TIDMABC
RNS Number : 2151M
ABCAM Plc
27 July 2017
27 July 2017
ABCAM PLC
("Abcam" or "the Company")
Pre-Close Period Update
Delivering over 10% sales growth
Cambridge UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, announces the following
unaudited trading update for the year ended 30 June 2017 ahead of
the publication of its financial results on 11 September 2017.
The Board is pleased to report another successful year in which
the business continues to grow at double digit rates, which is
above the growth rates of the markets in which we operate.
Group revenue is expected to have grown at close to 27% on a
reported basis and over 10% on a constant currency basis. Overall
group reported gross margin is expected to be 70%, in line with
market expectations.
Constant currency growth in catalogue revenues was over 11%,
with RabMAb(R) product revenues growing by over 25%, in the middle
of the full year guidance range of 23%-27% for this product group.
With more than 11,000 RabMAb(R) products in our catalogue, they
continue to be a strong driver for our business. Led by our kits
and assays business, non-primary antibody revenues grew at 16% on a
constant currency basis, which is in the range of our revenue
growth guidance of 15-20%. Our core primary antibodies products
grew at over 5% on a constant currency basis.
Performance in China also continued to exceed market levels with
growth of catalogue revenues of approximately 29% on a constant
currency basis. Custom product and licensing revenues were flat
during the year, which is in line with guidance.
The continued weakness of Sterling against the currencies in
which the Group trades has boosted reported revenues. However, our
hedging policy is likely to largely offset these topline gains from
currency at the reported profit line.
We are continuing to make progress with our on-going programme
of investment in our systems, facilities and processes to ensure
that we have the infrastructure to support the continued growth of
the business.
Alan Hirzel, CEO, commented:
"Our profitable growth this year arises from our customer focus,
product portfolio improvements, and enhancement of our
organizational capabilities. As market leaders in our field, we are
investing to sustain this success for Abcam customers, employees
and shareholders."
##Ends##
For further information, please contact:
Abcam
Alan Hirzel, Chief Executive
Officer
Gavin Wood, Chief Financial
Officer + 44 (0) 1223 696
Julia Wilson - Investor Relations 000
J.P.Morgan Cazenove - Nominated
Advisor & Corporate Broker
James Mitford / Christopher + 44 (0) 20 7742
Cargill 4000
FTI Consulting
Ben Atwell / Brett Pollard + 44 (0) 20 3727
/ Natalie Garland-Collins 1000
Notes for editors:
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 ten offices 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
Forward looking statement
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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