Another successful year, returning solid top and bottom line growth, whilst investing for the future
Abcam plc (AIM: ABC), a global leader in the supply of life science research tools, is pleased to announce its preliminary results for the year ended 30 June 2015 [1].
FINANCIAL HIGHLIGHTS:
• Constant exchange rate (CER) product revenue increased by 16.6% to £135.4m (2013/14: £118.0m). On a reported basis the increase was 14.7% • CER total revenue increased by 14.2% (12.6% on a reported basis) to £144.0m (2013/14: £128.0m) • CER gross margin improved by 50 basis points, offset by currency headwinds, giving a reported margin of 70.5% (2013/14: 70.6%) • Adjusted operating margin* 34.2% (2013/14: 36.4%), reflecting the expected operational investment in Firefly and other areas to drive future growth and the impact of foreign exchange rate movements. Reported operating margin was 31.7% (2013/14: 33.9%) • Adjusted diluted earnings per share (EPS)* increased by 9.4% to 19.76 pence (2013/14: 18.06 pence). Reported EPS increased by 9.1% to 18.57 pence (2013/14: 17.02 pence) • Closing cash and term deposits were £58.7m (30 June 2014: £56.9m) • Proposed full year dividend increased by 5.9% to 8.21 pence per share (2013/14: 7.75 pence)
OPERATIONAL HIGHLIGHTS:
• Strong progress continues in executing our strategy, with achievements against our specific strategic KPIs at the top end of, or above, our targets • Appointment of Alan Hirzel as CEO and Murray Hennessy as Chairman • Acquisition of Firefly and integration of its technology platform progressing well, bringing product diversification and exposure to fast-growing miRNA market * Excluding £3.1m (2013/14: £3.3m) of acquisition-related intangible amortisation and acquisition and integration costs of £0.4m (2013/14: nil) and, in the case of EPS, the related tax effect. The full effect is shown in the Reconciliation of Consolidated Adjusted Financial Measures and in note 11 in the case of EPS.
Commenting on the preliminary results, Alan Hirzel, Abcam’s Chief Executive Officer, said:
“Through the application of our five strategic priorities we have delivered material returns in the year, exceeding our expectations and increasing the momentum behind our growth platforms. Better understanding of our consumers has allowed us to enhance our position in the core antibody market and at the same time, through investment and acquisitions, we see new markets open to us both in terms of products and new applications and by extending our geographic reach. As a consequence we continue to gain market share. The 2015/16 financial year has started well and we are confident that our continued investments will continue to drive above-market sales growth.”
Post Period End Events:
Abcam has separately announced today that Jeff Iliffe, Chief Financial Officer, has today served notice of his intention to step down from the Board. Jeff will transition from the business during the next 12 months to ensure there is an orderly handover.
We have also announced today that Mara Aspinall has been appointed to the Board as a Non-Executive Director. Mara’s vast expertise in the diagnostics and pharma industries at Roche and Genzyme, and her knowledge of and experience within the US market, will be invaluable as we continue to expand our business and deliver value.
[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.
For further information please contact:
Abcam + 44 (0) 1223 696 000
Alan Hirzel, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Laura Taylor – Investor Relations
J.P.Morgan Cazenove - Nominated Adviser & Joint Corporate Broker
+ 44 (0) 20 7742 4000
James Mitford / Alex Bruce – Nominated Adviser
Peel Hunt LLP - Joint Corporate Broker
+ 44 (0) 20 7418 8900
Clare Terlouw / Jock Maxwell MacDonald – Corporate Broking
FTI Consulting
+44 (0) 20 3727 1000 Ben Atwell / Brett Pollard / Natalie Garland-Collins
Notes to Editors
About Abcam
Abcam plc is a provider of life science research tools, with a wide range of products and expert technical support, enabling scientists to analyse living cells at the molecular level and improving the understanding of health and disease.
Abcam is committed to providing scientists with an extensive choice of reagents and tools, with the most comprehensive, honest and up-to-date datasheets and customer reviews, fast delivery and helpful customer service & technical support. The Company’s catalogue evolves with scientific research trends and is growing each year to provide customers with products to meet their research needs. The range now includes primary and secondary antibodies, proteins, peptides, lysates, biochemicals, immunoassays and other kits. Abcam also supports its customers by hosting a range of global scientific events, forums and webinars, providing opportunities for scientists to get together and present their work.
Headquartered in Cambridge, UK, Abcam has nine global subsidiary offices enabling local services, multi-language support and next-day delivery in over 130 countries. The Company was founded in 1998, and now employs over 820 people. Abcam was admitted to AIM in 2005 (AIM:ABC).
To find out more, please visit www.abcam.com
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