CAMBRIDGE, England,
July 20, 2022 /PRNewswire/ -- Abcam
plc ("Abcam", "Company", "Group") (AIM: ABC) (Nasdaq: ABCM), a
global leader in the supply of life science research tools, today
provides the following trading update for the six-month period
ending 30 June 2022. The Company will release its full
results for the six-month period on 12
September 2022.
The Group expects to report total revenues for the six-month
period of approximately £185 million, representing 19% growth
(including Biovision) at constant exchange rates (CER)[1] and 23%
on a reported basis.
Revenue growth continues to be driven by in-house catalogue
sales resulting in gross margin expansion. As the multi-year
period of growth investments begins to moderate, we anticipate
delivering operating efficiencies enabling year-over-year adjusted
operating profit margin expansion consistent with the Board's
expectations.
CY2022 GUIDANCE
The Group continues to anticipate total CER revenue growth of
approximately 20% (including BioVision) with mid-teens organic CER
revenue growth.
SHARE TRADING, LIQUIDITY AND LISTING
Having consulted with shareholders on options to increase share
liquidity as announced on 14 March
2022, the Board has decided to pursue a proposal to maintain
a sole listing on Nasdaq and therefore to cancel the admission of
the Company's shares to trading on AIM. The Company will continue
to consult with shareholders on this proposal in the coming weeks
with the intention to put the proposal to shareholder approval at a
General Meeting called for that purpose later this year.
1 These results include discussion of alternative
performance measures which include revenues calculated at Constant
Exchange Rates (CER) and adjusted financial measures. CER results
are calculated by applying prior period's actual exchange rates to
this period's results. Adjusted financial measures are explained in
note 2 and reconciled to the most directly comparable measure
prepared in accordance with IFRS in note 4 to the interim financial
statements.
Abcam plc
+44 (0) 1223 696 000
Tommy Thomas, CPA – Vice President,
Investor Relations
Numis - Nominated Adviser & Joint Corporate
Broker
+ 44 (0) 20 7260 1000
Freddie Barnfield / Duncan Monteith
Morgan Stanley - Joint Corporate Broker
+ 44 (0) 207
425 8000
Tom Perry / Luka Kezic
FTI Consulting
+44 (0) 20 3727 1000
Ben Atwell / Julia Bradshaw
Note:
This trading update is based upon unaudited
management accounts and has been prepared solely to provide
additional information on trading to the shareholders of Abcam
plc. All figures are provisional and subject to further
review. It should not be relied on by any other party for other
purposes.
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 antibodies, assays and other research tools 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.
Abcam's worldwide customer base of approximately 750,000 life
science researchers uses Abcam's antibodies, reagents, biomarkers
and assays. By actively listening to and collaborating with these
researchers, the Company continuously advances its portfolio to
address their needs. A transparent program of customer reviews and
datasheets, combined with industry-leading validation initiatives,
gives researchers increased confidence in their results.
Founded in 1998 and headquartered in Cambridge, UK, the
Company has served customers in more than 130 countries. Abcam's
ordinary shares are listed on the London Stock Exchange (AIM: ABC)
and its American Depositary Shares (ADSs) trade on the Nasdaq
Global Market (Nasdaq: ABCM).
For more information, please
visit www.abcam.com or www.abcamplc.com
Forward-Looking Statements
This announcement contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any express or implied
statements contained in this announcement that are not statements
of historical fact may be deemed to be forward-looking statements,
including, without limitation, statements
regarding Abcam's portfolio and ambitions, expected
performance for 2022 are neither promises nor
guarantees, but involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those projected, including, without limitation: a regional or
global health pandemic, including the novel coronavirus
("COVID-19"), which has adversely affected elements of our
business, could severely affect our business, including due to
impacts on our operations and supply chains; challenges in
implementing our strategies for revenue growth in light of
competitive challenges; developing new products and enhancing
existing products, adapting to significant technological change and
responding to the introduction of new products by competitors to
remain competitive; failing to successfully identify or integrate
acquired businesses or assets into our operations or fully
recognize the anticipated benefits of businesses or assets that we
acquire; if our customers discontinue or spend less on research,
development, production or other scientific endeavors; failing to
successfully use, access and maintain information systems and
implement new systems to handle our changing needs; cyber security
risks and any failure to maintain the confidentiality, integrity
and availability of our computer hardware, software and internet
applications and related tools and functions; failing to
successfully manage our current and potential future growth;
failing to increase access in the U.S. market, which we anticipate
provides greater liquidity potential than AIM; any significant
interruptions in our operations; if our products fail to satisfy
applicable quality criteria, specifications and performance
standards; failing to maintain our brand and reputation; our
dependence upon management and highly skilled employees and our
ability to attract and retain these highly skilled employees; and
the important factors discussed under the caption "Risk Factors"
in Abcam's prospectus pursuant to Rule 424(b) filed with
the U.S. Securities and Exchange Commission ("SEC") on
22 October 2020, which is on file
with the SEC and is available on the SEC website at www.sec.gov, as
such factors may be updated from time to time
in Abcam's other filings with the SEC. Any
forward-looking statements contained in this announcement speak
only as of the date hereof and accordingly undue reliance should
not be placed on such statements. Abcam disclaims any
obligation or undertaking to update or revise any forward-looking
statements contained in this announcement, whether as a result
of new information, future events or otherwise, other than to the
extent required by applicable law.
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