ABCAM PLC Full Year Trading Update (3793U)

TIDMABC

RNS Number : 3793U

ABCAM PLC

12 July 2018

12 July 2018

ABCAM PLC

("Abcam" or "the Company")

Full Year Trading Update

Double-digit revenue growth delivered in FY2018

Abcam plc (AIM: ABC), a global leader in the supply of life science research tools, announces the following unaudited trading update ahead of its results for the year ended 30 June 2018([1]) (the "period").

Overall, we expect to report revenue growth for the year of 10.7%([2]) on a constant currency basis and 7.4% on a reported basis. Group reported gross margin is expected to be broadly in line with last year (FY2017: 70.1%).

Catalogue revenue grew by over 10% in the year, with all product categories continuing to grow ahead of estimated underlying market growth rates. Custom products and licensing revenue, which represented over 7% of the total for the period, increased by approximately 17.5%.

The Group expects to deliver an Adjusted EBITDA([3]) margin in line with the Board's expectations.

Commenting on the update Alan Hirzel, CEO of Abcam said:

"I am pleased that we have once again delivered against our ambitious financial targets in the year, driven by our continued customer focus, innovation across our product portfolio, and the ongoing strengthening of our organisational capabilities.

"We remain market leaders in our field and are committed to investing in our business to sustain our growth whilst allowing us to do more for customers, creating long-term value for all our stakeholders. We look forward to talking more about these initiatives alongside our full year results in September."

Abcam will report its full year results for the year ended 30 June 2018, together with an update on the Group's business, investments and strategy, on 10 September 2018.

Abcam

 
 + 44 (0) 1223 696 000 
 Alan Hirzel, Chief Executive Officer 
 Gavin Wood, Chief Financial Officer 
 James Staveley, Head of Investor Relations 
 J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker 
 + 44 (0) 20 7742 4000 
 James Mitford 
 FTI Consulting 
 [phone] 
 Ben Atwell / Brett Pollard / Natalie Garland-Collins 
 

This announcement contains inside information.

([1]) 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.

([2]) Except where otherwise indicated, all revenues are provided on an unaudited, constant currency basis.

([3]) Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and adjusting income items. Adjusting items include systems and process improvements costs associated with the ERP and acquisition costs.

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 eleven locations are located in the world's leading life science research hubs, enabling local services and multi-language support. Founded in 1998 and headquartered in Cambridge, UK, the 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

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July 12, 2018 02:00 ET (06:00 GMT)