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Trading statements

Abcam maintains double-digit growth

27 July 2017 09:21

Abcam continued to see double-digit growth in the year ended 30 June which, it said, was above the rates of the markets in which it operated.

A trading statement said: "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 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 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." Abcam said while the continued weakness of sterling against the currencies in which the group traded had boosted reported revenues, its hedging policy was likely to largely offset these topline gains from currency at the reported profit line.

Chief executive Alan Hirzel said: "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."

At 9:21am: (LON:ABC) Abcam PLC share price was +4.5p at 1006.5p

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