TIDMABC
RNS Number : 0324T
ABCAM PLC
20 July 2022
20 July 2022
ABCAM PLC
First Half Trading Update
Cambridge, UK: Abcam plc ("Abcam", "Company", "Group") (AIM:
ABC; Nasdaq: ABCM), a global leader in the supply of life science
research tools, today provides the following trading update for the
six-month period ending 30 June 2022. The Company will release its
full results for the six-month period on 12 September 2022.
The Group expects to report total revenues for the six-month
period of approximately GBP185 million, representing 19% growth
(including Biovision) at constant exchange rates (CER)[1] and 23%
on a reported basis.
Revenue growth continues to be driven by in-house catalogue
sales resulting in gross margin expansion. As the multi-year period
of growth investments begins to moderate, we anticipate delivering
operating efficiencies enabling year-over-year adjusted operating
profit margin expansion consistent with the Board's
expectations.
CY2022 GUIDANCE
The Group continues to anticipate total CER revenue growth of
approximately 20% (including BioVision) with mid-teens organic CER
revenue growth.
SHARE TRADING, LIQUIDITY AND LISTING
Having consulted with shareholders on options to increase share
liquidity as announced on 14 March 2022, the Board has decided to
pursue a proposal to maintain a sole listing on Nasdaq and
therefore to cancel the admission of the Company's shares to
trading on AIM. The Company will continue to consult with
shareholders on this proposal in the coming weeks with the
intention to put the proposal to shareholder approval at a General
Meeting called for that purpose later this year.
Abcam plc
+44 (0) 1223 696 000
Tommy Thomas, CPA - Vice President, Investor Relations
Numis - Nominated Adviser & Joint Corporate Broker
+ 44 (0) 20 7260 1000
Freddie Barnfield / Duncan Monteith
Morgan Stanley - Joint Corporate Broker
+ 44 (0) 207 425 8000
Tom Perry / Luka Kezic
FTI Consulting
+44 (0) 20 3727 1000
Ben Atwell / Julia Bradshaw
Note:
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.
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
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 program of customer reviews and
datasheets, combined with industry-leading validation initiatives,
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 2022 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 endeavors; 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; failing to increase access in the U.S.
market, which we anticipate provides greater liquidity potential
than AIM; 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.
[1] These results include discussion of alternative performance
measures which include revenues calculated at Constant Exchange
Rates (CER) and adjusted financial measures. CER results are
calculated by applying prior period's actual exchange rates to this
period's results. Adjusted financial measures are explained in note
2 and reconciled to the most directly comparable measure prepared
in accordance with IFRS in note 4 to the interim financial
statements.
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END
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(END) Dow Jones Newswires
July 20, 2022 07:00 ET (11:00 GMT)
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