TIDMABC
RNS Number : 1360R
ABCAM Plc
09 September 2014
9 September 2014
For immediate release
ABCAM PLC
("Abcam" or "the Company")
Abcam plc announces appointment of new CEO and Board changes
-- Alan Hirzel succeeds Jonathan Milner as Chief Executive Officer
-- Jonathan Milner to retain an active role in the company as Deputy Chairman
-- Peter Keen will not seek re-election to the Board at the
forthcoming AGM after nine years as a non-executive director
-- Strong preliminary results for the year ended 30 June 2014 announced
Abcam plc (AIM: ABC), a global leader in the supply of life
science research tools, is pleased to announce the appointment of
Alan Hirzel as Chief Executive Officer with immediate effect. Alan
will succeed long-serving Chief Executive and co-Founder of Abcam
Jonathan Milner, who will continue to play an active role in the
Company as Deputy Chairman and who remains the Company's largest
shareholder.
Jonathan's exceptional vision and ambition inspired the creation
of Abcam in 1998. Today, he and the Board are delighted to appoint
a successor to lead the business through its next phase of growth.
Alan brings an impressive combination of a strong scientific
background, global business and leadership experience, and consumer
knowledge. He will take over the leadership of the company
effective immediately, whilst Jonathan will continue to use his
extensive industry experience and network of contacts to identify
partnership and acquisition opportunities, as well as technology
changes which will help maintain Abcam's leading technical
edge.
Alan takes on the role of Chief Executive Officer having spent
the last year as Chief Marketing Officer of Abcam and he has served
on the Board since January 2014. In this role he had responsibility
for the Company's branding, product portfolio and online consumer
offering, and worked closely with Jonathan to develop Abcam's
strategic vision. Abcam is already seeing results; achieving
internal milestones and delivering incremental revenue growth.
Abcam believes that this strategy will provide a solid platform for
growth in the mid- to long-term.
Peter Keen, a Board member since 2005, will not be seeking
re-election, in line with corporate governance best practice for
independent directors. During his time on the Board, Peter served
as Chairman of the Remuneration and Audit Committees, and as the
Senior Independent Director. Abcam is grateful for the significant
contribution Peter has made to the operation of the Board and the
development of the business during that time. Louise Patten will
assume the Senior Independent Director role following the AGM in
November.
Also today, Abcam reports strong financial results for the year
ended 30 June 2014. The full statement can be found at
www.abcamplc.com. Revenue for the year was GBP128.0m which after
adjusting for currency headwinds represented underlying growth from
catalogue sales of 10% (6.0% as reported) and growth of total
revenue on the same basis of 8.6% (4.7% as reported). After
increased investment in the business aimed at driving longer term
organic growth, adjusted profit before tax was GBP46.8m, which is
marginally higher than last year (GBP46.6m). Net cash inflow from
operating activities before tax was strong at GBP51.2m.
Commenting on the management changes, Murray Hennessy, Chairman
Designate, Abcam said:
"Through the innovative business model which Jonathan
established and developed, Abcam has grown to have nearly 750
employees globally, with our newest office in Shanghai opening
earlier this year. He and Alan have forged a close working
relationship and share a strategic vision for Abcam's future. Alan
will take over the leadership of the company, with Jonathan
remaining involved in helping to identify and capitalise on
important technological developments in the market and business
development opportunities.
"Abcam continues to grow and is now entering the next phase of
its development. The Board felt that Alan, with his keen focus on
the customer and significant global business experience, was the
ideal candidate to lead the company through this. The results we
are announcing today clearly demonstrate Alan's contribution so far
and we are excited about our future prospects."
Jonathan Milner, co-Founder, Abcam:
"The future has never been brighter for Abcam. Whilst I am
standing down as Chief Executive Officer, I remain fully committed
to this business. After sixteen years as Chief Executive Officer,
during which time Abcam has become one of the world's leading
suppliers of protein research tools, now is the right time to hand
over the reins. I have worked closely with Alan over the last year
and he has been inspirational in the evolution of our strategy.
Alan has my full confidence and I believe there is no one better to
take the company forward on the next phase of our journey. I look
forward to continuing to work closely with him and the strong
leadership team at Abcam in my new role as Deputy Chairman, helping
to seek out technologies and opportunities which will further
strengthen the company.
I would also like to thank Peter Keen for his long and
distinguished service on the Abcam Board, on which he has served
for nine years."
Alan Hirzel, Chief Executive Officer, Abcam:
"I am delighted to be taking on the role of Chief Executive
Officer of Abcam, at such an exciting point in its growth. Jonathan
and the Abcam team have built a fantastic company over the last
sixteen years, and I am privileged to now take the helm. I am
driven by our mission to help life science researchers discover
more, and am looking forward to continuing to implement our
strategy of driving growth by placing the customer at the heart of
the business - a strategy that is already delivering results."
For further information please contact:
Abcam + 44 (0) 1223 696000
Alan Hirzel / Jeff Iliffe
Numis Securities - Nominated Advisor
and Joint Broker + 44 (0) 20 7260 1000
Michael Meade - Nominated Advisor
James Black - Corporate Broking
Peel Hunt LLP - Joint Broker + 44 (0) 20 7418 8900
Clare Terlouw / Jock Maxwell MacDonald
- Corporate Broking
Brunswick Group + 44 (0) 20 7404 5959
Justine McIlroy / Robin Wrench / Emma
Walsh
There will be a presentation of the preliminary results and
management changes at 09.30 (UK time) today at Brunswick Group, 16
Lincoln's Inn Fields, London, WC2A 3ED. A live video webcast and
slide presentation of this event will be available on
www.abcamplc.com. We recommend you register at 0915 (UK time).
There is also conference call dial-in +44 (0) 20 3003 2666, the
password is Abcam.
Notes for editors
About Abcam
Abcam plc is a leading provider of protein research tools and
services, with a wide range of products and expert technical
support, enabling scientists to analyse living cells at the
molecular level and improving the understanding of health and
disease.
Abcam is committed to providing scientists with an extensive
choice of reagents and tools, with the most comprehensive, honest
and up-to-date datasheets and customer reviews, fast delivery and
helpful customer service & technical support. The Company's
catalogue evolves with scientific research trends and is growing
each year to provide customers with products to meet their research
needs. The range now includes primary and secondary antibodies,
proteins, peptides, lysates, biochemicals, immunoassays and other
kits. Abcam also supports its customers by hosting a range of
global scientific events, forums and webinars, providing
opportunities for scientists to get together and present their
work.
Headquartered in Cambridge, UK, Abcam has eight global
subsidiary offices enabling local services, multi-language support
sells to over 100 countries. The Company was founded in 1998, and
now employs over 740 people. Abcam was admitted to AIM in 2005
(AIM: ABC).
To find out more, please visit www.abcam.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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