Abcam plc (AIM: ABC; Nasdaq: ABCM) (“
Abcam”), a
global leader in the supply of life science research tools,
announces the following unaudited trading update ahead of reporting
its results on 8 March 2021 for the six months ended 31 December
2020.
Overall, we expect to report total first half
revenue of £147.5 million (H1 2020: £138.2 million), representing
growth of 8.3% on a constant currency basis and 6.7% on a reported
basis. In-house products represented over 55% of total revenue and
grew by over 25%.
On a constant currency basis, catalogue revenue,
representing 95% of the total, grew approximately 8.0% in the half
whilst CP&L(1) revenue grew double-digit. We grew high single-
to double-digits in all regions other than the Americas where
customer laboratory activity has been more constrained due to
COVID-19.
Gross margin is expected to be in line with
board expectations at approximately 70.5%, ahead of the first half
of last year (H1 2020: 69.7%). We expect to report an adjusted
operating margin for the first half of approximately 16%.
We were also pleased to complete in October our
US equity listing of American Depositary Shares (ADSs) on The
Nasdaq Global Select Market (“Nasdaq”) in October.
Commenting on the first half
performance, Alan Hirzel, CEO of Abcam said:“It is great
to see the business return to growth in a market environment where
demand is well below normal levels. This performance gives us
confidence in the long term opportunity at Abcam. Thank you to our
customers for trusting Abcam to support their work during this
challenging time and thank you to our global team for their
dedication and making our results possible.”
Analyst and Investor Conference
CallA conference call for analysts and investors will be
held at 0900 EST / 1400 GMT, today.
To participate in this call, please find details below:
Time: |
0900 EST / 1400 GMT |
Dial-in: |
United Kingdom |
+44 (0) 800 640 6441 / (Local) +44 (0) 20 3936 2999 |
|
United States |
+1 855
9796 654 / (Local) +1 646 664 1960 |
|
All other locations |
+44 (0) 20 3936 2999 |
Conference ID: |
152030 |
|
Webcast: |
https://www.incommglobalevents.com/registration/client/6443/abcam-call/ |
A replay of the call will be made available on
the Company’s website following the event.
On 8 March 2021, the Company will report its
Interim Results for the six months ended 31 December, 2020. A live
webcast of the presentation will be available via the Investor
Relations section of the Company’s website. A replay of the
presentation will also be made available on the Company’s website
following the event.
This announcement contains inside information
which is disclosed in accordance with the Market Abuse
Regulation.
Abcam plc+ 44 (0) 1223 696
000James Staveley, VP Investor Relations
Numis - Nominated Adviser & Joint
Corporate Broker+ 44 (0) 20 7260 1000Garry Levin / Duncan
Monteith / Huw Jeremy
J.P.Morgan Cazenove - Joint Corporate
Broker+44 (0) 20 7742 4000James Mitford / Hemant
Kapoor
Morgan Stanley - Joint Corporate
Broker+ 44 (0) 207 425 8000Tom Perry / Luka Kezic
FTI Consulting+44 (0) 20 3727
1000Ben Atwell / Natalie Garland-Collins
Notes:This trading update is
based upon unaudited management accounts and has been prepared
solely to provide additional information on trading to the
shareholders of Abcam plc. All figures are provisional and
subject to further review. It should not be relied on by any other
party for other purposes.
(1) CP&L (Custom Products &
Licensing) includes custom development services, in vitro
diagnostic (IVD) sales and royalty and license income
About Abcam plcAs 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 antibodies, assays and
other research tools 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.
Abcam's worldwide customer base of approximately
750,000 life science researchers uses Abcam's antibodies, reagents,
biomarkers and assays. By actively listening to and collaborating
with these 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.
Founded in 1998 and headquartered in Cambridge,
UK, the Company has served customers in more than 130 countries.
Abcam’s ordinary shares are listed on the London Stock Exchange
(AIM: ABC) and its American Depositary Shares (ADSs) trade on the
Nasdaq Global Market (Nasdaq: ABCM).
For more information, please
visit www.abcam.com or www.abcamplc.com
Forward-Looking
Statements This announcement contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any express or implied statements contained in
this announcement that are not statements of historical fact may be
deemed to be forward-looking statements, including, without
limitation, statements regarding Abcam's portfolio and ambitions,
expected performance for first half 2021, as well as statements
that include the words “expect,” “intend,” “plan,” “believe,”
“project,” “forecast,” “estimate,” “may,” “should,” “anticipate”
and similar statements of a future or forward-looking nature.
Forward-looking statements are neither promises nor
guarantees, but involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those projected, including, without limitation: a regional or
global health pandemic, including the novel coronavirus
(“COVID-19”), which has adversely affected elements of our
business, could severely affect our business, including due to
impacts on our operations and supply chains; challenges in
implementing our strategies for revenue growth in light of
competitive challenges; developing new products and enhancing
existing products, adapting to significant technological change and
responding to the introduction of new products by competitors to
remain competitive; failing to successfully identify or integrate
acquired businesses or assets into our operations or fully
recognize the anticipated benefits of businesses or assets that we
acquire; if our customers discontinue or spend less on research,
development, production or other scientific endeavours; failing to
successfully use, access and maintain information systems and
implement new systems to handle our changing needs; cyber security
risks and any failure to maintain the confidentiality, integrity
and availability of our computer hardware, software and internet
applications and related tools and functions; failing to
successfully manage our current and potential future growth; any
significant interruptions in our operations; if our products fail
to satisfy applicable quality criteria, specifications and
performance standards; failing to maintain our brand and
reputation; our dependence upon management and highly skilled
employees and our ability to attract and retain these highly
skilled employees; and the important factors discussed under the
caption “Risk Factors” in Abcam's prospectus pursuant to Rule
424(b) filed with the U.S. Securities and Exchange Commission
(“SEC”) on 22 October 2020, which is on file with the SEC and is
available on the SEC website at www.sec.gov, as such factors may be
updated from time to time in Abcam's other filings with the SEC.
Any forward-looking statements contained in this announcement speak
only as of the date hereof and accordingly undue reliance should
not be placed on such statements. Abcam disclaims any obligation or
undertaking to update or revise any forward-looking statements
contained in this announcement, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law.
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