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Press Release

Interim results for the six months ended 31 December 2017 Continued strong sales growth in H1, ahead of underlying market rates

Abcam
Posted on: 05 Mar 18

-          Revenue growth of 9.8% (11.2% constant currency1)

-          Full year constant currency revenue growth guidance increased to c.11%, including the impact of the Spring Bioscience licence agreement signed in January 2018

Cambridge, UK: Abcam plc (AIM: ABC) a global leader in the supply of life science research tools is pleased to announce its interim results for the six-month period ended 31 December 2017*.

Financial highlights

·         Total revenue growth of 9.8% on a reported basis to £112.5m (H1 2017:  £102.5m) and 11.2% on a constant currency basis

·         Catalogue revenue growth of 10.0% on a reported basis to £105.2m (H1 2017: £95.6m) and 11.5% on a constant currency basis

o    Recombinant antibody revenues grew by 21.1% to £22.4m on a reported basis and by 22.8% on a constant currency basis

o    Immunoassay product revenues grew by 20.7% to £7.0m on a reported basis and by 23.4% on a constant currency basis

·         Reported gross margin broadly in line with last year at 69.8% (H1 2017: 69.7%)

·         EBITDA margin was 34.7% (H1 2017: 34.5%). Adjusted EBITDA margin2 increased to 38.0% (H1 2017: 35.1%), primarily as a result of the rolling-off of hedging contracts in the prior period

·         Profit before tax (PBT) on a reported basis was £32.8m (H1 2017: £25.1m) and £39.3m (H1 2017: £32.1m) on an adjusted basis

·         Reported diluted earnings per share (EPS) increased 61.9% to 15.7 pence (H1 2017: 9.7 pence). Adjusted2 diluted EPS increased by 20.2% to 15.5 pence (H1 2017: 12.9 pence)

·         Interim dividend increased by 21.1% to 3.42 pence (H1 2017: 2.825 pence)

Operational highlights

·         Continued commercial and strategic execution in the period, with all regions growing above underlying market rates and the achievement of all strategic key performance targets

·         Exclusive licence agreement announced with Roche in January 2018, covering approximately 760 Spring Bioscience products, including 243 rabbit monoclonal antibodies, in research use only (RUO) applications

·         FirePlex® (formerly Firefly) platform expanded within the kits/assays range by introducing 47 new antibody pairs and validated many of these pairs in multiplex immunoassays

·         Further increased our addressable market in custom products and licensing, with twenty pharmaceutical and diagnostic partners signed up to ‘Abcam Inside’ framework agreements over the last 24 months

·         Made continued progress towards full implementation of our new Oracle Cloud ERP system, although we no longer expect to go live in this financial year

·         Construction of our new headquarters in Cambridge on plan and we anticipate moving in early 2019

Commenting on the interim results, Alan Hirzel, Abcam’s Chief Executive Officer, said:

 

“It has been another good half for Abcam, delivering double digit revenue growth whilst meeting all of our financial and strategic targets.  Our cash generation and balance sheet strength underpin continued investment into our teams, our systems and our facilities to enable us to grow. We remain on track to meet our strategic goals for the year and we have increased our revenue guidance for the full year. This momentum positions us well to deliver on our long-term goals, which we anticipate will continue to drive sustainable value for our shareholders.”  

 

1.      Constant currency results are calculated by applying prior period's actual exchange rates to this period's results.

2.      Adjusted results exclude the effects of system and process improvement costs (including related impairments), contingent consideration fair value adjustments, acquisition costs, the amortisation of acquisition related intangible assets, related tax effects and significant one-off tax items.  Such excluded items are described as "adjusting items".  For further details, see note 4 to the interim financial information.  

 

For further information please contact:

Abcam

+ 44 (0) 1223 696 000

Alan Hirzel, Chief Executive Officer

Gavin Wood, Chief Financial Officer

James Staveley, Vice President, Investor Relations

 

J.P. Morgan Cazenove – Nominated Advisor & Corporate Broker

+ 44 (0) 20 7742 4000

James Mitford / Candelle Chong

 

FTI Consulting

+ 44 (0) 20 3727 1000

Ben Atwell / Brett Pollard / Natalie Garland-Collins

 

 

*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 Abcam. 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 Abcam, 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. Abcam 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.

 

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 Group 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 antibodies and affinity binders, reagents, biomarkers and assays and the Group'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 Group 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 eleven 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 Group 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

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 05/03/2018

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