TIDMABC
RNS Number : 7206T
ABCAM Plc
10 January 2017
10 January 2017
ABCAM PLC
("Abcam" or "the Company")
Half Year Trading Update
Abcam revenues continue to grow at twice the underlying market
rate in H1 FY2017
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, announces the following
unaudited trading update ahead of its results for the six months
ended 31 December 2016. ([1])
Overall we expect revenue growth of 10.0% ([2]) on a constant
currency basis and 30.4% on a reported basis. We remain on track to
deliver against our revenue expectations for the full year.
Catalogue revenue grew by 10.7% in the first half of the year.
Growth from primary antibodies continues to outpace market growth
rates, largely driven by RabMAb(R) product revenue, which grew by
26.6% (ahead of our full year 2016/17 guidance of 18-22%).
Non-primary antibody product revenues grew by 15.7%, which is lower
than our full year guidance of 20-25% due to one-time large volume
orders that have not been repeated in this half year.
Our business in China continues to deliver and we expect revenue
growth of 29.4%, well ahead of the market growth rate in the
territory.
Custom products and licensing revenue, which represented 6.7% of
the total for the period, increased by 0.5%. As anticipated,
revenues from these activities were affected by changes in historic
licensing and supply agreements.
Investments in R&D, organisation, systems, and facilities
all continue according to plan and underlying gross margins remain
in line with expectations. We will provide a fuller update on
overall progress in our half year results in March
Commenting on the update Alan Hirzel CEO said:
"We have maintained revenue momentum delivering more than twice
market revenue growth in the period. Our award winning website,
unique products and fast service enable Abcam to better serve
researchers to achieve their mission faster. Overall, we continue
to make good progress against our strategic and investment
objectives and continue to see growth opportunities for Abcam."
The Company will report its interim results for the six-month
period ended 31 December 2016 on 6 March 2017. In addition, Abcam's
CEO will be presenting at the 35th Annual JP Morgan Healthcare
Conference on Wednesday 11 January 2017 at 4.30 pm PST at the
Westin St Francis Hotel, San Francisco, California. A replay of the
presentation will be available in the investor section of the Abcam
website for 90 days following the conference.
([1]) This announcement, including any information included or
incorporated by reference in this announcement, may contain
forward-looking statements (including words such as "believe",
"expect", "estimate", "intend", "anticipate" and words of similar
meaning) which are based upon current expectations and assumptions
regarding anticipated developments and other factors affecting the
Abcam group. All statements other than statements of historical
facts may be forward-looking statements and should not be treated
as guarantees of future performance. These forward-looking
statements involve risks and uncertainties, many of which are
beyond the control of the Abcam group, and there are important
factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements.
These forward-looking statements speak only as at the date of this
announcement and accordingly undue reliance should not be placed on
such statements. The Abcam group does not assume any obligation to,
and does not intend to, revise or update these forward-looking
statements, except as required pursuant to applicable law.
([2]) Except where otherwise indicated, all revenues are
provided on an unaudited, constant currency basis.
+ 44 (0) 1223
Abcam 696 000
Alan Hirzel, Chief Executive Officer
Gavin Wood, Chief Financial Officer
Julia Wilson, Investor Relations
J.P.Morgan Cazenove - Nominated + 44 (0) 20
Adviser & Corporate Broker 7742 4000
James Mitford / Chris Cargill
FTI Consulting
Ben Atwell / Brett Pollard / Natalie +44 (0) 20
Garland-Collins 3727 1000
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission,
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
biological binders and assays to address important targets in
critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health. Two-thirds of the world's 750,000 life science
researchers use Abcam's affinity binders, reagents, biomarkers and
assays and the Company's products are mentioned in over 20,000 of
the 56,000 peer-reviewed papers published each year in the life
sciences.
By actively listening to and collaborating with researchers, the
Company continuously advances its portfolio to address their needs.
A transparent programme of customer reviews and datasheets,
combined with an industry-leading validation initiative, gives
researchers increased confidence in their results.
Abcam's twelve locations are located in the world's leading life
science research hubs, enabling local services and multi-language
support. Founded in 1998 and headquartered in Cambridge, UK, the
Company sells to more than 100 countries. Abcam was admitted to AIM
in 2005 (AIM: ABC).
To find out more, please visit www.abcam.com and
www.abcamplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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