ABCAM Plc Pre-Close Period Update (2151M)

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

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July 27, 2017 02:01 ET (06:01 GMT)