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Annual Results

Abzena revenues up 89%

13 June 2017 08:15

Abzena's revenues increased 89% to £18.7m in the year to the end of March and reported losses fell by 6% to £9.1m.

The group said the UK-based businesses performed well, increasing revenues by 35% to £9.7m while the two US acquisitions, completed in the second half of 2015, generated revenue of £8.9m growing by 44% on the prior year on a proforma basis.

R&D investment to broaden and enhance the services and technologies offered by the group decreased by 8.7% to £3.8m.

It said this reflected an increased focus on the service business and maintenance of cutting edge technical services in the drive towards future growth in service and licence revenues and on to sustainable profitability.

Operating expenses were £14.6m, up by £5.6m (61.5%) on the prior year (FY16: £9.0 million).

On a proforma basis, there was a 22% underlying increase of £2.7m in operating expenses (FY16: £12.0m).

Chief executive John Burt said: "The past 12 months have been a combination of integration and preparing the Group for significant growth.

"Integration of our US sites into the Abzena Group is starting to deliver the expected revenue synergies.

"We are increasingly seeing our partners utilise our services on a repeat basis and engage with the range of services across the domains of biology, chemistry and manufacturing.

"The business now has a solid platform from which to expand.

"The recent fund raising from current and new investors gives us the means to establish the capacity to meet the increasing demand for our integrated services and will accelerate our progress towards profitability."

At 8:15am: (LON:ABZA) Abzena Plc share price was +1.5p at 44p

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