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Name | Symbol | Market | Type |
---|---|---|---|
Abcam PLC | NASDAQ:ABCM | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.99 | 22.00 | 23.98 | 0 | 01:00:00 |
☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Ordinary shares, nominal value £0.002 per share* |
ABCM |
The Nasdaq Global Select Market |
* | The ordinary shares are represented by American Depositary Shares, which are exempt from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12a-8 thereunder. |
☒ Large accelerated filer | ☐ Accelerated filer | ☐ Non-accelerated filer | ☐ Emerging growth company |
☐ U.S. GAAP | ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board | ☐ Other |
Auditor Firm Id: 876 | Auditor Name: PricewaterhouseCoopers LLP | Auditor Location: Cambridge, United Kingdom |
Exhibit No. |
Description | |
101.INS* |
Inline XBRL Instance Document — The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH* |
Inline XBRL Taxonomy Extension Schema Document | |
101.PRE* |
Inline XBRL Taxonomy Presentation Linkbase Document | |
101.CAL* |
Inline XBRL Taxonomy Calculation Linkbase Document | |
101.LAB* |
Inline XBRL Taxonomy Label Linkbase Document | |
101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
104* |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed herewith. |
ABCAM PLC | ||
Date: April 8, 2022 | ||
By: |
/s/ Alan Hirzel | |
Name: |
Alan Hirzel | |
Title: |
Chief Executive Officer |
F-2 |
||||
F-5 |
||||
F-6 |
||||
F-7 |
||||
F-8 |
||||
F-9 |
||||
F-10 |
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Revenue |
5 | 315.4 |
147.5 | 260.0 | 259.9 | |||||||||||||||
Cost of sales |
(90.8 |
) |
(42.9 | ) | (79.8 | ) | (76.7 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Gross profit |
224.6 |
104.6 | 180.2 | 183.2 | ||||||||||||||||
Selling, general and administrative expenses |
(189.7 |
) |
(73.6 | ) | (131.5 | ) | (112.9 | ) | ||||||||||||
Research and development expenses |
(27.8 |
) |
(13.7 | ) | (38.3 | ) | (15.0 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Operating profit |
6 | 7.1 |
17.3 | 10.4 | 55.3 | |||||||||||||||
Finance income |
9 | 0.3 |
0.2 | 0.7 | 0.6 | |||||||||||||||
Finance costs |
9 | (2.7 |
) |
(1.9 | ) | (2.8 | ) | (0.3 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit before tax |
4.7 |
15.6 | 8.3 | 55.6 | ||||||||||||||||
Tax (charge) / credit |
10 | (0.3 |
) |
(2.8 | ) | 4.2 | (11.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit for the year / period attributable to equity shareholders of the parent |
4.4 |
12.8 | 12.5 | 44.4 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Earnings per share |
||||||||||||||||||||
Basic |
11 | p |
p | p | p | |||||||||||||||
Diluted |
11 | p |
p | p | p | |||||||||||||||
|
|
|
|
|
|
|
|
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Profit for the year / period attributable to equity shareholders of the parent |
4.4 |
12.8 | 12.5 | 44.4 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Items that may be reclassified to the income statement in subsequent years |
||||||||||||||||||||
Movement on cash flow hedges |
26 | (0.1 |
) |
1.1 | 0.7 | (1.7 | ) | |||||||||||||
Exchange differences on translation of foreign operations |
5.7 |
(17.5 | ) | 9.6 | 7.0 | |||||||||||||||
Movement in fair value of investment |
(0.1 |
) |
(3.1 | ) | 4.0 | (0.1 | ) | |||||||||||||
Tax relating to components of other comprehensive income |
0.5 |
0.6 | (1.5 | ) | 0.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Other comprehensive income / (expense) for the year / period |
6.0 |
(18.9 | ) | 12.8 | 5.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total comprehensive income / (expense) for the year / period |
10.4 |
(6.1 | ) | 25.3 | 49.9 | |||||||||||||||
|
|
|
|
|
|
|
|
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Note | As at 31 December 2021 £m |
As at 31 December 2020 (revised*) £m |
As at 30 June 2020 (revised*) £m |
|||||||||||||
Non-current assets |
||||||||||||||||
Goodwill |
12 | 364.8 |
184.3 | 195.0 | ||||||||||||
Intangible assets |
13 | 234.2 |
151.8 | 150.1 | ||||||||||||
Property, plant and equipment |
14 | 73.5 |
48.5 | 43.3 | ||||||||||||
Right-of-use |
15 | 88.2 |
108.8 | 121.4 | ||||||||||||
Investments |
16 | 3.5 |
3.4 | 7.0 | ||||||||||||
Deferred tax asset |
17 | 10.4 |
15.6 | 13.7 | ||||||||||||
|
|
|
|
|
|
|||||||||||
774.6 |
512.4 | 530.5 | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Current assets |
||||||||||||||||
Inventories |
18 | 58.2 |
42.9 | 40.7 | ||||||||||||
Trade and other receivables |
19 | 47.2 |
47.3 | 44.4 | ||||||||||||
Current tax receivable |
10.5 |
3.8 | 6.4 | |||||||||||||
Derivative financial instruments |
20 | 0.5 |
0.3 | — | ||||||||||||
Cash and cash equivalents |
95.1 |
211.9 | 187.3 | |||||||||||||
|
|
|
|
|
|
|||||||||||
211.5 |
306.2 | 278.8 | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Total assets |
986.1 |
818.6 | 809.3 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Current liabilities |
||||||||||||||||
Trade and other payables |
21 | (54.2 |
) |
(43.4 | ) | (43.8 | ) | |||||||||
Derivative financial instruments |
20 | (0.2 |
) |
(0.1 | ) | (1.2 | ) | |||||||||
Lease liabilities |
15 | (9.2 |
) |
(7.1 | ) | (7.3 | ) | |||||||||
Borrowings |
22 | (119.2 |
) |
— | (106.4 | ) | ||||||||||
Current tax liabilities |
(4.4 |
) |
(1.4 | ) | (0.9 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
(187.2 |
) |
(52.0 | ) | (159.6 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||
Net current assets |
24.3 |
254.2 | 119.2 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Non-current liabilities |
||||||||||||||||
Deferred tax liability |
17 | (41.5 |
) |
(27.6 | ) | (28.3 | ) | |||||||||
Lease liabilities |
15 | (101.3 |
) |
(109.9 | ) | (120.5 | ) | |||||||||
|
|
|
|
|
|
|||||||||||
(142.8 |
) |
(137.5 | ) | (148.8 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||
Total liabilities |
(330.0 |
) |
(189.5 | ) | (308.4 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net assets |
656.1 |
629.1 | 500.9 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Equity |
||||||||||||||||
Share capital |
23 | 0.5 |
0.5 | 0.4 | ||||||||||||
Share premium account |
268.3 |
265.1 | 138.2 | |||||||||||||
Merger reserve |
23 | 68.6 |
68.6 | 68.6 | ||||||||||||
Own shares |
23 | (2.2 |
) |
(2.4 | ) | (2.5 | ) | |||||||||
Translation reserve |
23 | 31.1 |
25.4 | 42.9 | ||||||||||||
Hedging reserve |
23 | 0.2 |
0.2 | (0.7 | ) | |||||||||||
Retained earnings |
289.6 |
271.7 | 254.0 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total equity attributable to the equity shareholders of the parent |
656.1 |
629.1 | 500.9 | |||||||||||||
|
|
|
|
|
|
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Note | Share capital £m |
Share premium account £m |
Merger reserve £m |
Own shares £m |
Translation Reserve £m |
Hedging reserve £m |
Retained Earnings £m |
Total £m |
||||||||||||||||||||||||||||
Balance as at 1 July 2018 |
0.4 | 25.6 | 68.1 | (3.2 | ) | 26.3 | 0.1 | 234.4 | 351.7 | |||||||||||||||||||||||||||
Revision |
— | — | — | — | — | — | (1.1 | ) | (1.1 | ) | ||||||||||||||||||||||||||
Balance as at 1 July 2018 (revised*) |
0.4 |
25.6 |
68.1 |
(3.2 |
) |
26.3 |
0.1 |
233.3 | 350.6 | |||||||||||||||||||||||||||
Profit for the year (revised*) |
— | — | — | — | — | — | 44.4 | 44.4 | ||||||||||||||||||||||||||||
Other comprehensive income / (expense) (revised*) |
— | — | — | — | 7.0 | (1.4 | ) | (0.1 | ) | 5.5 | ||||||||||||||||||||||||||
Total comprehensive income / (expense) for the year (revised*) |
— | — | — | — | 7.0 | (1.4 | ) | 44.3 | 49.9 | |||||||||||||||||||||||||||
Issue of ordinary shares, net of share issue costs |
— | 1.4 | — | 0.4 | — | — | (0.4 | ) | 1.4 | |||||||||||||||||||||||||||
Share-based payments inclusive of deferred tax |
— | — | — | — | — | — | 6.3 | 6.3 | ||||||||||||||||||||||||||||
Purchase of own shares |
— | — | — | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||||
Equity dividends |
24 | — | — | — | — | — | — | (24.9 | ) | (24.9 | ) | |||||||||||||||||||||||||
Balance as at 30 June 2019 (revised*) |
0.4 | 27.0 | 68.1 | (2.8 | ) | 33.3 | (1.3 | ) | 258.4 | 383.1 | ||||||||||||||||||||||||||
Implementation of IFRS16 |
— | — | — | — | — | — | (1.5 | ) | (1.5 | ) | ||||||||||||||||||||||||||
Balance as at 1 July 2019 |
0.4 | 27.0 | 68.1 | (2.8 | ) | 33.3 | (1.3 | ) | 256.9 | 381.6 | ||||||||||||||||||||||||||
Profit for the year (revised*) |
— | — | — | — | — | — | 12.5 | 12.5 | ||||||||||||||||||||||||||||
Other comprehensive income (revised*) |
— | — | — | — | 9.6 | 0.6 | 2.6 | 12.8 | ||||||||||||||||||||||||||||
Total comprehensive income for the year (revised*) |
— | — | — | — | 9.6 | 0.6 | 15.1 | 25.3 | ||||||||||||||||||||||||||||
Issue of ordinary shares, net of share issue costs |
— | 111.2 | 0.5 | 0.3 | — | — | (0.3 | ) | 111.7 | |||||||||||||||||||||||||||
Share-based payments inclusive of deferred tax |
— | — | — | — | — | — | 7.4 | 7.4 | ||||||||||||||||||||||||||||
Purchase of own shares |
— | — | — | — | — | — | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||||
Equity dividends |
24 | — | — | — | — | — | — | (25.0 | ) | (25.0 | ) | |||||||||||||||||||||||||
Balance as at 30 June 2020 (revised*) |
0.4 | 138.2 | 68.6 | (2.5 | ) | 42.9 | (0.7 | ) | 254.0 | 500.9 | ||||||||||||||||||||||||||
Profit for the period (revised*) |
— | — | — | — | — | — | 12.8 | 12.8 | ||||||||||||||||||||||||||||
Other comprehensive (expense) / income (revised*) |
— | — | — | — | (17.5 | ) | 0.9 | (2.3 | ) | (18.9 | ) | |||||||||||||||||||||||||
Total comprehensive (expense) / income for the period (revised*) |
— | — | — | — | (17.5 | ) | 0.9 | 10.5 | (6.1 | ) | ||||||||||||||||||||||||||
Issue of ordinary shares, net of share issue costs |
0.1 | 126.9 | — | 0.1 | — | — | (0.1 | ) | 127.0 | |||||||||||||||||||||||||||
Share-based payments inclusive of deferred tax |
— | — | — | — | — | — | 7.4 | 7.4 | ||||||||||||||||||||||||||||
Purchase of own shares |
— | — | — | — | — | — | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||||
Balance as at 31 December 2020 (revised*) |
0.5 | 265.1 | 68.6 | (2.4 | ) | 25.4 | 0.2 | 271.7 | 629.1 | |||||||||||||||||||||||||||
Profit for the year |
— |
— |
— |
— |
— |
— |
4.4 |
4.4 |
||||||||||||||||||||||||||||
Other comprehensive income |
— |
— |
— |
— |
5.7 |
— |
0.3 |
6.0 |
||||||||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
— |
— |
5.7 |
— |
4.7 |
10.4 |
||||||||||||||||||||||||||||
Issue of ordinary shares, net of share issue costs |
— |
3.2 |
— |
0.2 |
— |
— |
(0.2 |
) |
3.2 |
|||||||||||||||||||||||||||
Share-based payments inclusive of deferred tax |
— |
— |
— |
— |
— |
— |
13.4 |
13.4 |
||||||||||||||||||||||||||||
Balance as at 31 December 2021 |
0.5 |
268.3 |
68.6 |
(2.2 |
) |
31.1 |
0.2 |
289.6 |
656.1 |
* | See note 1 ( d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Cash generated from operations |
25 | 72.2 |
33.1 | 65.4 | 82.8 | |||||||||||||||
Net income taxes (paid) / received |
(9.3 |
) |
0.2 | (2.4 | ) | (13.5 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net cash inflow from operating activities |
62.9 |
33.3 | 63.0 | 69.3 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Investing activities |
||||||||||||||||||||
Investment income |
0.3 |
0.2 | 0.7 | 0.6 | ||||||||||||||||
Purchase of property, plant and equipment |
(34.5 |
) |
(11.5 | ) | (12.7 | ) | (17.7 | ) | ||||||||||||
Purchase of intangible assets |
(25.3 |
) |
(13.0 | ) | (23.0 | ) | (21.8 | ) | ||||||||||||
Transfer of cash from / (to) escrow in respect of future capital expenditure |
— |
0.4 | (0.6 | ) | 4.5 | |||||||||||||||
Purchase of investments |
16 | (0.1 |
) |
— | (2.2 | ) | — | |||||||||||||
Reimbursement of leasehold improvement costs |
13.2 |
1.7 | — | — | ||||||||||||||||
Net cash outflow arising from acquisitions |
29 | (245.1 |
) |
— | (110.3 | ) | (14.6 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net cash outflow from investing activities |
(291.5 |
) |
(22.2 | ) | (148.1 | ) | (49.0 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Financing activities |
||||||||||||||||||||
Dividends paid |
24 | — |
— | (25.0 | ) | (24.9 | ) | |||||||||||||
Principal element of lease obligations |
(8.8 |
) |
(3.8 | ) | (6.8 | ) | — | |||||||||||||
Interest element of lease obligations |
(1.5 |
) |
(0.5 | ) | (0.9 | ) | — | |||||||||||||
Interest paid |
(0.7 |
) |
(0.6 | ) | (0.8 | ) | (0.1 | ) | ||||||||||||
Proceeds on issue of shares, net of issue costs |
3.2 |
127.0 | 111.2 | 1.4 | ||||||||||||||||
Facility arrangement fees |
(0.8 |
) |
— | — | (0.9 | ) | ||||||||||||||
Utilisation of revolving credit facility |
22 | 120.0 |
— | 127.0 | — | |||||||||||||||
Repayment of revolving credit facility |
22 | — |
(107.0 | ) | (20.0 | ) | — | |||||||||||||
Purchase of own shares |
— |
(0.1 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net cash inflow / (outflow) from financing activities |
111.4 |
15.0 | 184.6 | (24.7 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net (decrease) / increase cash and cash equivalents |
(117.2 |
) |
26.1 | 99.5 | (4.4 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Cash and cash equivalents at beginning of the year / period |
211.9 |
187.3 | 87.1 | 90.2 | ||||||||||||||||
Effect of foreign exchange rates on cash and cash equivalents |
0.4 |
(1.5 | ) | 0.7 | 1.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Cash and cash equivalents at end of the year / period |
(i) | 95.1 |
211.9 | 187.3 | 87.1 | |||||||||||||||
|
|
|
|
|
|
|
|
* | See note 1 (d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
i) | Within cash and cash equivalents at 31 December 2021 is £nil (31 December 2020: £1.3m; 30 June 2020: £0.9m; 30 June 2019: £0.4m) of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of purchasing shares upon vesting. |
1. |
Presentation of financial statements |
a) |
General information |
b) |
Basis of preparation and consolidation |
c) |
Going concern |
d) |
Change in accounting policy—Software as a Service (‘SaaS’) arrangements |
As previously reported £m |
Adjustment £m |
Revised £m |
||||||||||
Impact on income statement |
||||||||||||
Selling, general and administrative expenses |
(73.0 | ) | (0.6 | ) | (73.6 |
) | ||||||
Operating profit |
17.9 | (0.6 | ) | 17.3 |
||||||||
Profit before tax |
16.2 | (0.6 | ) | 15.6 |
||||||||
Tax |
(2.9 | ) | 0.1 | (2.8 |
) | |||||||
Profit for the period |
13.3 | (0.5 | ) | 12.8 |
||||||||
Impact on statement of comprehensive income |
||||||||||||
Total comprehensive expense |
(5.6 | ) | (0.5 | ) | (6.1 |
) | ||||||
Earnings per share |
||||||||||||
Basic |
1 | p | ( | )p | 8 |
p | ||||||
Diluted |
0 | p | ( | )p | 8 |
p | ||||||
Impact on balance sheet |
||||||||||||
Intangible assets |
154.5 | (2.7 | ) | 151.8 |
||||||||
Total non-current assets |
515.1 | (2.7 | ) | 512.4 |
||||||||
Deferred tax liability |
(28.1 | ) | 0.5 | (27.6 |
) | |||||||
Total non-current liabilities |
(138.0 | ) | 0.5 | (137.5 |
) | |||||||
Net assets |
631.3 | (2.2 | ) | 629.1 |
||||||||
Retained earnings |
273.9 | (2.2 | ) | 271.7 |
||||||||
Total equity |
631.3 | (2.2 | ) | 629.1 |
||||||||
Impact on cash flow statement |
||||||||||||
Cash generated from operations |
33.7 | (0.6 | ) | 33.1 |
||||||||
Net cash inflow from operating activities |
33.9 | (0.6 | ) | 33.3 |
||||||||
Purchase of intangible assets |
(13.6 | ) | 0.6 | (13.0 |
) | |||||||
Net cash outflow from investing activities |
(22.8 | ) | 0.6 | (22.2 |
) | |||||||
As previously reported £m |
Adjustment £m |
Revised £m |
||||||||||
Impact on income statement |
||||||||||||
Selling, general and administrative expenses |
(131.4 | ) | (0.1 | ) | (131.5 |
) | ||||||
Operating profit |
10.5 | (0.1 | ) | 10.4 |
||||||||
Profit before tax |
8.4 | (0.1 | ) | 8.3 |
||||||||
Tax |
4.1 | 0.1 | 4.2 |
|||||||||
Profit for the period |
12.5 | — | 12.5 |
|||||||||
Impact on statement of comprehensive income |
||||||||||||
Total comprehensive income |
25.3 | — | 25.3 |
|||||||||
Earnings per share |
||||||||||||
Basic |
0 | p | — | 0 |
p | |||||||
Diluted |
0 | p | — | 0 |
p | |||||||
Impact on balance sheet |
||||||||||||
Intangible assets |
154.4 | (2.1 | ) | 152.3 |
||||||||
Total non-current assets |
532.6 | (2.1 | ) | 530.5 |
||||||||
Deferred tax liability |
(28.7 | ) | 0.4 | (28.3 |
) | |||||||
Total non-current liabilities |
(149.2 | ) | 0.4 | (148.8 |
) | |||||||
Net assets |
502.6 | (1.7 | ) | 500.9 |
||||||||
Retained earnings |
255.7 | (1.7 | ) | 254.0 |
||||||||
Total equity |
502.6 | (1.7 | ) | 500.9 |
||||||||
Impact on cash flow statement |
||||||||||||
Cash generated from operations |
65.4 | — | 65.4 |
|||||||||
Net cash inflow from operating activities |
63.0 | — | 63.0 |
|||||||||
Purchase of intangible assets |
(23.0 | ) | — | (23.0 |
) | |||||||
Net cash outflow from investing activities |
(148.1 | ) | — | (148.1 |
) | |||||||
As previously reported £m |
Adjustment £m |
Revised £m |
||||||||||
Impact on income statement |
||||||||||||
Selling, general and administrative expenses |
(112.1 | ) | (0.8 | ) | (112.9 |
) | ||||||
Operating profit |
56.1 | (0.8 | ) | 55.3 |
||||||||
Profit before tax |
56.4 | (0.8 | ) | 55.6 |
||||||||
Tax |
(11.4 | ) | 0.2 | (11.2 |
) | |||||||
Profit for the period |
45.0 | (0.6 | ) | 44.4 |
||||||||
Earnings per share |
||||||||||||
Basic |
0 | p | ( | )p | 7 |
p | ||||||
Diluted |
8 | p | ( | )p | 5 |
p | ||||||
Impact on statement of comprehensive income |
||||||||||||
Total comprehensive income |
50.5 | (0.6 | ) | 49.9 |
||||||||
Impact on balance sheet |
||||||||||||
Intangible assets |
106.7 | (2.1 | ) | 104.6 |
||||||||
Total non-current assets |
274.9 | (2.1 | ) | 272.8 |
||||||||
Deferred tax liability |
(16.5 | ) | 0.4 | (16.1 |
) | |||||||
Total non-current liabilities |
(16.6 | ) | 0.4 | (16.2 |
) | |||||||
Net assets |
384.8 | (1.7 | ) | 383.1 |
||||||||
Retained earnings |
260.1 | (1.7 | ) | 258.4 |
||||||||
Total equity |
384.8 | (1.7 | ) | 383.1 |
||||||||
Impact on cash flow statement |
||||||||||||
Cash generated from operations |
83.7 | (0.9 | ) | 82.2 |
||||||||
Net cash inflow from operating activities |
70.2 | (0.9 | ) | 69.3 |
||||||||
Purchase of intangible assets |
(22.7 | ) | 0.9 | (21.8 |
) | |||||||
Net cash outflow from investing activities |
(49.9 | ) | 0.9 | (49.0 |
) | |||||||
Decrease in cash and cash equivalents |
(4.4 | ) | — | (4.4 |
) |
2. |
New accounting standards, amendments and interpretations |
• | Amendments to IFRS 9, IAS 39 and IFRS 7 ‘Interest rate benchmark reform’; |
• | Amendments to IAS 1 and IAS 8 ‘Definition of material’; |
• | Amendments to IFRS 3 ‘Definition of a business’; |
• | Amendments to references to the Conceptual Framework in IFRS standards; and |
• | Amendments to IFRS 16 ‘Covid-19-related |
• |
Amendments to IFRS 16 ‘Covid-19-related |
• |
Interest Rate Benchmark Reform—Phase 2 - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (mandatory for accounting periods beginning after 1 January 2021); |
• |
Amendments to IFRS 3 ‘References to the Conceptual Framework’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK); |
• | Amendments to IAS 16 ‘Property, plant and equipment—proceeds before intended use’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK); |
• | Amendments to IAS 37 ‘Onerous contracts—cost of fulfilling a contract’ (effective 1 January 2022, endorsed for use in the EU but not in the UK); |
• | Annual Improvements 2018-2020 Cycle—amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 (effective from 1 January 2022, endorsed for use in the EU but not in the UK); |
• | Amendments to IFRS 17 ‘Insurance contracts’ (effective from 1 January 2023, not yet endorsed in the EU or UK); |
• | Amendments to IAS 1 ‘Classification of liabilities as current or non-current’ (effective from 1 January 2023, not yet endorsed in the EU or UK); |
• | Amendments to IAS 1 and IFRS Practice Statement 2 ‘Disclosure of accounting policies’ (effective from 1 January 2023, not yet endorsed in the EU or UK); |
• | Amendments to IAS 8 ‘Definition of accounting estimates’ (effective from 1 January 2023, not yet endorsed in the EU or UK); and |
• | Amendments to IAS 12 ‘Deferred tax related to assets and liabilities arising from a single transaction’ (effective from 1 January 2023, not yet endorsed in the EU or UK). |
3. |
Principal accounting policies |
Licence fees |
Term of licence | |
Customer relationships and distribution rights |
4 to 10 years | |
Patents, technology and know-how |
10 to 16 years | |
Trade names |
8 to 11 years |
• | the project must be technically feasible; |
• | there must be the intention to complete the project; |
• | there must be adequate resources to be able to complete the project; |
• | the ability to use or sell the asset or product is secure; |
• | the future economic benefits must exceed the costs; and |
• | the ability to reliably measure costs. |
Software |
3 to 10 years | |
Internally developed technology |
3 to 16 years | |
Patents and licences |
2 to 3 years |
Laboratory equipment |
2 to 5 years | |
Cell Line assets |
10 years | |
Office fixtures, fittings and other equipment |
2 to 5 years | |
Leasehold improvements |
Term of lease |
• | The five-year business plan – forecasted cashflows require management’s estimates of the assets’ performance in future periods and judgement as to the CGU to which the flows belong; |
• | Discount rate – judgement is required in estimating the appropriate weighted average cost of capital (WACC) of a typical market participant; and |
• | Market-based data – judgement is required to ensure companies and recent transactions are comparable in nature when estimating the fair value. |
Revenue | Non-current assets |
|||||||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
As at 31 December 2021 |
As at 31 December 2020 (revised*) |
|||||||||||||||
£m | £m | £m | £m | |||||||||||||||
The Americas |
130.4 |
58.6 | 464.3 |
200.2 | ||||||||||||||
EMEA |
(i) | 84.3 |
40.2 | 231.8 |
227.8 | |||||||||||||
China |
58.2 |
27.4 | 8.6 |
6.7 | ||||||||||||||
Japan |
18.7 |
9.9 | 0.2 |
0.5 | ||||||||||||||
Rest of Asia Pacific |
(i) | 23.8 |
11.4 | 59.3 |
61.6 | |||||||||||||
315.4 |
147.5 | 764.2 |
496.8 | |||||||||||||||
Revenue | Non-current assets |
|||||||||||||||||
Year ended 30 June 2020 |
Year ended 30 June 2019 |
As at 30 June 2020 (revised*) |
As at 30 June 2019 (revised*) |
|||||||||||||||
£m | £m | £m | £m | |||||||||||||||
The Americas |
112.4 | 117.5 | 224.8 | 169.9 | ||||||||||||||
EMEA |
(i) | 69.3 | 67.1 | 222.3 | 89.5 | |||||||||||||
China |
39.5 | 39.9 | 7.4 | 3.8 | ||||||||||||||
Japan |
18.8 | 16.9 | 0.6 | 0.1 | ||||||||||||||
Rest of Asia Pacific |
(i) | 20.0 | 18.5 | 61.7 | 0.1 | |||||||||||||
260.0 | 259.9 | 516.8 | 263.4 | |||||||||||||||
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
(i) | Revenues for the sub-region of Central Asia have been reclassified from EMEA to Asia Pacific for the year ended 31 December 2021 and the six months ended 31 December 2020. This is to better align our data reporting to sales performance and geographical location. The value attributable to Central Asia is £1.6m (six months ended 31 December 2020: £0.6m; year ended 30 June 2020: £1.5m; year ended 30 June 2019: £1.4m). The comparatives presented for 30 June 2020 and 30 June 2019 have not been updated for this change. |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||
Catalogue revenue |
296.4 |
139.0 | 243.1 | 242.8 | ||||||||||||
Custom products and services |
5.7 |
2.7 | 6.3 | 5.4 | ||||||||||||
IVD |
6.3 |
2.6 | 4.7 | 6.9 | ||||||||||||
Royalties and licenses |
7.0 |
3.2 | 5.9 | 4.8 | ||||||||||||
Custom products and licensing |
19.0 |
8.5 | 16.9 | 17.1 | ||||||||||||
Total reported revenue |
315.4 |
147.5 | 260.0 | 259.9 | ||||||||||||
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Profit for the year / period |
4.4 |
12.8 | 12.5 | 44.4 | ||||||||||||||||
Tax |
0.3 |
2.8 | (4.2 | ) | 11.2 | |||||||||||||||
Finance income |
(0.3 |
) |
(0.2 | ) | (0.7 | ) | (0.6 | ) | ||||||||||||
Finance costs |
2.7 |
1.9 | 2.8 | 0.3 | ||||||||||||||||
Operating profit |
7.1 |
17.3 | 10.4 | 55.3 | ||||||||||||||||
Exceptional items, share-based payments and amortization of acquisition intangibles |
7 | 53.3 |
17.8 | 43.6 | 34.9 | |||||||||||||||
Adjusted operating profit for the year / period |
60.4 |
35.1 | 54.0 | 90.2 | ||||||||||||||||
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
|||||||||||||
Staff costs |
126.2 |
59.0 | 90.4 | 72.8 | ||||||||||||
Cost of inventories recognized as an expense |
63.5 |
30.7 | 56.2 | 59.3 | ||||||||||||
Write down of inventories recognized as an expense |
3.8 |
1.6 | 2.8 | 1.4 | ||||||||||||
R&D expenditure (excluding UK R&D tax credits) |
7.9 |
5.3 | 24.9 | 16.9 | ||||||||||||
UK R&D tax credits |
(2.5 |
) |
(0.7 | ) | (1.5 | ) | (1.9 | ) | ||||||||
Depreciation of property, plant and equipment |
11.0 |
4.3 | 7.3 | 4.8 | ||||||||||||
Amortization of intangible assets |
20.9 |
7.9 | 15.7 | 10.5 | ||||||||||||
Depreciation of right-of-use |
9.1 |
3.8 | 6.7 | — | ||||||||||||
Movements arising on financial instruments at fair value through profit or loss |
— |
(0.4 | ) | — | 0.4 | |||||||||||
Other net foreign exchange differences (including cash flow hedge movements reclassified from other comprehensive income) |
(0.8 |
) |
1.6 | (0.6 | ) | (0.1 | ) | |||||||||
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December 2021 £000 |
Six months ended 31 December 2020 £000 |
Year ended 30 June 2020 £000 |
Year ended 30 June 2019 £000 |
|||||||||||||
Audit services |
||||||||||||||||
—Group and parent company |
646 |
426 | 279 | 178 | ||||||||||||
—Subsidiary companies pursuant to legislation |
12 |
— | 8 | 8 | ||||||||||||
—Assurance services in respect of controls work for US complianc e |
— |
— |
200 |
— |
||||||||||||
Total audit fees |
658 |
426 | 487 | 186 | ||||||||||||
Audit related assurance services |
||||||||||||||||
—Interim review |
87 |
63 | 22 | 22 | ||||||||||||
—Attestation under s404 of Sarbanes-Oxley Act 2002 and audit of 20-F filing |
535 |
— | — | — | ||||||||||||
—Services in respect of the Group’s US listing |
653 |
— | 76 | — | ||||||||||||
—Other |
35 | — | — | — | ||||||||||||
Total assurance-related fees |
657 |
716 | 98 | 22 | ||||||||||||
Other services |
6 |
— | 1 | 1 | ||||||||||||
Total auditor remuneration |
1,321 |
1,142 | 586 | 209 |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
|||||||||||||||
Included within cost of sales |
(3.1 |
) |
— | — | — | |||||||||||||
Affecting gross profit |
(3.1 |
) |
— | — | — | |||||||||||||
Included within selling, general and administrative expenses |
(39.1 |
) |
(12.7 | ) | (20.0 | ) | (29.6 | ) | ||||||||||
Included within research and development costs |
(11.1 |
) |
(5.1 | ) | (23.6 | ) | (5.3 | ) | ||||||||||
Affecting operating profit and profit before tax |
(53.3 |
) |
(17.8 | ) | (43.6 | ) | (34.9 | ) | ||||||||||
Analyzed as: |
||||||||||||||||||
Amortization of fair value adjustments |
(i) | (3.1 |
) |
— | — | — | ||||||||||||
Impairment of intangible assets |
(ii) | (1.1 |
) |
— | (14.9 | ) | (12.8 | ) | ||||||||||
System and process improvement costs |
(iii) | (7.0 |
) |
(2.5 | ) | (4.6 | ) | (5.4 | ) | |||||||||
Acquisition costs |
(iv) | (8.3 |
) |
— | (4.1 | ) | — | |||||||||||
Integration and reorganization costs |
(v) | (4.7 |
) |
(1.9 | ) | (2.1 | ) | (3.7 | ) | |||||||||
Amortization of acquisition intangibles |
(vi) | (9.1 |
) |
(4.4 | ) | (8.6 | ) | (6.5 | ) | |||||||||
Share-based payments |
(vii) | (20.0 |
) |
(9.0 | ) | (9.3 | ) | (6.5 | ) | |||||||||
Affecting operating profit and profit before tax |
(53.3 |
) |
(17.8 | ) | (43.6 | ) | (34.9 | ) | ||||||||||
Tax effect of adjusting items |
10.5 |
3.3 | 9.0 | 6.7 | ||||||||||||||
Credit arising from patent box claims |
(viii) | — |
— | 4.6 | — | |||||||||||||
Net tax effect of new US tax legislation |
— |
— | — | (0.2 | ) | |||||||||||||
Affecting tax |
10.5 |
3.3 | 13.6 | 6.5 | ||||||||||||||
Total |
(42.8 |
) |
(14.5 | ) | (30.0 | ) | (28.4 | ) |
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December2021 Number |
Six months ended 31 December 2020 Number |
Year ended 30 June 2020 Number |
Year ended 30 June 2019 Number |
|||||||||||||
Management, administrative, marketing and distribution |
1,191 |
930 | 879 | 784 | ||||||||||||
Laboratory |
428 |
594 | 575 | 371 | ||||||||||||
1,619 |
1,524 | 1,454 | 1,155 |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||
Wages and salaries |
89.4 |
42.6 | 69.5 | 56.0 | ||||||||||||
Social security costs |
12.4 |
6.3 | 7.1 | 6.8 | ||||||||||||
Other pension costs |
6.5 |
2.8 | 4.5 | 3.5 | ||||||||||||
Share-based payments charge |
17.9 |
7.3 | 9.3 | 6.5 | ||||||||||||
Total staff costs |
126.2 |
59.0 | 90.4 | 72.8 |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||
Interest receivable |
0.3 |
0.2 | 0.7 | 0.6 | ||||||||||||
Finance income |
0.3 |
0.2 | 0.7 | 0.6 | ||||||||||||
Interest expense on lease liabilities* |
(1.7 |
) |
(1.0 | ) | (1.5 | ) | — | |||||||||
Borrowing costs |
(1.0 |
) |
(0.9 | ) | (1.3 | ) | (0.3 | ) | ||||||||
Finance costs |
(2.7 |
) |
(1.9 | ) | (2.8 | ) | (0.3 | ) | ||||||||
Net finance (costs) / income |
(2.4 |
) |
(1.7 | ) | (2.1 | ) | 0.3 |
* | On 1 July 2019, the Group adopted IFRS 16 ‘Leases’ using the modified retrospective transition method and as a result, comparative figures for the year ended 30 June 2019 have not been restated. |
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Current tax |
||||||||||||||||||||
Current income tax charge |
11.0 |
4.1 | 4.8 | 9.7 | ||||||||||||||||
Adjustment in respect of prior years |
(2.4 |
) |
— | (0.9 | ) | 0.2 | ||||||||||||||
8.6 |
4.1 | 3.9 | 9.9 | |||||||||||||||||
Deferred tax |
||||||||||||||||||||
Origination and reversal of temporary differences |
(11.6 |
) |
(1.3 | ) | (9.2 | ) | 0.4 | |||||||||||||
Adjustment in respect of prior years |
1.9 |
— | 0.9 | 1.1 | ||||||||||||||||
Effect of tax rate change |
1.4 |
— | 0.2 | (0.2 | ) | |||||||||||||||
17 | (8.3 |
) |
(1.3 | ) | (8.1 | ) | 1.3 | |||||||||||||
Total income tax charge / (credit) |
0.3 |
2.8 | (4.2 | ) | 11.2 |
* | See note 1( d ) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
|||||||||||||
Profit before tax |
4.7 |
15.6 | 8.3 | 55.6 | ||||||||||||
Tax at the UK corporation tax rate of 19.0% (December 2020: 19.0%; June 2020: 19.0%; June 2019: 19.0%) |
0.9 |
3.0 | 1.6 | 10.6 | ||||||||||||
Adjustment in respect of overseas tax rates |
2.0 |
0.2 | (1.3 | ) | 1.4 | |||||||||||
Adjustments in respect of prior years |
(0.5 |
) |
— | — | 1.3 | |||||||||||
Effect of ‘patent box’ benefit |
(4.2 |
) |
0.9 | (6.0 | ) | — | ||||||||||
Tax effect of non-deductible expenses and non-taxable income |
0.9 |
(1.5 | ) | 1.3 | (1.0 | ) | ||||||||||
Relief in relation to overseas entities |
— |
— | — | (0.3 | ) | |||||||||||
Overseas R&D tax credit uplift |
(0.7 |
) |
0.3 | (0.5 | ) | (0.6 | ) | |||||||||
Overseas withholding tax |
0.5 |
(0.1 | ) | 0.5 | — | |||||||||||
Effect of tax rate change on deferred tax balances |
1.4 |
— | 0.2 | (0.2 | ) | |||||||||||
Tax charge / (credit) for the year / period |
0.3 |
2.8 | (4.2 | ) | 11.2 |
* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised* £m |
|||||||||||||
Earnings |
||||||||||||||||
Profit for the year / period |
4.4 |
12.8 | 12.5 | 44.4 | ||||||||||||
Million | Million | Million | Million | |||||||||||||
Number of shares |
||||||||||||||||
Weighted average number of ordinary shares in issue |
227.1 |
220.0 | 208.0 | 205.4 | ||||||||||||
Less ordinary shares held by Equiniti Share Plan Trustees Limited |
(0.4 |
) |
(0.4 | ) | (0.4 | ) | (0.5 | ) | ||||||||
Weighted average number of ordinary shares for the purposes of basic EPS |
226.7 |
219.6 | 207.6 | 204.9 | ||||||||||||
Effect of potentially dilutive ordinary shares—share options and awards |
2.2 |
2.4 | 2.0 | 1.8 | ||||||||||||
Weighted average number of ordinary shares for the purposes of diluted EPS |
228.9 |
222.0 | 209.6 | 206.7 |
* | See note 1( d ) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Year ended 31 December 2021 |
Six months ended 31 December 2020 (revised*) |
Year ended 30 June 2020 (revised*) |
Year ended 30 June 2019 (revised*) |
|||||||||||||
Basic EPS |
p |
p | p | p | ||||||||||||
Diluted EPS |
p |
p | p | p |
* |
See note 1( d ) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Note | 31 December 2021 £m |
31 December 2020 £m |
30 June 2020 £m |
30 June 2019 £m |
||||||||||||||||
Cost and carrying amount |
||||||||||||||||||||
At beginning of the year / period |
184.3 |
195.0 | 120.9 | 114.2 | ||||||||||||||||
Additions |
29 | 177.0 |
0.6 | 68.3 | 2.8 | |||||||||||||||
Exchange differences |
3.5 |
(11.3 | ) | 5.8 | 3.9 | |||||||||||||||
At end of the year / period |
364.8 |
184.3 | 195.0 | 120.9 | ||||||||||||||||
Allocated to BioVision CGU |
181.0 |
— | — | — | ||||||||||||||||
Allocated to Group CGU |
183.8 |
184.3 | 195.0 | 120.9 | ||||||||||||||||
At end of the year / perio d |
364.8 |
184.3 | 195.0 | 120.9 | ||||||||||||||||
• | The recoverable amount of the CGU is determined from value in use (VIU) calculations; |
• | The VIU is calculated by applying discounted cash flow modelling to management’s own projections covering a five year period ; and |
• | Cash flows beyond the five year period are extrapolated using a long-term growth rate equivalent to the expected inflationary increases of the economies in which the Group predominantly trades. |
• | The Directors’ five year projections; and |
• | The pre-tax adjusted discount rate. |
Acquisition intangibles | ||||||||||||||||||||||||||||||||||||
Customer relationships and distribution rights £m |
Patents, technology and know- how £m |
Licence fees £m |
Trade names £m |
Sub-total £m |
Software (revised*) £m |
Internally developed technology £m |
Patents and licenses £m |
Total £m |
||||||||||||||||||||||||||||
Cost |
||||||||||||||||||||||||||||||||||||
At 1 July 2018 (as previously reported) |
7.3 | 65.6 | 15.5 | 2.5 | 90.9 | 45.3 | 19.7 | — | 155.9 | |||||||||||||||||||||||||||
Revision |
— | — | — | — | — | (1.3 | ) | — | — | (1.3 | ) | |||||||||||||||||||||||||
At 1 July 2018 (revised*) |
7.3 | 65.6 | 15.5 | 2.5 | 90.9 | 44.0 | 19.7 | — | 154.6 | |||||||||||||||||||||||||||
Additions |
— | 0.6 | — | — | 0.6 | 12.5 | 8.0 | — | 21.1 | |||||||||||||||||||||||||||
Disposals |
(0.6 | ) | — | — | — | (0.6 | ) | (6.9 | ) | — | — | (7.5 | ) | |||||||||||||||||||||||
Exchange differences |
0.2 | 2.3 | 0.2 | 0.1 | 2.8 | — | 0.2 | — | 3.0 | |||||||||||||||||||||||||||
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At 30 June 2019 (revised*) |
6.9 | 68.5 | 15.7 | 2.6 | 93.7 | 49.6 | 27.9 | — | 171.2 |
Acquisition intangibles | ||||||||||||||||||||||||||||||||||||
Customer relationships and distribution rights £m |
Patents, technology and know- how £m |
Licence fees £m |
Trade names £m |
Sub-total £m |
Software (revised*) £m |
Internally developed technology £m |
Patents and licenses £m |
Total £m |
||||||||||||||||||||||||||||
Additions |
— | — | — | — | — | 14.8 | 9.0 | — | 23.8 | |||||||||||||||||||||||||||
Acquisition |
1.8 | 45.8 | 0.4 | 1.1 | 49.1 | 0.1 | — | — | 49.2 | |||||||||||||||||||||||||||
Exchange differences |
0.2 | 3.5 | 0.2 | 0.1 | 4.0 | — | 0.2 | — | 4.2 | |||||||||||||||||||||||||||
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At 30 June 2020 (revised*) |
8.9 | 117.8 | 16.3 | 3.8 | 146.8 | 64.5 | 37.1 | — | 248.4 | |||||||||||||||||||||||||||
Additions |
— | — | — | — | — | 7.1 | 4.5 | 0.7 | 12.3 | |||||||||||||||||||||||||||
Exchange differences |
(0.5 | ) | (6.6 | ) | (0.6 | ) | (0.3 | ) | (8.0 | ) | (0.2 | ) | (0.5 | ) | — | (8.7 | ) | |||||||||||||||||||
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At 31 December 2020 (revised*) |
8.4 | 111.2 | 15.7 | 3.5 | 138.8 | 71.4 | 41.1 | 0.7 | 252.0 | |||||||||||||||||||||||||||
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Additions |
— | — | — | — | — | 17.4 |
7.5 |
0.9 |
25.8 |
|||||||||||||||||||||||||||
Acquisition |
3.7 |
77.5 |
— | — | 81.2 |
— | — | — | 81.2 |
|||||||||||||||||||||||||||
Exchange differences |
0.1 |
0.5 |
0.1 |
0.1 |
0.8 |
— | 0.1 |
— | 0.9 |
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At 31 December 2021 |
12.2 |
189.2 |
15.8 |
3.6 |
220.8 |
88.8 |
48.7 |
1.6 |
359.9 |
|||||||||||||||||||||||||||
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Accumulated amortization |
||||||||||||||||||||||||||||||||||||
At 1 July 2018 (as previously reported and revised*) |
4.8 | 17.9 | 4.7 | 1.9 | 29.3 | 13.0 | 7.3 | — | 49.6 | |||||||||||||||||||||||||||
Charge for the year |
0.8 | 4.2 | 1.2 | 0.3 | 6.5 | 1.8 | 2.2 | — | 10.5 | |||||||||||||||||||||||||||
Impairment |
— | — | — | — | — | 12.8 | — | — | 12.8 | |||||||||||||||||||||||||||
Disposals |
(0.6 | ) | — | — | — | (0.6 | ) | (6.9 | ) | — | — | (7.5 | ) | |||||||||||||||||||||||
Exchange differences |
0.1 | 0.8 | 0.1 | 0.1 | 1.1 | — | 0.1 | — | 1.2 | |||||||||||||||||||||||||||
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At 30 June 2019 (revised*) |
5.1 | 22.9 | 6.0 | 2.3 | 36.3 | 20.7 | 9.6 | — | 66.6 | |||||||||||||||||||||||||||
Charge for the year |
0.8 | 6.3 | 1.2 | 0.3 | 8.6 | 4.0 | 3.1 | — | 15.7 | |||||||||||||||||||||||||||
Impairment |
— | 14.7 | — | — | 14.7 | — | 0.2 | — | 14.9 | |||||||||||||||||||||||||||
Exchange differences |
0.1 | 0.8 | 0.1 | 0.1 | 1.1 | — | — | — | 1.1 | |||||||||||||||||||||||||||
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At 30 June 2020 (revised*) |
6.0 | 44.7 | 7.3 | 2.7 | 60.7 | 24.7 | 12.9 | — | 98.3 | |||||||||||||||||||||||||||
Charge for the period |
0.4 | 3.1 | 0.9 | — | 4.4 | 2.0 | 1.5 | — | 7.9 | |||||||||||||||||||||||||||
Exchange differences |
(0.3 | ) | (4.1 | ) | (0.5 | ) | (0.3 | ) | (5.2 | ) | (0.2 | ) | (0.6 | ) | — | (6.0 | ) | |||||||||||||||||||
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At 31 December 2020 (revised*) |
6.1 | 43.7 | 7.7 | 2.4 | 59.9 | 26.5 | 13.8 | — | 100.2 | |||||||||||||||||||||||||||
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Charge for the year |
1.0 |
6.9 |
1.1 |
0.1 |
9.1 |
8.9 |
2.4 |
0.5 |
20.9 |
|||||||||||||||||||||||||||
Impairment |
— | — | — | — | — | 2.1 |
1.7 |
— | 3.8 |
|||||||||||||||||||||||||||
Exchange differences |
(0.1 |
) |
0.3 |
0.1 |
0.1 |
0.4 |
0.1 |
0.3 |
— | 0.8 |
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At 31 December 2021 |
7.0 |
50.9 |
8.9 |
2.6 |
69.4 |
37.6 |
18.2 |
0.5 |
125.7 |
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Carrying amount |
||||||||||||||||||||||||||||||||||||
At 30 June 2019 |
1.8 | 45.6 | 9.7 | 0.3 | 57.4 | 28.9 | 18.3 | — | 104.6 | |||||||||||||||||||||||||||
At 30 June 2020 |
2.9 | 73.1 | 9.0 | 1.1 | 86.1 | 39.8 | 24.2 | — | 150.1 | |||||||||||||||||||||||||||
At 31 December 2020 |
2.3 | 67.5 | 8.0 | 1.1 | 78.9 | 44.9 | 27.3 | 0.7 | 151.8 | |||||||||||||||||||||||||||
At 31 December 2021 |
5.2 |
138.3 |
6.9 |
1.0 |
151.4 |
51.2 |
30.5 |
1.1 |
234.2 |
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|||||||||||||||||||
Included in carrying amount—Assets under construction |
||||||||||||||||||||||||||||||||||||
At 30 June 2019 |
— | — | — | — | — | 14.7 | 3.9 | — | 18.6 | |||||||||||||||||||||||||||
At 30 June 2020 |
— | — | — | — | — | 28.7 | 7.2 | — | 35.9 | |||||||||||||||||||||||||||
At 31 December 2020 |
— | — | — | — | — | 36.5 | 9.2 | — | 45.7 | |||||||||||||||||||||||||||
At 31 December 2021 |
— | — | — | — | — | 18.6 | 4.3 | 1.1 | 24.0 | |||||||||||||||||||||||||||
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* |
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Carrying amount £m |
Remaining amortization Years |
|||||||
Expedeon CaptSure technology |
22.4 | 14 | ||||||
Expedeon antibody labelling and conjugation technology |
15.8 | 14 | ||||||
Epitomics RabMAb ® technology |
8.9 | 5 | ||||||
Firefly BioWorks Multiplex and assay technology |
11.3 | 8 | ||||||
Roche licence agreement |
6.4 | 7 | ||||||
BioVision Metabolism Assays & Proteins |
77.5 | 10 | ||||||
Laboratory equipment £m |
Office fixtures, fittings and other equipment £m |
Cell line assets £m |
Leasehold improvements £m |
Total £m |
||||||||||||||||
Cost |
||||||||||||||||||||
At 1 July 2018 |
16.0 | 13.5 | — | 15.2 | 44.7 | |||||||||||||||
Additions |
7.2 | 4.7 | — | 4.9 | 16.8 | |||||||||||||||
Disposals |
(0.4 | ) | (3.3 | ) | — | — | (3.7 | ) | ||||||||||||
Exchange differences |
0.2 | 0.2 | — | — | 0.4 | |||||||||||||||
As 30 June 2019 |
23.0 | 15.1 | — | 20.1 | 58.2 | |||||||||||||||
Additions |
7.0 | 1.3 | 4.2 | — | 12.5 | |||||||||||||||
Acquisitions |
0.3 | 0.1 | — | 0.2 | 0.6 | |||||||||||||||
Reclassification |
(1.4 | ) | — | 1.4 | — | — | ||||||||||||||
Disposals |
— | (1.4 | ) | — | — | (1.4 | ) | |||||||||||||
Exchange differences |
0.4 | 0.4 | — | — | 0.8 | |||||||||||||||
At 30 June 2020 |
29.3 | 15.5 | 5.6 | 20.3 | 70.7 | |||||||||||||||
Additions |
2.0 | 0.5 | 0.6 | 7.9 | 11.0 | |||||||||||||||
Disposals |
— | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||
Exchange differences |
(1.5 | ) | (1.0 | ) | — | (0.3 | ) | (2.8 | ) | |||||||||||
At 31 December 2020 |
29.8 | 15.0 | 6.2 | 27.7 | 78.7 | |||||||||||||||
Additions |
5.9 |
5.3 |
2.3 |
21.0 |
34.5 |
|||||||||||||||
Acquisitions |
0.8 |
— |
— |
— |
0.8 |
|||||||||||||||
Disposals |
(1.1 |
) |
(2.0 |
) |
— |
— |
(3.1 |
) | ||||||||||||
Exchange differences |
0.7 |
0.2 |
— |
0.5 |
1.4 |
|||||||||||||||
At 31 December 2021 |
36.1 |
18.5 |
8.5 |
49.2 |
112.3 |
|||||||||||||||
Accumulated depreciation |
||||||||||||||||||||
At 1 July 2018 |
10.4 | 9.2 | — | — | 19.6 | |||||||||||||||
Charge for the year |
2.4 | 2.0 | — | 0.4 | 4.8 | |||||||||||||||
Disposals |
(0.4 | ) | (3.3 | ) | — | — | (3.7 | ) | ||||||||||||
Exchange differences |
0.2 | 0.2 | — | — | 0.4 | |||||||||||||||
At 30 June 2019 |
12.6 | 8.1 | — | 0.4 | 21.1 | |||||||||||||||
Charge for the year |
3.4 | 2.6 | 0.3 | 1.0 | 7.3 | |||||||||||||||
Disposals |
— | (1.4 | ) | — | — | (1.4 | ) | |||||||||||||
Exchange differences |
0.1 | 0.2 | — | 0.1 | 0.4 | |||||||||||||||
At 30 June 2020 |
16.1 | 9.5 | 0.3 | 1.5 | 27.4 | |||||||||||||||
Charge for the period |
2.0 | 1.3 | 0.3 | 0.7 | 4.3 | |||||||||||||||
Exchange differences |
(0.8 | ) | (0.7 | ) | — | — | (1.5 | ) | ||||||||||||
At 31 December 2020 |
17.3 | 10.1 | 0.6 | 2.2 | 30.2 | |||||||||||||||
Charge for the year |
4.3 |
2.8 |
0.6 |
3.3 |
11.0 |
|||||||||||||||
Disposals in the year |
(1.1 |
) |
(1.5 |
) |
— |
— |
(2.6 |
) | ||||||||||||
Exchange differences |
0.3 |
0.1 |
— |
(0.2 |
) |
0.2 |
||||||||||||||
At 31 December 2021 |
20.8 |
11.5 |
1.2 |
5.3 |
38.8 |
|||||||||||||||
Net book value |
||||||||||||||||||||
At 30 June 2019 |
10.4 | 7.0 | — | 19.7 | 37.1 | |||||||||||||||
At 30 June 2020 |
13.2 | 6.0 | 5.3 | 18.8 | 43.3 | |||||||||||||||
At 31 December 2020 |
12.5 | 4.9 | 5.6 | 25.5 | 48.5 | |||||||||||||||
At 31 December 2021 |
15.3 |
7.0 |
7.3 |
43.9 |
73.5 |
|||||||||||||||
Included in net book value—Assets under construction |
||||||||||||||||||||
At 30 June 2019 |
— | — | — | — | — | |||||||||||||||
At 30 June 2020 |
— | — | 1.2 | — | 1.2 | |||||||||||||||
At 31 December 2020 |
— | — | — | 2.9 | 2.9 | |||||||||||||||
At 31 December 2021 |
— |
— |
2.3 |
0.9 |
3.2 |
Land and Buildings £m |
Other £m |
Total £m |
||||||||||
Cost |
||||||||||||
At 1 July 2019 |
— | — | — | |||||||||
IFRS 16 transition adjustment |
70.6 | 0.2 | 70.8 | |||||||||
Additions |
58.7 | — | 58.7 | |||||||||
Disposals and other adjustments |
(2.3 | ) | — | (2.3 | ) | |||||||
Exchange differences |
0.9 | — | 0.9 | |||||||||
At 30 June 2020 |
127.9 | 0.2 | 128.1 | |||||||||
Additions |
0.5 | — | 0.5 | |||||||||
Leasehold incentives received |
(2.8 | ) | — | (2.8 | ) | |||||||
Disposals and other adjustments |
(0.2 | ) | — | (0.2 | ) | |||||||
Exchange differences |
(6.7 | ) | — | (6.7 | ) | |||||||
At 31 December 2020 |
118.7 | 0.2 | 118.9 | |||||||||
Additions |
4.0 |
0.1 |
4.1 |
|||||||||
Leasehold incentives received |
(12.1 |
) |
— |
(12.1 |
) | |||||||
Disposals and other adjustments |
(4.0 |
) |
— |
(4.0 |
) | |||||||
Exchange differences |
0.5 |
— |
0.5 |
|||||||||
At 31 December 2021 |
107.1 |
0.3 |
107.4 |
|||||||||
Accumulated depreciation |
||||||||||||
At 1 July 2019 |
— | — | — | |||||||||
Charge for the year |
6.6 | 0.1 | 6.7 | |||||||||
At 30 June 2020 |
6.6 | 0.1 | 6.7 | |||||||||
Charge for the period |
3.8 | — | 3.8 | |||||||||
Exchange differences |
(0.4 | ) | — | (0.4 | ) | |||||||
At 31 December 2020 |
10.0 | 0.1 | 10.1 | |||||||||
Charge for the year |
9.0 |
0.1 |
9.1 |
|||||||||
Exchange differences |
— |
— |
— |
|||||||||
At 31 December 2021 |
19.0 |
0.2 |
19.2 |
|||||||||
Carrying amount |
||||||||||||
At 30 June 2020 |
121.3 | 0.1 | 121.4 | |||||||||
At 31 December 2020 |
108.7 | 0.1 | 108.8 | |||||||||
At 31 December 2021 |
88.1 |
0.1 |
88.2 |
|||||||||
31 December 2021 £m |
31 December 2020 £m |
30 June 2020 £m |
||||||||||
Amounts falling due within |
||||||||||||
One year |
9.2 |
7.1 | 7.3 | |||||||||
Between one and five years |
33.9 |
33.0 | 26.9 | |||||||||
Later than five years |
67.4 |
77.0 | 93.6 |
£m | ||||
At 1 July 2018 |
0.9 | |||
Exchange differences |
(0.1 | ) | ||
|
|
|||
At 30 June 2019 |
0.8 | |||
Additions |
2.2 | |||
Revaluation to fair value |
4.0 | |||
|
|
|||
At 30 June 2020 |
7.0 | |||
Revaluation to fair value |
(3.1 | ) | ||
Exchange differences |
(0.5 | ) | ||
|
|
|||
At 31 December 2020 |
3.4 | |||
Additions |
0.1 |
|||
Revaluation to fair value |
(0.1 |
) | ||
Exchange differences |
0.1 |
|||
|
|
|||
At 31 December 2021 |
3.5 |
Name |
Registered office |
Country of incorporation or registration |
Principal activity | |||
Abcam Australia Pty Limited | Level 16, 414 La Trobe Street, Melbourne, VIC 3000 | Australia | Sales and distribution | |||
Abcam KK | Sumitomo Fudousan, Ningyocho Bldg 2F, 2-2-1 Chuo-ku Tokyo 103-0012 |
Japan | Sales and distribution | |||
Abcam (Hong Kong) Limited | 1301 Ruttonjee House, Ruttonjee Centre, 11 Duddell Street, Central Hong Kong SARs | Hong Kong | Sales and distribution | |||
Abcam Taiwan Company Limited | 15F, No.2-1, Sec. 3, Minquan E. Road., Zhongshan District, Taipei City, Taiwan |
Taiwan | Sales and distribution | |||
Abcam (Netherlands) B.V. | Kingsfordweg 151, 1043GR Amsterdam | Netherlands | Sales and distribution | |||
Abcam US Group Holdings, Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | Holding company | |||
Abcam Singapore Pte. Limited | 711 North Buona Vista Drive, #16-08 The Metropolis Tower Two, Singapore 138589 | Singapore | Sales and distribution | |||
AbShare Share Plan Limited | Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX | England | Employee services | |||
Ascent Scientific Limited* | C/O BDO LLP, 55 Baker Street, London, W1U 7EU | England | Dormant | |||
Abcam (Hangzhou) Biotechnology Co., Limited | 1418 Moganshan Road, Hangzhou Zhejiang, 310011 | China | R&D and manufacturing | |||
Abcam Trading (Shanghai) Co., Limited | Room 5401, Floor 4, Building 5, No. 338 Galileo Road, Pudong New Area, Shanghai | China | Sales and distribution | |||
Abcam Inc. | 152 Grove Street, Suite 1100, Waltham, MA 02453 | USA | Sales and distribution | |||
Abcam LLC | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | Holding company | |||
Abcam (US) Limited | Discovery Drive, Cambridge Biomedical Campus, Cambridge CB2 0AX | England | Holding company | |||
AxioMx Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | R&D and manufacturing | |||
BioVision Inc. | 155 S Milpitas Boulevard, Milpitas, CA 95035, USA | USA | R&D and manufacturing | |||
Calico Biolabs Inc. | 160 Greentree Drive, Suite 101, Dover, Delaware 19904, Kent County, USA | USA | Dormant |
Name |
Registered office |
Country of incorporation or registration |
Principal activity | |||
Epitomics Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | R&D and manufacturing | |||
Epitomics Holdings, Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | Holding company | |||
Expedeon Holdings Limited | Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX | England | Holding company | |||
Expedeon Limited | Discovery Drive, Cambridge Biomedical Campus, Cambridge CB2 0AX | England | R&D and manufacturing | |||
Expedeon Asia Pte Limited | 1531A Upper Cross Street, #04-98 Hong Lim Complex, Singapore 051531 |
Singapore | R&D and manufacturing | |||
Firefly BioWorks Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | R&D and manufacturing | |||
Innova BioSciences Limited | Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX | England | Dormant | |||
Marker Gene Technologies, Inc. | 1850 Millrace Drive, Eugene, OR 97403 | USA | R&D and manufacturing | |||
MitoSciences Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808 | USA | R&D and manufacturing | |||
NKY Biotech, US Inc | Corporations USA, LLC, 4034 Willow Grove, Camden, DE 19934 | USA | Holding company | |||
TGR BioSciences Pty Limited | 31 Dalgleish Street, Thebarton, SA 5031, Australia | Australia | R&D and manufacturing |
* | In liquidation |
Accelerated capital allowances £m |
Cash flow hedges £m |
Share -based payments £m |
Acquired intangible assets £m |
Losses £m |
Other temporary differences £m |
Total £m |
||||||||||||||||||||||
At 1 July 2018 (as previously reported) |
(0.8 | ) | — | 3.6 | (13.2 | ) | 1.4 | 3.4 |
(5.6 | ) | ||||||||||||||||||
Revision |
0.2 | — | — | — | — | — | 0.2 | |||||||||||||||||||||
At 1 July 2018 (revised*) |
(0.6 | ) | — | 3.6 | (13.2 | ) | 1.4 | 3.4 | (5.4 | ) | ||||||||||||||||||
(Charge)/credit to income |
(3.1 | ) | — | 0.3 | 1.4 | (0.3 | ) | 0.4 | (1.3 | ) | ||||||||||||||||||
Credit to equity |
— | 0.3 | 0.1 | — | — | — | 0.4 | |||||||||||||||||||||
Exchange differences |
— | — | — | (0.6 | ) | 0.2 | — | (0.4 | ) | |||||||||||||||||||
At 30 June 2019 (revised*) |
(3.7 | ) | 0.3 | 4.0 | (12.4 | ) | 1.3 | 3.8 | (6.7 | ) | ||||||||||||||||||
(Charge)/credit to income |
(4.6 | ) | — | 2.0 | 5.6 | 4.0 | 1.0 | 8.0 | ||||||||||||||||||||
Charge to equity |
— | (0.1 | ) | (1.8 | ) | — | — | (1.4 | ) | (3.3 | ) | |||||||||||||||||
Reclassification |
(0.5 | ) | — | — | — | — | 0.5 | — | ||||||||||||||||||||
Arising on acquisition |
— | — | — | (12.0 | ) | — | — | (12.0 | ) | |||||||||||||||||||
Exchange differences |
— | — | — | (0.7 | ) | — | 0.1 | (0.6 | ) | |||||||||||||||||||
At 30 June 2020 (revised*) |
(8.8 | ) | 0.2 | 4.2 | (19.5 | ) | 5.3 | 4.0 | (14.6 | ) | ||||||||||||||||||
Credit/(charge) to income |
(0.7 | ) | — | 1.2 | 0.8 | |
— |
|
— | 1.3 | ||||||||||||||||||
Credit/(charge) to equity |
— | (0.2 | ) | 0.3 | — | — | 0.8 | 0.9 | ||||||||||||||||||||
Reclassification |
(0.5 | ) | — | — | 0.2 | (0.3 | ) | 0.6 | — | |||||||||||||||||||
Exchange differences |
0.1 | — | — | 0.7 | (0.1 | ) | (0.3 | ) | 0.4 | |||||||||||||||||||
At 31 December 2020 (revised*) |
(9.9 | ) | — | 5.7 | (17.8 | ) | 4.9 | 5.1 | (12.0 | ) | ||||||||||||||||||
(Charge)/credit to income |
(5.3 |
) |
— |
6.4 |
5.0 |
1.2 |
1.0 |
8.3 |
||||||||||||||||||||
(Charge)/credit to equity |
— |
— |
(4.5 |
) |
— |
— |
0.9 |
(3.6 |
) | |||||||||||||||||||
Arising on acquisition |
— |
— |
— |
(22.7 |
) |
— |
(1.6 |
) |
(24.3 |
) | ||||||||||||||||||
Reclassification |
0.5 |
— |
— |
0.1 |
— |
(0.6 |
) |
— |
||||||||||||||||||||
Exchange differences |
(0.1 |
) |
— |
— |
0.4 |
— |
0.2 |
0.5 |
||||||||||||||||||||
At 31 December 2021 |
(14.8 |
) |
— |
7.6 |
(35.0 |
) |
6.1 |
5.0 |
(31.1 |
) | ||||||||||||||||||
* | See note 1( d ) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
31 December 2021 |
31 December 2020 (revised*) |
30 June 2020 (revised*) |
30 June 2019 (revised*) |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
Deferred tax assets to be recovered |
||||||||||||||||
Within 12 months |
3.6 |
7.9 | 10.1 | 6.9 | ||||||||||||
After more than 12 months |
6.8 |
7.7 | 3.6 | 2.5 | ||||||||||||
10.4 |
15.6 | 13.7 | 9.4 | |||||||||||||
Deferred tax liabilities to be recovered |
||||||||||||||||
Within 12 months |
4.6 |
(0.1 | ) | (3.5 | ) | (1.4 | ) | |||||||||
After more than 12 months |
(46.1 |
) |
(27.5 | ) | (24.8 | ) | (14.7 | ) | ||||||||
(41.5 |
) |
(27.6 | ) | (28.3 | ) | (16.1 | ) | |||||||||
Deferred tax liabilities (net) |
(31.1 |
) |
(12.0 | ) | (14.6 | ) | (6.7 | ) | ||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
Raw materials |
10.0 |
8.3 | 8.0 | 5.7 | ||||||||||||
Work in progress |
25.0 |
16.2 | 16.0 | 11.9 | ||||||||||||
Finished goods and goods for resale |
23.2 |
18.4 | 16.7 | 18.4 | ||||||||||||
58.2 |
42.9 | 40.7 | 36.0 | |||||||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
Amounts receivable for the sale of goods and services |
34.0 |
28.7 | 31.7 | 29.4 | ||||||||||||
Less provision for bad and doubtful debts |
(0.8 |
) |
(0.7 | ) | (0.3 | ) | (0.1 | ) | ||||||||
33.2 |
28.0 | 31.4 | 29.3 | |||||||||||||
Other receivables |
8.9 |
8.6 | 8.3 | 9.4 | ||||||||||||
Prepayments |
5.1 |
10.7 | 4.7 | 4.4 | ||||||||||||
47.2 |
47.3 | 44.4 | 43.1 | |||||||||||||
31 December 2021 | 31 December 2020 | |||||||||||||||||||||||
Gross | Provision | Net | Gross | Provision | Net | |||||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||||||
Not past due |
18.7 |
— |
18.7 |
16.4 | — | 16.4 | ||||||||||||||||||
Past due |
||||||||||||||||||||||||
0 to 30 days |
5.8 |
— |
5.8 |
3.8 | — | 3.8 | ||||||||||||||||||
30 to 60 days |
2.9 |
— |
2.9 |
2.3 | — | 2.3 | ||||||||||||||||||
More than 60 days |
6.6 |
(0.8 |
) |
5.8 |
6.2 | (0.7 | ) | 5.5 | ||||||||||||||||
15.3 |
(0.8 |
) |
14.5 |
12.3 | (0.7 | ) | 11.6 | |||||||||||||||||
34.0 |
(0.8 |
) |
33.2 |
28.7 | (0.7 | ) | 28.0 | |||||||||||||||||
30 June 2020 | 30 June 2019 | |||||||||||||||||||||||
Gross £m |
Provision £m |
Net £m |
Gross £m |
Provision £m |
Net £m |
|||||||||||||||||||
Not past due |
22.4 | — | 22.4 | 23.0 | — | 23.0 | ||||||||||||||||||
Past due |
||||||||||||||||||||||||
0 to 30 days |
3.6 | — | 3.6 | 3.8 | — | 3.8 | ||||||||||||||||||
30 to 60 days |
0.6 | — | 0.6 | 1.3 | — | 1.3 | ||||||||||||||||||
More than 60 days |
5.1 | (0.3 | ) | 4.8 | 1.3 | (0.1 | ) | 1.2 | ||||||||||||||||
9.3 | (0.3 | ) | 9.0 | 6.4 | (0.1 | ) | 6.3 | |||||||||||||||||
31.7 | (0.3 | ) | 31.4 | 29.4 | (0.1 | ) | 29.3 | |||||||||||||||||
31 December 2021 £m |
31 December 2020 £m |
30 June 2020 £m |
30 June 2019 £m |
|||||||||||||
Balance at beginning of the year / period |
(0.7 |
) |
(0.3 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Impairment losses recognized in the income statement |
(0.1 |
) |
(0.4 | ) | (0.2 | ) | — | |||||||||
Balance at end of the year / period |
(0.8 |
) |
(0.7 | ) | (0.3 | ) | (0.1 | ) | ||||||||
Asset £m |
Current Liability £m |
Non-current Liability £m |
Total £m |
|||||||||||||
Derivatives carried at fair value through profit and loss |
||||||||||||||||
Forward exchange contracts that are not designated in hedge accounting relationships |
0.2 |
(0.1 |
) |
— |
0.1 |
|||||||||||
Derivatives that are designated and effective as hedging instruments carried at fair value |
||||||||||||||||
Forward exchange contracts |
0.3 |
(0.1 |
) |
— |
0.2 |
|||||||||||
0.5 |
(0.2 |
) |
— |
0.3 |
||||||||||||
Asset £m |
Current Liability £m |
Non-current Liability £m |
Total £m |
|||||||||||||
Derivatives carried at fair value through profit and loss |
||||||||||||||||
Forward exchange contracts that are not designated in hedge accounting relationships |
0.1 | (0.1 | ) | — | — | |||||||||||
Derivatives that are designated and effective as hedging instruments carried at fair value |
||||||||||||||||
Forward exchange contracts |
0.2 | — | — | 0.2 | ||||||||||||
0.3 | (0.1 | ) | — | 0.2 | ||||||||||||
Asset £m |
Current Liability £m |
Non-current Liability £m |
Total Asset £m |
|||||||||||||
Derivatives carried at fair value through profit and loss |
||||||||||||||||
Forward exchange contracts that are not designated in hedge accounting relationships |
— | (0.4 | ) | — | (0.4 | ) | ||||||||||
Derivatives that are designated and effective as hedging instruments carried at fair value |
||||||||||||||||
Forward exchange contracts |
— | (0.8 | ) | — | (0.8 | ) | ||||||||||
— | (1.2 | ) | — | (1.2 | ) | |||||||||||
Asset £m |
Current Liability £m |
Non-current Liability £m |
Total £m |
|||||||||||||
Derivatives carried at fair value through profit and loss |
||||||||||||||||
Forward exchange contracts that are not designated in hedge accounting relationships |
— | (0.4 | ) | — | (0.4 | ) | ||||||||||
Derivatives that are designated and effective as hedging instruments carried at fair value |
||||||||||||||||
Forward exchange contracts |
0.2 | (1.6 | ) | (0.1 | ) | (1.5 | ) | |||||||||
0.2 | (2.0 | ) | (0.1 | ) | (1.9 | ) | ||||||||||
31 December 2021 £m |
31 December 2020 £m |
30 June 2020 £m |
30 June 2019 £m |
|||||||||||||
Amounts falling due within one year |
||||||||||||||||
Trade payables |
12.9 |
13.8 | 9.4 | 7.0 | ||||||||||||
Accruals |
28.1 |
19.8 | 23.7 | 24.8 | ||||||||||||
Deferred income |
6.6 |
6.1 | 7.2 | 6.9 | ||||||||||||
Other taxes and social security |
3.0 |
1.2 | 1.0 | 1.0 | ||||||||||||
Other payables |
3.6 |
2.5 | 2.5 | 2.1 | ||||||||||||
54.2 |
43.4 | 43.8 | 41.8 | |||||||||||||
31 December 2021 £m |
31 December 2020 £m |
30 June 2020 £m |
30 June 2019 £m |
|||||||||||||
Amounts falling due within one year |
||||||||||||||||
Loan |
119.2 |
— | 106.4 | — | ||||||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||
Authorized, issued and fully paid: |
||||||||||||||||
228,886,439 (31 December 2020: 226,665,701; 30 June 2020: 216,173,277; 30 June 2019: 205,671,564) ordinary shares of pence each |
0.5 |
0.5 | 0.4 | 0.4 |
31 December 2021 | 31 December 2020 | 30 June 2020 | 30 June 2019 | |||||||||||||||||||||||||||||
Nominal value £’000 |
Number | Nominal value £’000 |
Number | Nominal value £’000 |
Number | Nominal value £’000 |
Number | |||||||||||||||||||||||||
Own shares |
1 |
349,500 |
1 | 401,198 | 1 | 434,268 | 1 | 484,811 |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||
Amounts recognized as distributions to the equity shareholders: |
||||||||||||||||
Final dividend for the year ended 30 June 2018 of 8.58 pence per share |
— |
— | — | 17.6 | ||||||||||||
Interim dividend for the year ended 30 June 2019 of 3.55 pence per share |
— |
— | — | 7.3 | ||||||||||||
Final dividend for the year ended 30 June 2019 of 8.58 pence per share |
— |
— | 17.7 | — | ||||||||||||
Interim dividend for the year ended 30 June 2020 of 3.55 pence per share |
— |
— | 7.3 | — | ||||||||||||
Total distributions to owners of the parent in the year / period |
— |
— | 25.0 | 24.9 | ||||||||||||
Note | Year ended 31 December 2021 £m |
Six months ended 31 December 2020 (revised*) £m |
Year ended 30 June 2020 (revised*) £m |
Year ended 30 June 2019 (revised*) £m |
||||||||||||||||
Operating profit |
7.1 |
17.3 | 10.4 | |||||||||||||||||
Adjustments for: |
||||||||||||||||||||
Depreciation of property, plant and equipment |
14 | 11.0 |
4.3 | 7.3 | 4.8 | |||||||||||||||
Depreciation of right-of-use |
15 | 9.1 |
3.8 | 6.7 | — | |||||||||||||||
Amortization of intangible assets |
13 | 20.9 |
7.9 | 15.7 | 10.5 | |||||||||||||||
Impairment of intangible assets |
13 | 3.8 |
— | 14.9 | 12.8 | |||||||||||||||
Loss on disposal of property, plant and equipment |
14 | 0.5 |
0.2 | — | — | |||||||||||||||
Derivative financial instruments at fair value through profit or loss |
6 | — |
(0.4 | ) | — | 0.4 | ||||||||||||||
Research and development expenditure credit |
6 | (2.5 |
) |
(0.7 | ) | (1.5 | ) | (1.9 | ) | |||||||||||
Share-based payments charge |
27 | 17.9 |
7.3 | 9.3 | 6.5 | |||||||||||||||
Unrealized currency translation losses / (gains) |
0.4 |
1.0 | (1.4 | ) | (1.1 | ) | ||||||||||||||
Operating cash flows before movements in working capital |
68.2 |
40.7 | 61.4 | 87.3 | ||||||||||||||||
Increase in inventories |
(6.2 |
) |
(3.5 | ) | (1.1 | ) | (6.1 | ) | ||||||||||||
Decrease / (increase) in receivables |
4.0 |
(7.7 | ) | 2.7 | (6.1 | ) | ||||||||||||||
Increase in payables |
6.2 |
3.6 | 2.4 | 7.7 | ||||||||||||||||
Cash generated from operations |
72.2 |
33.1 | 65.4 | 82.8 | ||||||||||||||||
* | See note 1( d ) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs. |
Cash and cash equivalents £m |
Lease liabilities* £m |
Borrowings* £m |
Net (debt) / cash £m |
|||||||||||||
At 1 July 2018 |
90.2 | — | — | 90.2 | ||||||||||||
Cash flow |
(4.4 | ) | — | — | (4.4 | ) | ||||||||||
Foreign exchange and other non-cash movements |
1.3 | — | — | 1.3 | ||||||||||||
At 30 June 2019 |
87.1 | — | — | 87.1 | ||||||||||||
IFRS 16 implementation |
— | (76.2 | ) | — | (76.2 | ) | ||||||||||
Additions to leases |
— | (58.6 | ) | — | (58.6 | ) | ||||||||||
Cash flow |
99.5 | 7.7 | (107.0 | ) | 0.2 | |||||||||||
Foreign exchange and other non-cash movements |
0.7 | (0.7 | ) | 0.6 | 0.6 | |||||||||||
At 30 June 2020 |
187.3 | (127.8 | ) | (106.4 | ) | (46.9 | ) | |||||||||
Additions to leases |
— | (0.5 | ) | — | (0.5 | ) | ||||||||||
Cash flow |
26.1 | 4.3 | 107.0 | 137.4 | ||||||||||||
Foreign exchange and other non-cash movements |
(1.5 | ) | 7.0 | (0.6 | ) | 4.9 | ||||||||||
At 31 December 2020 |
211.9 |
(117.0 |
) |
— |
94.9 |
|||||||||||
Additions to leases |
— |
(4.1 |
) |
— |
(4.1 |
) | ||||||||||
Cash flow |
(117.2 |
) |
10.3 |
(120.0 |
) |
(226.9 |
) | |||||||||
Foreign exchange and other non-cash movements |
0.4 |
0.3 |
0.8 |
1.5 |
||||||||||||
At 31 December 2021 |
95.1 |
(110.5 |
) |
(119.2 |
) |
(134.6 |
) | |||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||||||||||||||||||
Outstanding contracts |
Average rate |
Foreign currency million |
Average rate |
Foreign currency million |
Average rate |
Foreign currency million |
Average rate |
Foreign currency million |
||||||||||||||||||||||||
Sell US Dollars |
||||||||||||||||||||||||||||||||
Less than 3 months |
— |
— |
1.3 | $ | 0.3 | 1.29 | $ | 3.1 | 1.34 | $ | 8.9 | |||||||||||||||||||||
3 to 6 months |
1.36 |
$ |
0.2 |
1.3 | $ | 0.7 | 1.31 | $ | 2.0 | 1.32 | $ | 11.5 | ||||||||||||||||||||
7 to 12 months |
— |
— |
1.3 | $ | 0.2 | 1.24 | $ | 0.1 | 1.33 | $ | 8.3 | |||||||||||||||||||||
13 to 18 months |
— |
— |
— | — | — | — | — | — | ||||||||||||||||||||||||
1.36 |
$ |
0.2 |
1.3 | $ | 1.2 | 1.30 | $ | 5.2 | 1.33 | $ | 28.7 | |||||||||||||||||||||
Sell Euros |
||||||||||||||||||||||||||||||||
Less than 3 months |
1.16 |
€ |
8.2 |
1.12 | € | 5.7 | 1.14 | € | 8.1 | 1.11 | € | 11.8 | ||||||||||||||||||||
3 to 6 months |
1.16 |
€ |
6.9 |
1.10 | € | 3.5 | 1.15 | € | 6.5 | 1.11 | € | 13.2 | ||||||||||||||||||||
7 to 12 months |
1.17 |
€ |
5.9 |
1.10 | € | 4.3 | 1.12 | € | 3.4 | 1.11 | € | 17.4 | ||||||||||||||||||||
13 to 18 months |
— |
— |
— | — | — | — | 1.14 | € | 1.4 | |||||||||||||||||||||||
1.16 |
€ |
21.0 |
1.11 | € | 13.5 | 1.14 | € | 18.0 | 1.11 | € | 43.8 | |||||||||||||||||||||
Sell Yen |
||||||||||||||||||||||||||||||||
Less than 3 months |
150.88 |
¥ |
461.0 |
137.16 | ¥ | 287.5 | 139.13 | ¥ | 373.4 | 145.26 | ¥ | 430.7 | ||||||||||||||||||||
3 to 6 months |
152.58 |
¥ |
452.2 |
135.74 | ¥ | 233.0 | 138.02 | ¥ | 219.4 | 143.23 | ¥ | 484.8 | ||||||||||||||||||||
7 to 12 months |
151.73 |
¥ |
296.0 |
137.28 | ¥ | 196.4 | 135.36 | ¥ | 268.7 | 141.58 | ¥ | 954.5 | ||||||||||||||||||||
13 to 18 months |
— |
— |
137.96 | ¥ | 7.9 | 131.73 | ¥ | 6.4 | 141.99 | ¥ | 241.0 | |||||||||||||||||||||
151.72 |
¥ |
1,209.2 |
136.74 | ¥ | 724.8 | 137.60 | ¥ | 867.9 | 142.74 | ¥ | 2,111.0 | |||||||||||||||||||||
Sell Chinese Renminbi |
||||||||||||||||||||||||||||||||
Less than 3 months |
9.03 |
¥ |
24.5 |
8.96 | ¥ | 15.4 | 9.11 | ¥ | 19.4 | 8.91 | ¥ | 34.1 | ||||||||||||||||||||
3 to 6 months |
8.99 |
¥ |
17.2 |
9.03 | ¥ | 12.6 | 8.99 | ¥ | 7.5 | 8.96 | ¥ | 27.0 | ||||||||||||||||||||
7 to 12 months |
8.85 |
¥ |
16.6 |
8.97 | ¥ | 12.0 | 8.90 | ¥ | 6.0 | 9.02 | ¥ | 54.6 | ||||||||||||||||||||
8.96 |
¥ |
58.3 |
8.98 | ¥ | 40.0 | 9.05 | ¥ | 32.9 | 8.97 | ¥ | 115.7 | |||||||||||||||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
(Loss) / gain in the year / period |
(0.1 | ) | 1.5 | 0.7 | (2.1 | ) | ||||||||||
Recycled to profit and loss |
— |
(0.4 | ) | — | 0.4 | |||||||||||
(Loss) / gain recognized in other comprehensive income |
(0.1 | ) | 1.1 | 0.7 | (1.7 | ) | ||||||||||
US Dollar currency impact |
Euro currency impact |
Yen currency impact |
RMB currency impact |
|||||||||||||||||||||||||||||
+10% | -10% | +10% | -10% | +10% | -10% | +10% | -10% | |||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||
31 December 2021 |
||||||||||||||||||||||||||||||||
Income statement |
1.1 |
(1.3 |
) |
0.4 |
(0.5 |
) |
0.4 |
(0.5 |
) |
0.3 |
(0.3 |
) | ||||||||||||||||||||
Other comprehensive income |
— |
— |
1.3 |
(1.5 |
) |
0.4 |
(0.5 |
) |
0.3 |
(0.4 |
) | |||||||||||||||||||||
31 December 2020 |
||||||||||||||||||||||||||||||||
Income statement |
0.7 | (0.8 | ) | 0.5 | (0.7 | ) | 0.3 | (0.3 | ) | 0.4 | (0.5 | ) | ||||||||||||||||||||
Other comprehensive income |
0.1 | (0.1 | ) | 0.7 | (0.8 | ) | 0.2 | (0.3 | ) | 0.1 | (0.1 | ) | ||||||||||||||||||||
30 June 2020 |
||||||||||||||||||||||||||||||||
Income statement |
0.3 | (0.4 | ) | 1.0 | (1.3 | ) | 0.4 | (0.5 | ) | 0.2 | (0.2 | ) | ||||||||||||||||||||
Other comprehensive income |
0.4 | (0.5 | ) | 0.9 | (1.2 | ) | 0.3 | (0.4 | ) | 0.3 | (0.4 | ) | ||||||||||||||||||||
30 June 2019 |
||||||||||||||||||||||||||||||||
Income statement |
— | (0.2 | ) | 0.7 | (0.8 | ) | 0.1 | (0.5 | ) | 0.5 | (0.7 | ) | ||||||||||||||||||||
Other comprehensive income |
1.2 | (3.1 | ) | 2.8 | (3.7 | ) | 0.6 | (1.9 | ) | — | (0.1 | ) | ||||||||||||||||||||
Less than 1 year |
Between 2 and 5 years |
Over five years |
Total | |||||||||||||
£m | £m | £m | £m | |||||||||||||
31 December 2021 |
||||||||||||||||
Trade and other payables |
46.0 |
— |
— |
46.0 |
||||||||||||
Borrowings |
120.0 |
— |
— |
120.0 |
||||||||||||
Lease liabilities |
11.1 |
47.0 |
64.0 |
122.1 |
||||||||||||
Derivative financial instruments |
32.4 |
— |
— |
32.4 |
||||||||||||
31 December 2020 |
||||||||||||||||
Trade and other payables |
33.3 | — | — | 33.3 | ||||||||||||
Lease liabilities |
8.8 | 38.9 | 82.9 | 130.6 | ||||||||||||
Derivative financial instruments |
22.5 | 0.1 | — | 22.6 | ||||||||||||
30 June 2020 |
||||||||||||||||
Trade and other payables |
33.8 | — | — | 33.8 | ||||||||||||
Borrowings |
107.0 | — | — | 107.0 | ||||||||||||
Lease liabilities |
9.3 | 32.0 | 101.9 | 143.2 | ||||||||||||
Derivative financial instruments |
30.8 | — | — | 30.8 | ||||||||||||
30 June 2019 |
||||||||||||||||
Trade and other payables |
31.0 | — | — | 31.0 | ||||||||||||
Derivative financial instruments |
87.5 | 3.0 | — | 90.5 | ||||||||||||
Carrying and fair value | ||||||||||||||||
31 December 2021 |
31 December 2020 |
30 June 2020 |
30 June 2019 |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
Financial instruments held at amortized cost |
||||||||||||||||
Trade receivables |
33.2 |
28.0 | 31.4 | 29.3 | ||||||||||||
Other receivables |
2.8 |
2.8 | 3.9 | 2.5 | ||||||||||||
Cash and cash equivalents |
95.1 |
211.9 | 187.3 | 87.1 | ||||||||||||
Trade and other payables |
(46.0 |
) |
(33.3 | ) | (33.8 | ) | (31.0 | ) | ||||||||
Borrowings |
(120.0 |
) |
— | (107.0 | ) | — | ||||||||||
Lease liabilities |
(110.5 |
) |
(117.0 | ) | (127.8 | ) | — | |||||||||
Financial instruments held at fair value |
||||||||||||||||
Derivative financial instruments |
0.3 |
0.2 | (1.2 | ) | (1.9 | ) | ||||||||||
Investment |
3.5 |
3.1 | 6.7 | 0.8 | ||||||||||||
• | Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; |
• | Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and |
• | Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market inputs). |
Level 1 £m |
Level 2 £m |
Level 3 £m |
Total £m |
|||||||||||||
31 December 2021 |
||||||||||||||||
Assets |
||||||||||||||||
Derivative financial instruments |
— | 0.5 |
— | 0.5 |
||||||||||||
Investment |
1.0 |
— | 2.5 |
3.5 |
||||||||||||
1.0 |
0.5 |
2.5 |
4.0 |
|||||||||||||
Liabilities |
||||||||||||||||
Derivative financial instruments |
— | (0.2 |
) |
— | (0.2 |
) | ||||||||||
— |
(0.2 |
) |
— |
(0.2 |
) | |||||||||||
31 December 2020 |
||||||||||||||||
Assets |
||||||||||||||||
Derivative financial instruments |
— | 0.3 | — | 0.3 | ||||||||||||
Investment |
1.2 | — | 1.9 | 3.1 | ||||||||||||
1.2 | 0.3 | 1.9 | 3.4 | |||||||||||||
Liabilities |
||||||||||||||||
Derivative financial instruments |
— | (0.1 | ) | — | (0.1 | ) | ||||||||||
— | (0.1 | ) | — | (0.1 | ) | |||||||||||
30 June 2020 |
||||||||||||||||
Assets |
||||||||||||||||
Derivative financial instruments |
— | — | — | — | ||||||||||||
Investment |
4.8 | — | 1.9 | 6.7 | ||||||||||||
4.8 | — | 1.9 | 6.7 | |||||||||||||
Liabilities |
||||||||||||||||
Derivative financial instruments |
— | (1.2 | ) | — | (1.2 | ) | ||||||||||
— | (1.2 | ) | — | (1.2 | ) | |||||||||||
30 June 2019 |
||||||||||||||||
Assets |
||||||||||||||||
Derivative financial instruments |
— | 0.2 | — | 0.2 | ||||||||||||
Investment |
0.8 | — | — | 0.8 | ||||||||||||
0.8 | 0.2 | — | 1.0 | |||||||||||||
Liabilities |
||||||||||||||||
Derivative financial instruments |
— | (2.1 | ) | — | (2.1 | ) | ||||||||||
— | (2.1 | ) | — | (2.1 | ) | |||||||||||
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||
Expense arising from share-based payment transactions: |
||||||||||||||||
Included in selling, general and administrative expenses |
15.6 |
5.1 | 6.6 | 5.5 | ||||||||||||
Included in research and development expenses |
2.3 |
2.2 | 2.7 | 1.0 | ||||||||||||
17.9 |
7.3 |
9.3 |
6.5 |
|||||||||||||
Equity settled share-based payment expense |
17.8 |
7.2 | 9.2 | 6.2 | ||||||||||||
Cash settled share-based payment expense* |
0.1 |
0.1 | 0.1 | 0.3 | ||||||||||||
17.9 |
7.3 |
9.3 |
6.5 |
|||||||||||||
* | The total liability as at 31 December 2021 was £0.2m (31 December 2020: £0.4m; 30 June 2020: £0.3m; 30 June 2019: £0.6m) of which less than £0.1m (31 December 2020: less than £0.1m; 30 June 2020: less than £0.1m; 30 June 2019: £nil) relates to options which have vested. |
• | 2005 and 2015 Share Option Scheme (ISO/Unapproved) (SOS) |
• | Company Share Option Plan 2009 (CSOP); |
• | Long Term Incentive Plan (LTIP); |
• | Profitable Growth Incentive Plan (PGIP); |
• | Annual bonus plan—deferred share award (DSA); |
• | Share Incentive Plan (SIP); |
• | Non-Executive Directors (NED) share award; and |
• | 2018, 2019 and 2020 Employee Share Scheme (AbShare); |
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
|||||||||||||||
Number | Weighted average exercise price pence |
Number | Weighted average exercise price pence |
|||||||||||||
Outstanding at beginning of year / period |
621,755 |
507.9 |
701,272 | 559.7 | ||||||||||||
Forfeited |
(57,329 |
) |
727.3 |
(20,823 | ) | 1,500.1 | ||||||||||
Exercised |
(172,609 |
) |
753.5 |
(58,694 | ) | 774.0 | ||||||||||
Outstanding at end of year / period |
391,817 |
726.5 |
621,755 | 507.9 | ||||||||||||
Number of options exercisable at end of year / period |
391,817 |
726.5 |
519,442 | 703.1 | ||||||||||||
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||||
Number | Weighted average exercise price pence |
Number | Weighted average exercise price pence |
|||||||||||||
Outstanding at beginning of year |
947,948 | 640.1 | 1,386,655 | 644.3 | ||||||||||||
Forfeited |
(72,526 | ) | 1,259.1 | (164,220 | ) | 866.6 | ||||||||||
Exercised |
(174,150 | ) | 706.4 | (274,487 | ) | 525.6 | ||||||||||
Outstanding at end of year |
701,272 | 559.7 | 947,948 | 640.1 | ||||||||||||
Number of options exercisable at end of year |
519,442 | 661.7 | 281,438 | 536.7 | ||||||||||||
Analyzed by range of exercise price: |
Grant year | Year ended 31 December 2021 |
Six months ended 31 December 2020 |
|||||||||||||||||
Number outstanding |
Weighted average remaining contractual life |
Number outstanding |
Weighted average remaining contractual life |
|||||||||||||||||
180.8p–464.0p |
prior to 2016 | 122,688 |
2.2 years |
184,725 | 2.9 years | |||||||||||||||
598.0p |
2016 | 59,852 |
3.8 years |
99,780 | 4.8 years | |||||||||||||||
851.0p |
2017 | 94,632 |
4.8 years |
137,463 | 5.8 years | |||||||||||||||
1,020.0p |
2018 | 114,645 |
5.8 years |
199,787 | 6.8 years | |||||||||||||||
391,817 |
4.2 years |
621,755 | 5.1 years | |||||||||||||||||
Analyzed by range of exercise price: |
Grant year | Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||||||
Number outstanding |
Weighted average remaining contractual life |
Number outstanding |
Weighted average remaining contractual life |
|||||||||||||||||
180.8p–464.0p |
prior to 2016 | 197,901 | 3.4 years | 256,955 | 4.3 years | |||||||||||||||
598.0p |
2016 | 111,033 | 5.3 years | 155,327 | 6.3 years | |||||||||||||||
851.0p |
2017 | 161,372 | 6.3 years | 214,798 | 7.4 years | |||||||||||||||
1,020.0p |
2018 | 230,966 | 7.3 years | 320,868 | 8.4 years | |||||||||||||||
701,272 | 5.7 years | 947,948 | 6.7 years | |||||||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Weighted average share price at date of exercise |
1,589.0p |
1,396.4p | 1,329.2p | 1,310.5p | ||||||||||||
Year ended 31 December 2021 Number |
Six months ended 31 December 2020 Number |
Year ended 30 June 2020 Number |
Year ended 30 June 2019 Number |
|||||||||||||
Outstanding at beginning of year / period |
1,271,179 |
1,085,162 | 988,127 | 1,022,757 | ||||||||||||
Granted |
142,314 |
462,460 | 470,834 | 483,339 | ||||||||||||
Forfeited |
(167,298 |
) |
(131,099 | ) | (121,127 | ) | (141,797 | ) | ||||||||
Exercised |
(240,850 |
) |
(145,344 | ) | (252,672 | ) | (376,172 | ) | ||||||||
Outstanding at end of year / period |
1,005,345 |
1,271,179 | 1,085,162 | 988,127 | ||||||||||||
Number of options exercisable at end of year / period |
63,759 |
65,380 | 72,760 | 63,996 | ||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Weighted average fair value of awards granted |
p |
p | p | p | ||||||||||||
Weighted average share price at date of exercise |
p |
p | p | p | ||||||||||||
Weighted average remaining contractual life |
4 years |
4.3 years | 3.3 years | 4.3 years | ||||||||||||
Year ended 31 December 2021 | ||||||||||||
LTIP 1 Dec 2021 |
LTIP 1 Dec 2021 |
DSA 26 October 2021 |
||||||||||
Share price at grant (pence) |
.0 |
.0 |
.0 |
|||||||||
Expected volatility |
34% |
33% |
33% |
|||||||||
Contractual life (years) |
3.5 years |
2 years |
3 years |
|||||||||
Expected dividend yield |
0.00% |
0.00% |
0.71% |
|||||||||
Risk-free interest rate |
0.52% |
0.43% |
(0.06)% |
|||||||||
Six months ended 31 December 2020 | ||||||||||||
LTIP 7 Dec 2020 |
LTIP 7 Dec 2020 |
DSA 26 October 2020 |
||||||||||
Share price at grant (pence) |
.0 | .0 | .0 | |||||||||
Expected volatility |
36% | 36% | 35% | |||||||||
Contractual life (years) |
3 years | 2 years | 3 years | |||||||||
Expected dividend yield |
0.00% | 0.00% | 0.71% | |||||||||
Risk-free interest rate |
(0.07)% | (0.07)% | (0.06)% | |||||||||
Year ended 30 June 2020 | ||||||||||||||||||||
LTIP 14 Nov 2019 |
LTIP 9 March 2020 |
LTIP 9 March 2020 |
LTIP 9 March 2020 |
DSA 25 October 2019 |
||||||||||||||||
Share price at grant (pence) |
.0 | .0 | .0 | .0 | .0 | |||||||||||||||
Expected volatility |
30% | 37% | 35% | 31% | 30% | |||||||||||||||
Contractual life (years) |
3 years | 1 year | 2 years | 3 years | 3 years | |||||||||||||||
Expected dividend yield |
0.82% | 0.88% | 0.88% | 0.88% | 0.88% | |||||||||||||||
Risk-free interest rate |
0.47% | 0.17% | 0.11% | 0.09% | 0.44% | |||||||||||||||
Year ended 30 June 2019 | ||||||||
LTIP 7 Nov 2018 |
DSA 26 October 2018 |
|||||||
Share price at grant (pence) |
.0 | .0 | ||||||
Expected volatility |
26% | 24% | ||||||
Contractual life (years) |
3 years | 3 years | ||||||
Expected dividend yield |
0.81% | 0.81% | ||||||
Risk-free interest rate |
0.91% | 0.75% | ||||||
Year ended 31 December 2021 Number |
||||
Outstanding at beginning of year / period |
— |
|||
Granted |
4,875,141 |
|||
Forfeited |
(2,139 |
) | ||
Exercised |
— |
|||
Outstanding at end of year / period |
4,873,002 |
|||
Number of options exercisable at end of year / period |
— |
|||
Year ended 31 December 2021 |
||||
Weighted average fair value of awards granted |
p |
|||
Weighted average share price at date of exercise |
— |
|||
Weighted average remaining contractual life |
3.4 years |
|||
Year ended 31 December 2021 | ||||||||
PGIP 14 July 2021 |
PGIP 14 September 2021 |
|||||||
Share price at grant (pence) |
.0 |
.0 |
||||||
Expected volatility |
34% |
34% |
||||||
Contractual life (years) |
4 years |
4 years |
||||||
Expected dividend yield |
0.00% |
0.00% |
||||||
Risk-free interest rate |
0.24% |
0.27% |
||||||
Year ended 31 December 2021 Number |
Six months ended 31 December 2020 Number |
Year ended 30 June 2020 Number |
Year ended 30 June 2019 Number |
|||||||||||||
Outstanding at beginning of year / period |
2,001,505 |
1,723,183 | 1,564,167 | — | ||||||||||||
Granted |
110,633 |
345,510 | 348,425 | 1,694,429 | ||||||||||||
Forfeited |
(306,059 |
) |
(65,802 | ) | (187,715 | ) | (130,262 | ) | ||||||||
Exercised |
(1,806,079 |
) |
(1,386 | ) | (1,694 | ) | — | |||||||||
Outstanding at end of year / period |
— |
2,001,505 | 1,723,183 | 1,564,167 | ||||||||||||
Number of options exercisable at end of period / year |
— |
— | — | — | ||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Weighted average fair value of awards granted |
p |
p | p | p | ||||||||||||
Weighted average remaining contractual life |
— |
0.9 years | 1.4 years | 2.4 years | ||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Share price at grant (pence) |
.0 |
1, .0 |
1, | .6.0 | ||||||||||||
Expected volatility |
32% |
39% | 34% | 26% | ||||||||||||
Contractual life (years) |
0.5 years |
1 year | 2 years | 3 |
||||||||||||
Expected dividend yield |
0.00% |
0.00% | 0.82% | 0.81% | ||||||||||||
Risk-free interest rate |
0.00% |
(0.06)% | 0.52% | 0.91% | ||||||||||||
Number of free shares | ||||||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Outstanding at beginning of year / period |
273,852 |
302,023 | 351,187 | 447,841 | ||||||||||||
Granted during year / period |
— |
— | — | — | ||||||||||||
Forfeited during year / period |
(493 |
) |
(657 | ) | (7,423 | ) | (18,982 | ) | ||||||||
Exercised during year / period |
(40,969 |
) |
(27,514 | ) | (41,741 | ) | (77,672 | ) | ||||||||
Outstanding at end of year / period |
232,390 |
273,852 |
302,023 |
351,187 |
||||||||||||
Exercisable at end of year / period |
232,390 |
273,852 | 215,268 | 167,425 | ||||||||||||
Number of matching shares | ||||||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Outstanding at beginning of year / period |
71,381 |
77,534 | 88,539 | 115,928 | ||||||||||||
Granted during year / period |
— |
— | — | 7,323 | ||||||||||||
Forfeited year / period |
(692 |
) |
(597 | ) | (2,203 | ) | (7,227 | ) | ||||||||
Exercised during year / period |
(10,799 |
) |
(5,556 | ) | (8,802 | ) | (27,485 | ) | ||||||||
Outstanding at end of year / period |
59,890 |
71,381 | 77,534 | 88,539 | ||||||||||||
Exercisable at end of year / period |
59,890 |
71,381 | 72,009 | 48,333 | ||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
Weighted average fair value of options granted |
— | — | — | 1,042.0p | ||||||||||||
Year ended 31 December 2021 |
Six months ended 31 December 2020 |
Year ended 30 June 2020 |
Year ended 30 June 2019 |
|||||||||||||
£m | £m | £m | £m | |||||||||||||
Total charge to income statement in respect of defined contribution schemes |
6.5 |
2.8 | 4.5 | 3.5 | ||||||||||||
£m | ||||
Non-current assets |
||||
Intangible assets |
80.6 | |||
Property, plant and equipment |
0.8 | |||
Right-of-use |
1.9 | |||
Deferred tax asset |
0.3 | |||
Current assets |
||||
Inventory |
8.1 | |||
Trade and other receivables |
3.3 | |||
Cash and cash equivalents |
10.0 | |||
Current liabilities |
||||
Trade and other payables |
(2.3 | ) | ||
Lease liabilities |
(1.7 | ) | ||
Non-current liabilities |
||||
Deferred tax liabilities |
(23.6 | ) | ||
Lease liabilities |
(0.6 | ) | ||
Total identifiable assets acquired |
76.8 | |||
Goodwill |
177.0 | |||
Total consideration |
253.8 | |||
£m | ||||
Consideration |
||||
Total consideration |
253.8 | |||
Adjustment for settlement of pre-existing relationship |
1.4 | |||
Adjustment for working capital claim |
1.1 | |||
Consideration paid in cash |
256.3 |
£m |
||||
Net cash outflow on acquisition |
||||
Consideration paid in cash |
256.3 | |||
Adjustment for settlement of pre-existing relationship |
(1.4 | ) | ||
Acquired cash and cash equivalents |
(10.0 | ) | ||
Net cash outflow on acquisition |
244.9 | |||
£m | ||||
Non-current assets |
||||
Intangible assets |
47.7 | |||
Other non-current assets |
0.8 | |||
Net current assets |
5.9 | |||
Non-current liabilities |
||||
Deferred tax on intangibles |
(11.9 | ) | ||
Total identifiable assets acquired |
42.5 | |||
Goodwill |
61.7 | |||
Total consideration |
104.2 | |||
£m | ||||
Net cash outflow on acquisition |
||||
Consideration paid in cash |
104.2 | |||
Acquired cash and cash equivalents |
(2.3 | ) | ||
101.9 | ||||
Provisional fair value £m |
Adjustment* £m |
Final fair value £m |
||||||||||
Non-current assets |
||||||||||||
Intangible assets |
3.3 | (2.2 | ) | 1.1 | ||||||||
Current assets |
0.2 | — | 0.2 | |||||||||
Total identifiable assets acquired |
3.5 | (2.2 | ) | 1.3 | ||||||||
Goodwill |
3.6 | 2.2 | 5.8 | |||||||||
Total consideration |
7.1 | — | 7.1 | |||||||||
£m | ||||
Cash outflow on acquisition |
||||
Consideration paid in cash |
7.1 | |||
* | During the six months ended 31 December 2020, a review was undertaken of the performance of historical acquisitions. In respect of Applied Stem Cell, it was determined that the additional knowledge gained of the marketplace in which Applied Stem Cell operates caused the initial valuation of the acquisition intangibles to be revisited as permitted by IFRS 3 ‘Business Combinations’ within the first 12 months of ownership. This has resulted in a reduction in the initial valuation of acquisition intangibles from that originally presented in the consolidated financial statements for the fiscal year ended 30 June 2020 with a corresponding increase in goodwill. In accordance with the requirements of IFRS 3 ‘Business Combinations’, this adjustment has been recorded within the fiscal year ended 30 June 2020. |
£m | ||||
Non-current assets |
||||
Intangible assets |
0.4 | |||
Net current assets |
0.6 | |||
Non-current liabilities |
||||
Deferred tax on intangibles |
(0.1 | ) | ||
Total identifiable assets acquired |
0.9 | |||
Goodwill |
0.8 | |||
Total consideration |
1.7 | |||
£m | ||||
Net cash outflow on acquisition |
||||
Consideration paid in cash |
0.9 | |||
Acquired cash and cash equivalents |
(0.3 | ) | ||
0.6 | ||||
£m | ||||
Non-current assets |
||||
Intangible assets |
0.6 | |||
Net current assets |
0.2 | |||
Total identifiable assets acquired |
0.8 | |||
Goodwill |
2.8 | |||
Total consideration |
3.6 | |||
Directors’ remuneration | Key management personnel (including Directors) |
|||||||||||||||||||||||||||||||
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
Year ended 31 December 2021 £m |
Six months ended 31 December 2020 £m |
Year ended 30 June 2020 £m |
Year ended 30 June 2019 £m |
|||||||||||||||||||||||||
Short-term employee benefits and fees |
2.9 |
1.4 | 1.6 | 1.6 | 5.0 |
2.4 | 4.3 | 4.3 | ||||||||||||||||||||||||
Post-employment benefits |
0.1 |
— | 0.1 | 0.1 | 0.1 |
0.1 | 0.2 | 0.2 | ||||||||||||||||||||||||
Share-based payments |
4.8 |
0.7 | 1.8 | 1.6 | 8.2 |
0.8 | 2.3 | 2.1 | ||||||||||||||||||||||||
7.8 |
2.1 | 3.5 | 3.3 | 13.3 |
3.3 | 6.8 | 6.6 | |||||||||||||||||||||||||
Six ended 31 December 2020 £m |
Six ended 31 December 2019 £m |
|||||||
Revenue |
147.5 |
138.2 |
||||||
Gross profit |
104.6 |
96.3 |
||||||
Profit before tax |
15.6 |
26.0 |
||||||
Tax |
(2.8) |
0.1 |
||||||
Profit for the period |
12.8 |
26.1 |
||||||
Basic EPS |
p |
p |
||||||
Diluted EPS |
p |
p |
||||||
Weighted average number of ordinary shares for the purposes of basic EPS |
219.6 |
205.3 |
||||||
Weighted average number of ordinary shares for the purposes of diluted EPS |
222.0 |
207.2 |
||||||
1 Year Abcam Chart |
1 Month Abcam Chart |
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