.
Own shares
Represents shares in the Company held by the Equiniti Share Plan Trustees Limited. These shares are held in order to satisfy the Free Shares and Matching Shares elements of the SIP, further details of which are set out in note 27.
 
    31 December 2021     31 December 2020     30 June 2020     30 June 2019  
  Nominal value
£’000
    Number     Nominal value
£’000
    Number     Nominal value
£’000
    Number     Nominal value
£’000
    Number  
Own shares
 
 
1
 
 
 
349,500
 
    1       401,198       1       434,268       1       484,811  
Translation reserve
Represents exchange differences on translation of overseas operations.
Hedging reserve
Comprises gains and losses recognized on cash flow hedges and the associated deferred tax assets.
 
F-
42

24. Dividends
 
     Year
ended
31 December 2021
£m
     Six months ended
31 December 2020
£m
     Year
ended
30 June
2020
£m
     Year
ended
30 June
2019
£m
 
Amounts recognized as distributions to the equity shareholders:
                                   
Final dividend for the year ended 30 June 2018 of 8.58 pence per share
  
 
—  
 
     —          —          17.6  
Interim dividend for the year ended 30 June 2019 of 3.55 pence per share
  
 
—  
 
     —          —          7.3  
Final dividend for the year ended 30 June 2019 of 8.58 pence per share
  
 
—  
 
     —          17.7        —    
Interim dividend for the year ended 30 June 2020 of 3.55 pence per share
  
 
—  
 
     —          7.3        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total distributions to owners of the parent in the year / period
  
 
—  
 
     —          25.0        24.9  
    
 
 
    
 
 
    
 
 
    
 
 
 
25. Notes to the cash flow statement
 
     Note      Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Operating profit
           
 
7.1
 
    17.3       10.4       55.3  
Adjustments for:
                                         
Depreciation of property, plant and equipment
     14     
 
11.0
 
    4.3       7.3       4.8  
Depreciation of
right-of-use
assets
     15     
 
9.1
 
    3.8       6.7       —    
Amortization of intangible assets
     13     
 
20.9
 
    7.9       15.7       10.5  
Impairment of intangible assets
     13     
 
3.8
 
    —         14.9       12.8  
Loss on disposal of property, plant and equipment
     14     
 
0.5
 
    0.2       —         —    
Derivative financial instruments at fair value through profit or loss
     6     
 
—  
 
    (0.4     —         0.4  
Research and development expenditure credit
     6     
 
(2.5
    (0.7     (1.5     (1.9
Share-based payments charge
     27     
 
17.9
 
    7.3       9.3       6.5  
Unrealized currency translation losses / (gains)
           
 
0.4
 
    1.0       (1.4     (1.1
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating cash flows before movements in working capital
           
 
68.2
 
    40.7       61.4       87.3  
Increase in inventories
           
 
(6.2
    (3.5     (1.1     (6.1
Decrease / (increase) in receivables
           
 
4.0
 
    (7.7     2.7       (6.1
Increase in payables
           
 
6.2
 
    3.6       2.4       7.7  
             
 
 
   
 
 
   
 
 
   
 
 
 
Cash generated from operations
           
 
72.2
 
    33.1       65.4       82.8  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(
d
) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
 
F-4
3

Analysis of changes in net (debt) / cash
 
    
 Cash and cash
equivalents
£m 

    Lease liabilities*
£m
    Borrowings*
£m
   
Net (debt) /
cash
£m
 
At 1 July 2018
     90.2       —         —         90.2  
Cash flow
     (4.4     —         —         (4.4
Foreign exchange and other
non-cash
movements
     1.3       —         —         1.3  
    
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2019
     87.1       —         —         87.1  
IFRS 16 implementation
           (76.2     —         (76.2
Additions to leases
     —         (58.6     —         (58.6
Cash flow
     99.5       7.7       (107.0     0.2  
Foreign exchange and other
non-cash
movements
     0.7       (0.7     0.6       0.6  
    
 
 
   
 
 
   
 
 
   
 
 
 
At 30 June 2020
     187.3       (127.8     (106.4     (46.9
Additions to leases
     —         (0.5     —         (0.5
Cash flow
     26.1       4.3       107.0       137.4  
Foreign exchange and other
non-cash
movements
     (1.5     7.0       (0.6     4.9  
    
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2020
  
 
211.9
 
 
 
(117.0
 
 
—  
 
 
 
94.9
 
Additions to leases
  
 
—  
 
 
 
(4.1
 
 
—  
 
 
 
(4.1
Cash flow
  
 
(117.2
 
 
10.3
 
 
 
(120.0
 
 
(226.9
Foreign exchange and other
non-cash
movements
  
 
0.4
 
 
 
0.3
 
 
 
0.8
 
 
 
1.5
 
    
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2021
  
 
95.1
 
 
 
(110.5
 
 
(119.2
 
 
(134.6
    
 
 
   
 
 
   
 
 
   
 
 
 
Total financial liabilities included within net debt comprise those items marked * and amount to £229.7m (31 December 2020: £117.0m; 30 June 2020: £234.2m; 30 June 2019: £nil).
Liabilities arising from financing activities comprise the Group’s RCF (as set out in note 22) and lease liabilities (as set out in note 15).
26. Financial instruments
Capital risk management
The capital structure of the Group comprises of cash and cash equivalents, a Revolving Credit Facility (RCF) and total equity attributable to the owners of the parent. The RCF of £200m was entered into in February 2019 with an initial term of three years and has a £100m additional accordion option. The Company exercised the option for a two year extension on 17 December 2020 such that on 7 January 2021, the Company received approval from all syndicate banks, extending the expiry of the facility to 31 January 2024). The Group maintains a capital structure with the following objectives:
–    to protect the ability of the Group to continue as a going concern and maintain sufficient available resources as protection for unforeseen events;
–    to provide flexibility of resource for strategic growth and investment where opportunities arise; and
–    to provide reasonable returns to shareholders whilst maintaining a limited level of risk.
As part of achieving these objectives the Group identifies the principal financial risk exposures that are created by the Group’s financial instruments and monitors them on a regular basis. These are considered to be foreign currency risk (a component of market risk), credit risk and liquidity risk.
Where appropriate the Group uses financial derivatives to help mitigate the key risks, the use of which is governed by the Group’s policies approved by the Board of Directors. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.
Foreign currency risk
This is the risk that a change in currency rates causes an adverse impact on the Group’s performance or financial position.
The Group has transactions denominated in various currencies with the principal currency exposure being fluctuations in US Dollars (USD), Euros, Japanese Yen and Chinese Renminbi (RMB). Collectively these
 
F-4
4

currencies make up approximately
90
% of the Group’s revenue and cash inflows. Whilst a large portion of the manufacturing and research and development costs are USD and RMB, giving a natural offset against the currency inflows, the majority of administration costs remain as Sterling leaving an overall net currency inflow in the Group’s cash flows.

This remaining currency exposure is centrally managed with the objective being to secure a level of certainty of Sterling value for up to 90% of the future net exposure based on forecast cash flows expected to occur up to 18 months ahead. The Group uses forward currency contracts to achieve this objective and applies hedge accounting where applicable. Foreign currency forward contracts are valued using quoted forward exchange rates and yield curves matching maturities of the contracts.
The Group’s open forward currency contracts and their maturity profile as at the period / year end is as follows:
 
   
31 December
2021
   
31 December
2020
   
30 June
2020
   
30 June
2019
 
Outstanding contracts
  Average
rate
    Foreign currency
million
    Average
rate
    Foreign currency
million
    Average
rate
    Foreign currency
million
    Average
rate
    Foreign currency
million
 
Sell US Dollars
                                                               
Less than 3 months
 
 
—  
 
 
 
—  
 
    1.3     $ 0.3       1.29     $ 3.1       1.34     $ 8.9  
3 to 6 months
 
 
1.36
 
 
$
0.2
 
    1.3     $ 0.7       1.31     $ 2.0       1.32     $ 11.5  
7 to 12 months
 
 
—  
 
 
 
—  
 
    1.3     $ 0.2       1.24     $ 0.1       1.33     $ 8.3  
13 to 18 months
 
 
—  
 
 
 
—  
 
    —         —         —         —         —         —    
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
1.36
 
 
$
0.2
 
    1.3     $ 1.2       1.30     $ 5.2       1.33     $ 28.7  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Sell Euros
                                                               
Less than 3 months
 
 
1.16
 
 
8.2
 
    1.12     5.7       1.14     8.1       1.11     11.8  
3 to 6 months
 
 
1.16
 
 
6.9
 
    1.10     3.5       1.15     6.5       1.11     13.2  
7 to 12 months
 
 
1.17
 
 
5.9
 
    1.10     4.3       1.12     3.4       1.11     17.4  
13 to 18 months
 
 
—  
 
 
 
—  
 
    —         —         —         —         1.14     1.4  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
1.16
 
 
21.0
 
    1.11     13.5       1.14     18.0       1.11     43.8  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Sell Yen
                                                               
Less than 3 months
 
 
150.88
 
 
¥
461.0
 
    137.16     ¥ 287.5       139.13     ¥ 373.4       145.26     ¥ 430.7  
3 to 6 months
 
 
152.58
 
 
¥
452.2
 
    135.74     ¥ 233.0       138.02     ¥ 219.4       143.23     ¥ 484.8  
7 to 12 months
 
 
151.73
 
 
¥
296.0
 
    137.28     ¥ 196.4       135.36     ¥ 268.7       141.58     ¥ 954.5  
13 to 18 months
 
 
—  
 
 
 
—  
 
    137.96     ¥ 7.9       131.73     ¥ 6.4       141.99     ¥ 241.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
151.72
 
 
¥
1,209.2
 
    136.74     ¥ 724.8       137.60     ¥ 867.9       142.74     ¥ 2,111.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Sell Chinese Renminbi
                                                               
Less than 3 months
 
 
9.03
 
 
¥
24.5
 
    8.96     ¥ 15.4       9.11     ¥ 19.4       8.91     ¥ 34.1  
3 to 6 months
 
 
8.99
 
 
¥
17.2
 
    9.03     ¥ 12.6       8.99     ¥ 7.5       8.96     ¥ 27.0  
7 to 12 months
 
 
8.85
 
 
¥
16.6
 
    8.97     ¥ 12.0       8.90     ¥ 6.0       9.02     ¥ 54.6  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
8.96
 
 
¥
58.3
 
    8.98     ¥ 40.0       9.05     ¥ 32.9       8.97     ¥ 115.7  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
At 31 December 2021, the fair value of contracts held as cash flow hedges is a net asset of £0.3m (31 December 2020: net asset £0.2m; 30 June 2020: net liability of £0.8m; 30 June 2019: net liability of £1.5m).
The movement recognized in other comprehensive income in the period:
 
    
31 December
2021
   
31 December
2020
   
30 June
2020
    
30 June
2019
 
     £m     £m     £m      £m  
(Loss) / gain in the year / period 

     (0.1     1.5       0.7        (2.1
Recycled to profit and loss
  
 
—  
 
    (0.4     —          0.4  
    
 
 
   
 
 
   
 
 
    
 
 
 
(Loss) / gain recognized in other comprehensive income
     (0.1     1.1       0.7        (1.7
    
 
 
   
 
 
   
 
 
    
 
 
 
Currency risk sensitivity analysis
The following table shows the sensitivity of the Group’s financial instruments to changes in exchange rates by detailing the impact on profit and other comprehensive income of a 10% change in the Sterling exchange rate against the relevant foreign currencies.
 
F-4
5

10% represents management’s assessment of a reasonably possible change in foreign exchange rates over a 12 month period.
The sensitivity analysis below only includes financial instruments denominated in
non-functional
currency and forward currency contracts outstanding at the reporting date and represents the impact of an immediate change in Sterling against other currencies.
 
     US Dollar
currency impact
    Euro
currency impact
    Yen
currency impact
    RMB
currency impact
 
   +10%      -10%     +10%      -10%     +10%      -10%     +10%      -10%  
     £m      £m     £m      £m     £m      £m     £m      £m  
31 December 2021
                                                                    
Income statement
  
 
1.1
 
  
 
(1.3
 
 
0.4
 
  
 
(0.5
 
 
0.4
 
  
 
(0.5
 
 
0.3
 
  
 
(0.3
Other comprehensive income
  
 
—  
 
  
 
—  
 
 
 
1.3
 
  
 
(1.5
 
 
0.4
 
  
 
(0.5
 
 
0.3
 
  
 
(0.4
                 
31 December 2020
                                                                    
Income statement
     0.7        (0.8     0.5        (0.7     0.3        (0.3     0.4        (0.5
Other comprehensive income
     0.1        (0.1     0.7        (0.8     0.2        (0.3     0.1        (0.1
                 
30 June 2020
                                                                    
Income statement
     0.3        (0.4     1.0        (1.3     0.4        (0.5     0.2        (0.2
Other comprehensive income
     0.4        (0.5     0.9        (1.2     0.3        (0.4     0.3        (0.4
                 
30 June 2019
                                                                    
Income statement
     —          (0.2     0.7        (0.8     0.1        (0.5     0.5        (0.7
Other comprehensive income
     1.2        (3.1     2.8        (3.7     0.6        (1.9     —          (0.1
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
The sensitivity analysis is limited to the period / year end exposure and therefore does not reflect the exposure and inherent risk during the year.
Liquidity risk
This is the risk that the Group will have insufficient funds available in the right currency to settle its obligations as they fall due.
The Group generates funds from operational activities in excess of its operational requirements and has substantial cash balances available for its current investment activities.
The Board reviews the funding requirement of the Group as part of the budgeting and long-term planning processes and considers as necessary alternative possible sources of funding where the requirement is not satisfied by the Group’s forecast operational cash generation.
The Group manages liquidity risk by maintaining an adequate level of easily accessible cash reserves, in a currency profile representative of the Group’s cost base and matching customer and supplier terms where possible. The Group also has access to daily currency trading facilities which provides the ability to convert currency within the agreed settlement limits as required.
 
F-4
6

The maturity profile of financial liabilities shown below represents the Group’s gross expected contractual cash flows.
 
     Less than
1 year
     Between
2 and 5 years
     Over
five years
     Total  
     £m      £m      £m      £m  
31 December 2021
                                   
Trade and other payables
  
 
46.0
 
  
 
—  
 
  
 
—  
 
  
 
46.0
 
Borrowings
  
 
120.0
 
  
 
—  
 
  
 
—  
 
  
 
120.0
 
Lease liabilities
  
 
11.1
 
  
 
47.0
 
  
 
64.0
 
  
 
122.1
 
Derivative financial instruments
  
 
32.4
 
  
 
—  
 
  
 
—  
 
  
 
32.4
 
         
31 December 2020
                                   
Trade and other payables
     33.3        —          —          33.3  
Lease liabilities
     8.8        38.9        82.9        130.6  
Derivative financial instruments
     22.5        0.1        —          22.6  
         
30 June 2020
                                   
Trade and other payables
     33.8        —          —          33.8  
Borrowings
     107.0        —          —          107.0  
Lease liabilities
     9.3        32.0        101.9        143.2  
Derivative financial instruments
     30.8        —          —          30.8  
         
30 June 2019
                                   
Trade and other payables
     31.0        —          —          31.0  
Derivative financial instruments
     87.5        3.0        —          90.5  
    
 
 
    
 
 
    
 
 
    
 
 
 
The Group holds sufficient funds to meet these commitments as they fall due.
Credit risk
This refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group is exposed to credit risk on its financial assets; however, there is not deemed to be a significant exposure due to the nature of its customer base and the types of transaction that are undertaken.
Trade receivables consist of a large number of customers spread globally with the majority being in economically strong geographies. The Group’s customer base is predominantly government-funded institutions, pharmaceutical companies conducting research, and local distributors. The perceived risk of default is deemed to be low.
Further information on the Group’s trade receivable ageing and impairment can be found in note 19.
The Group generates significant levels of operational cash. Cash in excess of local operational requirements is remitted and managed centrally. Exposure to counterparty default risk is managed by limiting the concentration of funds and contracts held with individual financial institutions and ensuring funds are only placed with institutions or in products rated
BBB-
or above by Standard & Poor’s.
 
F-4
7

Categories of financial instruments
 
     Carrying and fair value  
  
31 December
2021
   
31 December
2020
   
30 June
2020
   
30 June
2019
 
     £m     £m     £m     £m  
Financial instruments held at amortized cost
                                
Trade receivables
  
 
33.2
 
    28.0       31.4       29.3  
Other receivables
  
 
2.8
 
    2.8       3.9       2.5  
Cash and cash equivalents
  
 
95.1
 
    211.9       187.3       87.1  
Trade and other payables
  
 
(46.0
    (33.3     (33.8     (31.0
Borrowings
  
 
(120.0
          (107.0      
Lease liabilities
  
 
(110.5
    (117.0     (127.8      
    
 
 
   
 
 
   
 
 
   
 
 
 
Financial instruments held at fair value
                                
Derivative financial instruments
  
 
0.3
 
    0.2       (1.2     (1.9
Investment
  
 
3.5
 
    3.1       6.7       0.8  
    
 
 
   
 
 
   
 
 
   
 
 
 
The Directors consider there to be no material difference between the carrying value and the fair value of the financial instruments classified as held at amortized cost. For the items classified as held at fair value, the fair value is recognized on the balance sheet as the carrying amount.
Financial instruments held at fair value
Financial instruments that are measured at fair value are classified using a fair value hierarchy that reflects the source of inputs used in deriving the fair value. The three classification levels are:
 
   
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
 
   
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
 
   
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market inputs).
 
F-4
8

The following table presents the Group’s assets and liabilities carried at fair value by valuation method.
 
     Level 1
£m
     Level 2
£m
    Level 3
£m
     Total
£m
 
31 December 2021

 
 
 
 
 
 
 
 
 
 
 
 
Assets
                                  
Derivative financial instruments
     —         
0.5
      —         
0.5
 
Investment
    
1.0
       —      
 
2.5
 
  
 
3.5
 
    
 
 
    
 
 
   
 
 
    
 
 
 
    
 
1.0
 
  
 
0.5
 
 
 
2.5
 
  
 
4.0
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Liabilities
                                  
Derivative financial instruments
     —         
(0.2
)
 
    —         
(0.2
)
 
    
 
 
    
 
 
   
 
 
    
 
 
 
    
 
—  
 
  
 
(0.2
 
 
—  
 
  
 
(0.2
    
 
 
    
 
 
   
 
 
    
 
 
 
31 December 2020
                                  
Assets
                                  
Derivative financial instruments
     —          0.3       —          0.3  
Investment
     1.2              1.9        3.1  
    
 
 
    
 
 
   
 
 
    
 
 
 
       1.2        0.3       1.9        3.4  
    
 
 
    
 
 
   
 
 
    
 
 
 
Liabilities
                                  
Derivative financial instruments
     —          (0.1     —          (0.1
    
 
 
    
 
 
   
 
 
    
 
 
 
       —          (0.1     —          (0.1
    
 
 
    
 
 
   
 
 
    
 
 
 
30 June 2020
                                  
Assets
                                  
Derivative financial instruments
     —          —         —          —    
Investment
     4.8        —         1.9        6.7  
       4.8        —         1.9        6.7  
    
 
 
    
 
 
   
 
 
    
 
 
 
Liabilities
                                  
Derivative financial instruments
     —          (1.2     —          (1.2
    
 
 
    
 
 
   
 
 
    
 
 
 
       —          (1.2     —          (1.2
    
 
 
    
 
 
   
 
 
    
 
 
 
30 June 2019
                                  
Assets
                                  
Derivative financial instruments
     —          0.2       —          0.2  
Investment
     0.8        —         —          0.8  
    
 
 
    
 
 
   
 
 
    
 
 
 
       0.8        0.2       —          1.0  
    
 
 
    
 
 
   
 
 
    
 
 
 
Liabilities
                                  
Derivative financial instruments
     —          (2.1     —          (2.1
    
 
 
    
 
 
   
 
 
    
 
 
 
       —          (2.1     —          (2.1
    
 
 
    
 
 
   
 
 
    
 
 
 
Level 1 investments comprise listed equity securities in Plexbio, Inc. Further information is included in note 16.
Level 2 derivative financial instruments comprise forward foreign exchange contracts. The fair value is remeasured on a monthly basis with reference to available forward market rates and comparative instrument pricing.
Level 3 investments comprise
non-listed
equity securities in respect of a 13% stake in Brickbio, Inc. and, for the year ended 31 December 2021 includes a 14% stake in Somaserve Limited. The fair value is determined to be equal to the carrying amount of the investment and is reviewed periodically based on information available about the performance of the underlying business.
 
F-4
9

27. Share-based payments
 
     Year
ended
31 December
2021
£m
     Six months
ended
31 December
2020
£m
     Year
ended
30 June
2020
£m
     Year
ended
30 June
2019
£m
 
Expense arising from share-based payment transactions:
                                   
Included in selling, general and administrative expenses
  
 
15.6
 
     5.1        6.6        5.5  
Included in research and development expenses
  
 
2.3
 
     2.2        2.7        1.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
    
 
17.9
 
  
 
7.3
 
  
 
9.3
 
  
 
6.5
 
         
Equity settled share-based payment expense
  
 
17.8
 
     7.2        9.2        6.2  
Cash settled share-based payment expense*
  
 
0.1
 
     0.1        0.1        0.3  
    
 
 
    
 
 
    
 
 
    
 
 
 
    
 
17.9
 
  
 
7.3
 
  
 
9.3
 
  
 
6.5
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
*
The total liability as at 31 December 2021 was £0.2m (31 December 2020: £0.4m; 30 June 2020: £0.3m; 30 June 2019: £0.6m) of which less than £0.1m (31 December 2020: less than £0.1m; 30 June 2020: less than £0.1m; 30 June 2019: £nil) relates to options which have vested.
Equity settled share option schemes
The Group operates a number of share schemes for certain employees of the Group as follows:
 
   
2005 and 2015 Share Option Scheme (ISO/Unapproved) (SOS)
 
   
Company Share Option Plan 2009 (CSOP);
 
   
Long Term Incentive Plan (LTIP);
 
   
Profitable Growth Incentive Plan (PGIP);
 
   
Annual bonus plan—deferred share award (DSA);
 
   
Share Incentive Plan (SIP);
 
   
Non-Executive
Directors (NED) share award; and
 
   
2018, 2019 and 2020 Employee Share Scheme (AbShare);
Options or conditional share grants under each scheme have been aggregated.
The vesting period ranges from one to four years. Options which remain unexercised after a period of 10 years from the date of grant expire. Options are forfeited if the employee leaves the Group before they vest, save where the employee is deemed to be a ‘good leaver’ in which case options awarded are
pro-rated
to the leaving date.
 
F-
50

Discretionary awards​​​​​​​
Share option plans: SOS and CSOP
 
     Year ended
31 December 2021
     Six months ended
31 December 2020
 
   Number     Weighted
average
exercise price
pence
     Number     Weighted
average
exercise price
pence
 
Outstanding at beginning of year / period

  
 
621,755
 
 
 
507.9
 
     701,272       559.7  
Forfeited
  
 
(57,329
 
 
727.3
 
     (20,823     1,500.1  
Exercised
  
 
(172,609
 
 
753.5
 
     (58,694     774.0  
    
 
 
   
 
 
    
 
 
   
 
 
 
Outstanding at end of year / period

  
 
391,817
 
 
 
726.5
 
     621,755       507.9  
    
 
 
   
 
 
    
 
 
   
 
 
 
Number of options exercisable at end of year / period

  
 
391,817
 
 
 
726.5
 
     519,442       703.1  
    
 
 
   
 
 
    
 
 
   
 
 
 
 
     Year ended
30 June 2020
     Year ended
30 June 2019
 
   Number     Weighted
average
exercise price
pence
     Number     Weighted
average
exercise price
pence
 
Outstanding at beginning of year
     947,948       640.1        1,386,655       644.3  
Forfeited
     (72,526     1,259.1        (164,220     866.6  
Exercised
     (174,150     706.4        (274,487     525.6  
    
 
 
   
 
 
    
 
 
   
 
 
 
Outstanding at end of year
     701,272       559.7        947,948       640.1  
    
 
 
   
 
 
    
 
 
   
 
 
 
Number of options exercisable at end of year
     519,442       661.7        281,438       536.7  
    
 
 
   
 
 
    
 
 
   
 
 
 
                                   
 
Analyzed by range of exercise price:
 
   Grant year      Year ended
31 December 2021
     Six months ended
31 December 2020
 
   Number
outstanding
     Weighted
average
remaining
contractual life
     Number
outstanding
     Weighted
average
remaining
contractual life
 
180.8p–464.0p
     prior to 2016     
 
122,688
 
  
 
2.2
 years
 
     184,725        2.9 years  
598.0p
     2016     
 
59,852
 
  
 
3.8
years
 
     99,780        4.8 years  
851.0p
     2017     
 
94,632
 
  
 
4.8
years
 
     137,463        5.8 years  
1,020.0p
     2018     
 
114,645
 
  
 
5.8
years
 
     199,787        6.8 years  
             
 
 
    
 
 
    
 
 
    
 
 
 
             
 
391,817
 
  
 
4.2
years
 
     621,755        5.1 years  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
Analyzed by range of exercise price:
 
   Grant year      Year ended
30 June 2020
     Year ended
30 June 2019
 
   Number
outstanding
     Weighted
average
remaining
contractual life
     Number
outstanding
     Weighted
average
remaining
contractual life
 
180.8p–464.0p
     prior to 2016        197,901        3.4 years        256,955        4.3 years  
598.0p
     2016        111,033        5.3 years        155,327        6.3 years  
851.0p
     2017        161,372        6.3 years        214,798        7.4 years  
1,020.0p
     2018        230,966        7.3 years        320,868        8.4 years  
             
 
 
    
 
 
    
 
 
    
 
 
 
                701,272        5.7 years        947,948        6.7 years  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
     Year
ended
31 December
2021
     Six months
ended
31 December
2020
     Year
ended
30 June
2020
     Year
ended
30 June
2019
 
Weighted average share price at date of exercise
  
 
1,589.0p
 
     1,396.4p        1,329.2p        1,310.5p  
    
 
 
    
 
 
    
 
 
    
 
 
 
There were no grants issued under the SOS in the year ended 31 December 2021, the six months ended 31 December 2020 or the years ended 30 June 2020 and 30 June 2019.
Options issued under the SOS carry market-based performance conditions, whereby they will vest where the percentage growth in Abcam plc shares over the vesting period is equal or greater than the percentage growth of the FTSE AIM
All-Share
Index.
 
F-
51

The volatility of the options is based on the average of standard deviations of historical daily continuous returns on Abcam plc shares, looking back over the same period as the expected life of the option. The dividend yield is based on Abcam plc’s actual dividend yield in the past. The risk-free rate is the yield on UK government gilts at each date of grant.
Share award plans: LTIP and DSA
 
     Year
ended
31 December
2021
Number
    Six months ended
31 December
2020
Number
    Year
ended
30 June
2020
Number
    Year
ended
30 June
2019
Number
 
Outstanding at beginning of year / period

  
 
1,271,179
 
    1,085,162       988,127       1,022,757  
Granted
  
 
142,314
 
    462,460       470,834       483,339  
Forfeited
  
 
(167,298
    (131,099     (121,127     (141,797
Exercised
  
 
(240,850
    (145,344     (252,672     (376,172
    
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding at end of year / period

  
 
1,005,345
 
    1,271,179       1,085,162       988,127  
    
 
 
   
 
 
   
 
 
   
 
 
 
Number of options exercisable at end of year / period

  
 
63,759
 
    65,380       72,760       63,996  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
     Year ended
31 December
2021
     Six months
ended
31 December
2020
     Year
ended
30 June
2020
     Year
ended
30 June
2019
 
Weighted average fair value of awards granted
  
 
1,380.1p
 
     1,398.1p        1,208.3p        1,245.1p  
Weighted average share price at date of exercise
  
 
1,642.1p
 
     1,329.6p        1,185.2p        1,304.4p  
Weighted average remaining contractual life
  
 
4 years
 
     4.3 years        3.3 years        4.3 years  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
F-
52

Fair values of the awards with a performance condition based
on
non-market
conditions, for example E
PS, are calculated using the Black-Scholes model.
The inputs into the models for awards granted in the current and prior periods were as follows:
 
     Year ended 31 December 2021  
     LTIP
1 Dec 2021
     LTIP
1 Dec 2021
     DSA
26 October 2021
 
Share price at grant (pence)
  
 
1,699.0
 
  
 
1,699.0
 
  
 
1,337.0
 
Expected volatility
  
 
34%
 
  
 
33%
 
  
 
33%
 
Contractual life (years)
  
 
3.5 years
 
  
 
2 years
 
  
 
3 years
 
Expected dividend yield
  
 
0.00%
 
  
 
0.00%
 
  
 
0.71%
 
Risk-free interest rate
  
 
0.52%
 
  
 
0.43%
 
  
 
(0.06)%
 
    
 
 
    
 
 
    
 
 
 
 
     Six months ended 31 December 2020  
     LTIP
7 Dec 2020
     LTIP
7 Dec 2020
     DSA
26 October 2020
 
Share price at grant (pence)
     1,397.0        1,397.0        1,435.0  
Expected volatility
     36%        36%        35%  
Contractual life (years)
     3 years        2 years        3 years  
Expected dividend yield
     0.00%        0.00%        0.71%  
Risk-free interest rate
     (0.07)%        (0.07)%        (0.06)%  
    
 
 
    
 
 
    
 
 
 
 
     Year ended 30 June 2020  
   LTIP
14 Nov 2019
     LTIP
9 March 2020
     LTIP
9 March 2020
     LTIP
9 March 2020
     DSA
25 October 2019
 
Share price at grant (pence)
     1,245.0        1.157.0        1,157.0        1,157.0        1,152.0  
Expected volatility
     30%        37%        35%        31%        30%  
Contractual life (years)
     3 years        1 year        2 years        3 years        3 years  
Expected dividend yield
     0.82%        0.88%        0.88%        0.88%        0.88%  
Risk-free interest rate
     0.47%        0.17%        0.11%        0.09%        0.44%  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
     Year ended 30 June 2019  
   LTIP
7 Nov 2018
     DSA
26 October 2018
 
Share price at grant (pence)
     1,251.0        1,337.0  
Expected volatility
     26%        24%  
Contractual life (years)
     3 years        3 years  
Expected dividend yield
     0.81%        0.81%  
Risk-free interest rate
     0.91%        0.75%  
    
 
 
    
 
 
 
The inputs to the Black-Scholes model, such as expected volatility, are based on the same calculation as those for the Monte Carlo simulation.
LTIP: All awards are subject to achievement of the performance conditions over a three year period and can be exercised over the following seven years. Save as permitted in the LTIP rules, awards lapse on an employee leaving the Company.
DSA: For those employees entitled to participate in the annual bonus plan, a portion of the bonus is awarded in the form of shares for which there is a compulsory holding period of two years and a requirement for continued employment before these fully vest to the employees (deferred shares). The number of deferred shares granted is dependent on certain performance criteria, comprising a
one-year
profit target and achievement of strategic and personal objectives.
Share award plans: PGIP
In Summer 2021, the Company approved a new share scheme (Profitable Growth Incentive Plan) which aims to align the reward to shareholders and incentivize key management employees & the executive directors to deliver the revenue growth ambition underpinned by ROCE. Upon vesting in April 2025, and subject to certain performance conditions being met, vested shares will be released as soon as practicable and will expire 30 days
 
F-5
3

from the vesting date. Certain awards within the PGIP are subject to tranche vesting with 25% of vested shares released immediately; 25% after six months; 25% after 12 months; and 25% after 18 months.
 
     Year ended
31 December
2021
Number
 
Outstanding at beginning of year / period

  
 
—  
 
Granted
  
 
4,875,141
 
Forfeited
  
 
(2,139
Exercised
  
 
—  
 
    
 
 
 
Outstanding at end of year / period
  
 
4,873,002
 
    
 
 
 
Number of options exercisable at end of year / period

  
 
—  
 
    
 
 
 
 
     Year ended
31 December
2021
 
Weighted average fair value of awards granted
  
 
1,360.4p
 
Weighted average share price at date of exercise
  
 
—  
 
Weighted average remaining contractual life
  
 
3.4 years
 
    
 
 
 
Fair values of the awards with a performance condition based on
non-market
conditions, for example EPS, are calculated using the Black-Scholes model. The inputs into the models for awards granted in the current and prior periods were as follows:
 
     Year ended 31 December 2021  
   PGIP
14 July 2021
     PGIP
14 September 2021
 
Share price at grant (pence)
  
 
1,341.0
 
  
 
1,508.0
 
Expected volatility
  
 
34%
 
  
 
34%
 
Contractual life (years)
  
 
4 years
 
  
 
4 years
 
Expected dividend yield
  
 
0.00%
 
  
 
0.00%
 
Risk-free interest rate
  
 
0.24%
 
  
 
0.27%
 
    
 
 
    
 
 
 
All employee share schemes: AbShare, SIPs
AbShare
In Autumn 2018, the Company launched a share scheme (AbShare) where all employees globally, excluding Executive Directors, are eligible to participate. Each employee who participates is required to contribute 5% of their salary spread across three years (therefore equating to 1.67% per annum). Upon vesting in November 2021, and subject to certain performance conditions being met, the funds contributed have been used as consideration for the issue of the predetermined number of shares to the employee with the Company issuing a further 10 shares for each share issued.
 
     Year
ended
31 December
2021
Number
    Six months ended
31 December
2020
Number
    Year
ended
30 June
2020
Number
    Year
ended
30 June
2019
Number
 
Outstanding at beginning of year / period

  
 
2,001,505
 
    1,723,183       1,564,167       —    
Granted
  
 
110,633
 
    345,510       348,425       1,694,429  
Forfeited
  
 
(306,059
    (65,802     (187,715     (130,262
Exercised
  
 
(1,806,079
    (1,386     (1,694     —    
Outstanding at end of year / period

  
 
—  
 
    2,001,505       1,723,183       1,564,167  
Number of options exercisable at end of period / year

  
 
—  
 
    —         —         —    
    
 
 
   
 
 
   
 
 
   
 
 
 
 
     Year
ended
31 December
2021
     Six months
ended
31 December
2020
     Year
ended
30 June
2020
     Year
ended
30 June
2019
 
Weighted average fair value of awards granted
  
 
1,280.2p
 
     1,288.9p        1,137.8p        1,131.4p  
Weighted average remaining contractual life
  
 
—  
 
     0.9 years        1.4 years        2.4 years  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
F-5
4

Fair values of the awards are calculated using the Black-Scholes model.
The inputs into the models for awards granted in the current year were as follows:
 
     Year
ended
31 December
2021
     Six months ended
31 December
2020
     Year
ended
30 June
2020
     Year
ended
30 June
2019
 
Share price at grant (pence)
  
 
1,345.0
 
     1,397
.0
       1,244.6        1,251.0  
Expected volatility
  
 
32%
      39%        34%        26%  
Contractual life (years)
  
 
0.5 years
 
     1 year        2 years        3
 
years
 
Expected dividend yield
  
 
0.00%
       0.00%        0.82%        0.81%  
Risk-free interest rate
  
 
0.00%
       (0.06)%        0.52%        0.91%  
    
 
 
    
 
 
    
 
 
    
 
 
 
The inputs to the Black-Scholes model, such as expected volatility, are based on the same calculation as those for other schemes.
SIP
Up until October 2018, all
UK-based
employees were eligible to participate in the SIP whereby employees could purchase shares in the Company. These shares are referred to as Partnership Shares and are held in trust on behalf of the employee. For every Partnership Share bought by the employee up to a limit of £1,800 per tax year the Company will give the employee one share (Matching Shares), provided the employee remains employed by the Company for a period of at least three years.
Employees must withdraw their shares from the plan upon leaving the Company and will not be entitled to the Matching Shares if they leave within three years of purchasing the Partnership Shares.
In addition to this, also up until October 2018, the Company also awarded shares to employees (Free Shares) with a value of up to £3,600 per tax year. There are no vesting conditions attached to the Free Shares, other than being continuously employed by the Company for three years from the date of grant.
 
F-5
5

The fair value of Matching Shares and Free Shares is determined as the market value of the shares at the date of grant. No valuation model is required to calculate the fair value of awards under the SIP. The fair value of an equity-based payment under the SIP is the face value of the award on the date of grant because the participants are entitled to receive the full value of the shares and there are no market-based performance conditions attached to the awards.
 
     Number of free shares  
   Year
ended
31 December
2021
    Six months
ended
31 December
2020
    Year
ended
30 June
2020
    Year
ended
30 June
2019
 
Outstanding at beginning of year / period

  
 
273,852
 
    302,023       351,187       447,841  
Granted during year / period

  
 
—  
 
    —         —         —    
Forfeited during year / period

  
 
(493
    (657     (7,423     (18,982
Exercised during year / period

  
 
(40,969
    (27,514     (41,741     (77,672
    
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding at end of year / period

  
 
232,390
 
 
 
273,852
 
 
 
302,023
 
 
 
351,187
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Exercisable at end of year / period

  
 
232,390
 
    273,852       215,268       167,425  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
     Number of matching shares  
     Year
ended
31 December
2021
    Six months
ended
31 December
2020
    Year
ended
30 June
2020
    Year
ended
30 June
2019
 
Outstanding at beginning of year / period

  
 
71,381
 
    77,534       88,539       115,928  
Granted during year / period

  
 
—  
 
    —         —         7,323  
Forfeited year / period

  
 
(692
    (597     (2,203     (7,227
Exercised during year / period

  
 
(10,799
    (5,556     (8,802     (27,485
    
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding at end of year / period

  
 
59,890
 
    71,381       77,534       88,539  
    
 
 
   
 
 
   
 
 
   
 
 
 
Exercisable at end of year / period

  
 
59,890
 
    71,381       72,009       48,333  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
     Year
ended
31 December
2021
     Six months
ended
31 December
2020
     Year
ended
30 June
2020
     Year
ended
30 June
2019
 
Weighted average fair value of options granted
     —          —          —          1,042.0p  
    
 
 
    
 
 
    
 
 
    
 
 
 
Other awards: NED share award
A component of the
Non-Executive
Directors’ remuneration is delivered as a fixed number of fully paid ordinary shares in the first open period following the announcement of annual results of the financial year to which the award relates.
28. Retirement benefit schemes
 
    
Year
ended
31 December
2021
    
Six months
ended
31 December
2020
    
Year
ended
30 June
2020
    
Year
ended
30 June
2019
 
     £m      £m      £m      £m  
Total charge to income statement in respect of defined contribution schemes
    
6.5
       2.8        4.5        3.5  
    
 
 
    
 
 
    
 
 
    
 
 
 
Defined contribution schemes
The
UK-based
employees of the Group have the option to join a defined contribution pension scheme managed by a third party pension provider. For each member the Company contributes a fixed percentage of salary to the scheme.
Employees of the Group’s subsidiaries in the US, Japan, China and Hong Kong are members of state-managed retirement benefit schemes. Depending on location, the subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit schemes to fund the benefits.
 
F-56


As
 at 31 December
2021
, contributions of £
1.1
m (31 De
cem
ber 2020: £
0.5
m; 30 June 2020: £
0.5
m; 30 June 2019: £
0.3
m) due in respect of the current reporting period had not been paid over to the schemes.
29. Business combinations
Year ended 31 December 2021
BioVision
On 26 October 2021, Abcam US Group Holdings Inc, a subsidiary of Abcam Plc, acquired 100% of the issued share capital of NKY Biotech US, Inc from Boai NKY Biotech Co. Ltd for total cash consideration of $349.9 million (£253.8 million) and acquisition expenses of £7.8 million. NKY Biotech US, Inc has one wholly owned subsidiary, BioVision Inc (collectively ‘BioVision’). BioVision is a leading provider of biochemical and cell-based assays for biological research. It also develops, produces, and sells a wide portfolio of other products including recombinant proteins, antibodies, enzymes, and biochemical compounds.
The acquisition accelerates accelerate Abcam’s strategic ambitions within the adjacent biochemical and cellular assay market and aligns with existing areas of research focus including oncology, immuno-oncology, neuroscience, and epigenetics.
The provisional fair value of identifiable net assets acquired was as follows:
 
     £m  
Non-current
assets
        
Intangible assets
     80.6  
Property, plant and equipment
     0.8  
Right-of-use
assets
     1.9  
Deferred tax asset
     0.3  
Current assets
        
Inventory
     8.1  
Trade and other receivables
     3.3  
Cash and cash equivalents
     10.0  
Current liabilities
        
Trade and other payables
     (2.3
Lease liabilities
     (1.7
Non-current
liabilities
        
Deferred tax liabilities
     (23.6
Lease liabilities
     (0.6
    
 
 
 
Total identifiable assets acquired
     76.8  
Goodwill
     177.0  
    
 
 
 
Total consideration
     253.8  
    
 
 
 
 
     £m  
Consideration
        
Total consideration
     253.8  
Adjustment for settlement of
pre-existing
relationship
     1.4  
Adjustment for working capital claim
     1.1  
Consideration paid in cash
     256.3  
 
 
 
 
 
 
 
 
£m 
 
Net cash outflow on acquisition
        
Consideration paid in cash
     256.3  
    
 
 
 
Adjustment for settlement of
pre-existing
relationship
     (1.4
Acquired cash and cash equivalents
     (10.0
    
 
 
 
Net cash outflow on acquisition
     244.9  
    
 
 
 
Prior to acquisition, BioVision was a supplier of products to Abcam and there was a trading balance of £1.4m outstanding at the acquisition. As such, the consideration and total identifiable net assets acquired have been adjusted to reflect this
pre-existing
relationship, which was effectively settled upon acquisition.
 
F-57


The consideration has also been adjusted by £1.1m, for a claim lodged with the seller subsequent to the close date. Consideration for the issued share capital of NKY was adjustable for certain net working capital balances, for which an estimate was provided on the close date. Subsequent to completing the acquisition it was noted that the actual net working capital balance fell short of the estimated balance and so the consideration has been adjusted downward by £1.1m accordingly. The cash inflow arising from this arrangement had not been received as at 31 December 2021 and so a receivable for £1.1m has been recognized on the Group’s consolidated balance sheet.
The goodwill recognized is attributable to the expertise of the assembled workforce, potential new technology and products and leveraging Abcam’s global channels to market.
Since the date of acquisition to 31 December 2021 the acquisition contributed £2.6m to the Group’s revenue and a loss before tax of £2.6m. The effect on adjusted profit before tax was £1.4m which is before taking into account the effects of the amortization of acquisition intangibles and
amortization
of fair value adjustments as described in note 7.
Had BioVision been acquired on 1 January 2021, the Group revenue would have been £331.6m
 and
the profit before tax would have been £9.8m.
Six months ended 31 December 2020
No business combinations were undertaken during the period.
Year ended 30 June 2020
The Group made a number of acquisitions during the year. Had all of the acquisitions been completed and consolidated on 1 July 2019, the Group revenue would have been £265.6m, the profit before tax would have been £7.5m and the adjusted profit before tax would have been £45.2m. Acquisitions are set out below.
Expedeon
On 1 January 2020, the Group acquired 100% of the share capital of Expedeon Holdings Limited, including certain subsidiaries and certain other assets from Expedeon AG. This represented the proteomics and immunology business of Expedeon and was for total cash consideration of €122.5m (£104.2m) and acquisition expenses of £4.1m which are described in note 7.
This acquisition accelerates Abcam’s ambitions within the complementary antibody conjugation and labelling market and provides opportunities to combine technologies to create new value adding products to support customer needs.
The fair value of identifiable assets acquired was as follows:
 
     £m  
Non-current
assets
        
Intangible assets
     47.7  
Other
non-current
assets
     0.8  
Net current assets
     5.9  
Non-current
liabilities
        
Deferred tax on intangibles
     (11.9
    
 
 
 
Total identifiable assets acquired
     42.5  
Goodwill
     61.7  
    
 
 
 
Total consideration
     104.2  
    
 
 
 
 
     £m  
Net cash outflow on acquisition
        
Consideration paid in cash
     104.2  
Acquired cash and cash equivalents
     (2.3
    
 
 
 
       101.9  
    
 
 
 
 
F-
58


Other
 net current assets comprised inventory of £
2.8
m, cash of £
2.3
m, trade and other receivables of £
1.9
m and trade payables of £
1.1
m. The goodwill recognized is attributable to the expertise of the assembled workforce, potential future relationships with customers and potential new technology.
Since the date of acquisition to 30 June 2020 the acquisition contributed £5.9m to the Group’s revenue and a profit before tax of £0.3m. The effect on adjusted profit before tax was £2.0m which is before taking into account the effects of the amortization of acquisition intangibles as described in note 7.
Gene editing and oncology business
On 30 January 2020, the Group acquired certain assets and employees comprising the gene editing and oncology business of Applied StemCell, Inc. (Applied Stem Cell) for an initial consideration of US $9.4m (£7.1m).
Abcam intends to expand the Applied Stem Cell platform to become its discovery engine for developing novel edited cell lines, building upon its existing portfolio of knockout cell lines.
The fair value of identifiable assets acquired was as follows:
 
     Provisional
fair value
£m
     Adjustment*
£m
    Final
fair
value
£m
 
Non-current
assets
                         
Intangible assets
     3.3        (2.2     1.1  
Current assets
     0.2        —         0.2  
    
 
 
    
 
 
   
 
 
 
Total identifiable assets acquired
     3.5        (2.2     1.3  
Goodwill
     3.6        2.2       5.8  
    
 
 
    
 
 
   
 
 
 
Total consideration
     7.1        —         7.1  
    
 
 
    
 
 
   
 
 
 
                           
 
     £m  
Cash outflow on acquisition
        
Consideration paid in cash
     7.1  
    
 
 
 
 
*
During the six months ended 31 December 2020, a review was undertaken of the performance of historical acquisitions. In respect of Applied Stem Cell, it was determined that the additional knowledge gained of the marketplace in which Applied Stem Cell operates caused the initial valuation of the acquisition intangibles to be revisited as permitted by IFRS 3 ‘Business Combinations’ within the first 12 months of ownership. This has resulted in a reduction in the initial valuation of acquisition intangibles from that originally presented in the consolidated financial statements for the fiscal year ended 30 June 2020 with a corresponding increase in goodwill. In accordance with the requirements of IFRS 3 ‘Business Combinations’, this adjustment has been recorded within the fiscal year ended 30 June 2020.
Other current assets comprised inventory of £0.2m. The goodwill recognized is attributable to the expertise of the assembled workforce and potential new technology.
Since the date of acquisition to 30 June 2020 the acquisition contributed £0.4m to the Group’s revenue and a profit before tax of £0.1m over the same period. The effect on adjusted profit before tax was £0.2m which is before taking into account the effects of the amortization of acquisition intangibles as described in note 7.
During the six months ended 31 December 2020, the consideration was adjusted to US $10.2m (£7.7m) following the finalization of certain costs to be reimbursed by the seller for an amount that was less than had been estimated at the acquisition date.
Marker Gene Technologies, Inc.
On 4 March 2020, the Group acquired 100% of the share capital of Marker Gene Technologies, Inc. (MGT) for total consideration of $2.2m (£1.7m), of which $0.3m (£0.2m) is deferred for 18 months from the acquisition date, $0.7m (£0.6m) in new ordinary shares and $1.2m (£0.9m) in cash. Deferred consideration was settled during the year ended 31 December
2021
.
 
F-59


MGT has expertise in the areas of biology, organic synthesis and fluorescence chemistry and the team is experienced in the creation of detection tools that enable enhanced understanding of biological processes. This acquisition brings additional proprietary assay development technologies and labelling capabilities.
The fair value of identifiable assets acquired was as follows:
 
     £m  
Non-current
assets
        
Intangible assets
     0.4  
Net current assets
     0.6  
Non-current
liabilities
        
Deferred tax on intangibles
     (0.1
    
 
 
 
Total identifiable assets acquired
     0.9  
Goodwill
     0.8  
Total consideration
     1.7  
    
 
 
 
 
     £m  
Net cash outflow on acquisition
        
Consideration paid in cash
     0.9  
Acquired cash and cash equivalents
     (0.3
    
 
 
 
       0.6  
    
 
 
 
Net current assets comprised inventory of £0.3m, cash £0.3m trade receivables of £0.1m and trade payables of £0.1m. The goodwill recognized is attributable to the expertise of the assembled workforce.
Since the date of acquisition to 30 June 2020 the acquisition contributed £0.1m to the Group’s revenue and a profit before tax of £0.1m over the same period. The effect on adjusted profit before tax was also £0.1m.
Year ended 30 June 2019
On 24 January 2019, the Group completed the acquisition of 100% of the share capital of Calico Biolabs, Inc. (Calico), a developer of recombinant rabbit monoclonal antibodies for diagnostic and biopharmaceutical companies, for total cash consideration of $4.6m (£3.6m), of which $0.9m (£0.7m) was deferred for 12 months from the acquisition date and paid during the year ended 30 June 2020.
The acquisition strategically expanded Abcam’s leading position in rabbit monoclonal antibodies, bringing a small catalogue of ready-made antibodies for immunohistochemistry (IHC) applications in addition to custom development services.
The fair value of identifiable assets acquired was as follows:
 
     £m  
Non-current
assets
        
Intangible assets
     0.6  
Net current assets
     0.2  
    
 
 
 
Total identifiable assets acquired
     0.8  
Goodwill
     2.8  
    
 
 
 
Total consideration
     3.6  
    
 
 
 
Net current assets comprised cash of £0.1m, trade receivables of £0.2m and trade payables of £0.1m. The goodwill recognized is attributable to the expertise of the assembled workforce.
Since the date of acquisition to 30 June 2019, the acquisition contributed £0.3m to the Group’s revenue and a loss before tax of £0.1m over the same period. The effect on adjusted profit before tax was also a loss of £0.1m. Had Calico been consolidated from 1 July 2018, Group revenues and profit before tax for the year ended 30 June 2019 would have been £260.5m and £56.0m, respectively.
 
F-
60


30. Related party transactions 
Remuneration of Directors and key management personnel
Key management personnel comprises the
Non-Executive
Directors, the Executive Directors and the Executive Leadership Team.
The
Non-Executive
Directors’ fees represent amounts received in cash and an element receivable in shares.
 
    Directors’ remuneration     Key management personnel
(including Directors)
 
  Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
£m
    Year
ended
30 June
2020
£m
    Year
ended
30 June
2019
£m
    Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
£m
    Year
ended
30 June 2020
£m
    Year
ended
30 June 2019
£m
 
Short-term employee benefits and fees
 
 
2.9
 
    1.4       1.6       1.6    
 
5.0
 
    2.4       4.3       4.3  
Post-employment benefits
 
 
0.1
 
    —         0.1       0.1    
 
0.1
 
    0.1       0.2       0.2  
Share-based payments
 
 
4.8
 
    0.7       1.8       1.6    
 
8.2
 
    0.8       2.3       2.1  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
7.8
 
    2.1       3.5       3.3    
 
13.3
 
    3.3       6.8       6.6  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Directors’ transactions
During the year ended 31 December 2021, the Group made purchases from companies related to Directors of £nil (6 months ended 31 December 2020: £nil; year ended 30 June 2020: £nil; year ended 30 June 2019: less than £0.1m) of which the balance outstanding at 31 December 2021 was £nil (31 December 2020: £nil; 30 June 2020: £nil; 30 June 2019: £0.1m). Total sales to companies related to the Directors was less than £0.1m (6 months ended 31 December 2020: less than £0.1m; year ended 30 June 2020: less than £0.1m; year ended 30 June 2019: less than £0.1m), of which less than £0.1m (31 December 2020: less than £0.1m; 30 June 2020: less than £0.1m; 30 June 2019: less than £0.1m) was outstanding as at 31 December 2021.
31. Transition period comparative data
The following table presents certain information for the six months ended 31 December 2020 and 2019 respectively:
 
   
Six
 months
ended
31 December 2020
£m
   
Six
months
ended
31 December 2019
£m
 
Revenue
 
 
147.5
 
 
 
138.2
 
Gross profit
 
 
104.6
 
 
 
96.3
 
Profit before tax
 
 
15.6
 
 
 
26.0
 
Tax
 
 
(2.8)
 
 
 
0.1
 
Profit for the period
 
 
12.8
 
 
 
26.1
 
Basic EPS
 
 
5.8p
 
 
 
12.7p
 
Diluted EPS
 
 
5.8p
 
 
 
12.7p
 
Weighted average number of ordinary shares for the purposes of basic EPS
 
 
219.6
 
 
 
205.3
 
Weighted average number of ordinary shares for the purposes of diluted EPS
 
 
222.0
 
 
 
207.2
 
   
 
 
   
 
 
 
32. Post balance sheet events
There were no adjusting or
non-adjusting
events between the reporting date and the date the financial statements were authorized for issue.
 
F-61
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