Abcam revenue surges by almost a third
Life science research tools supplier Abcam announced its interim results for the six months to 31 December on Monday, with total revenue growth of 30.4% on a reported basis to £102.5m, and 10.0% on a constant currency basis.
The AIM-traded company reported catalogue revenue growth of 31.2% on a reported basis to £95.6m, and 10.7% on a constant currency basis, while ‘RabMAb’ revenues grew by 50.0% to £19.2m on a reported basis and by 26.6% on a constant currency basis.
Non-primary antibody revenues grew by 37.1% to £19.5m on a reported basis and by 15.6% on a constant currency basis.
Abcam’s reported gross margin was 69.7%, which followed the reclassification of certain expenses from operating expenses to gross margin.
On a like-for-like basis, gross margin was 70.7%, improving from 69.3%.
The company’s EBITDA margin was firmer at 34.5%, against 32.5% a year earlier, and 35.1%, on an adjusted basis, improving from 34.5%.
Its reported operating margin was 27.6%, up from 26.8%, and its adjusted operating margin was 31.2%, compared to 30.7%.
Profit before tax on a reported basis was £25.1m, rising from £20.9m year-on-year, and £32.1m on an adjusted basis, compared to £24.3m.
Reported diluted earnings per share increased by 16.3% to 9.72p, while adjusted diluted earnings per share increased by 33.4% to 12.86p.
The board confirmed the interim dividend was increased by 20.0% to 2.825p.
“We are pleased to have delivered double-digit sales growth and our profit goals in the first half,” said chief executive officer Alan Hirzel.
“These results arise from the quality products and service our team offers researchers globally.
“Collectively, they are making it possible for Abcam to become the most influential life science company for researchers worldwide.”
Hirzel said the company was continuing to invest in its workforce, systems and facilities to allow for growth.
“As we look to the traditionally stronger second half of this financial year, we remain confident in our long-term strategy and the progress we are making in achieving our annual goals.”